The Financial Self-Efficacy Scale (FSES) is a 6-item measure of an individual's self-perceived capacity to manage their finances and their confidence to do so. The scale was developed by Lown (2012) and was validated for a sample of adult Australian women by Farrell, Fry, & Risse (2016).
Geographies Tested: Australia
Populations Included: Female
Age Range: Adults
1. It is hard to stick to my spending when unexpected expenses arise.
2. It is challenging to make progress towards my financial goals.
3. When unexpected expenses occur, I usually have to use credit.
4. When faced with a financial challenge, I have a hard time figuring out a solution.
5. I lack confidence in my ability to manage my finances.
6. I worry about running out of money in retirement.
Response Options:
Exactly true - 1
Moderately true - 2
Hardly true - 3
Not true at all - 4
Each participant’s scores for the six items were summed to produce a total score that could range from a minimum value of 6 to a maximum value of 24. Higher scores correspond to higher levels of perceived financial self-efficacy.
Farrell, L., Fry, T. R., & Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54, 85-99. https://doi.org/10.1016/j.joep.2015.07.001
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Cognitive Interviews / Pilot Testing
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KEYEvidence-based Measures of Empowerment for Research on Gender Equality (EMERGE)
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