Financial Self-Efficacy Scale

The Financial Self-Efficacy Scale (FSES) captures an individual's self-confidence, optimism, and belief-systems, as related to their financial planning and practices. The FSES includes items adapted from Schwarzer and Jerusalem's (1995) General Self-Efficacy Scale.


Warning Flag

ITEMS:

1. It is hard to stick to my spending plan when unexpected expenses arise.
2. It is challenging to make progress toward 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:
1 - Exactly true
2 - Moderately true
3 - Hardly true
4 - Not at all true

CATEGORIES:


GEOGRAPHIES TESTED:

United States of America

POPULATIONS INCLUDED:
Female
Male

AGE RANGE:
Adults

DOWNLOAD MEASURE

Scoring Procedures:

Item responses are summed to obtain scores ranging from 6 to 24.

PRIMARY CITATION:

Lown, J. M. (2011). Development and validation of a financial self-efficacy scale. Journal of Financial Counseling and Planning, 22(2), 54-63.

Psychometric Score:

FORMATIVE RESEARCH

 Qualitative Research

 Existing Literature/Theoretical Framework

 Field Expert Input

 Cognitive Interviews / Pilot Testing

RELIABILITY

 Internal

 Test-retest

 Interrater

VALIDITY

 Content

 Face

 Criterion (gold-standard)

 Construct

Psychometric Scoring

MEDIUM
Total Score: 4.00/8 Points (MEDIUM) 

Citation Frequency

HIGH

KEY

 FULL POINTS
 PARTIAL POINTS
 NOT ASSESSED
 NOT APPLICABLE

For more details, see Scoring Methodology

Measure came from a peer-reviewed journal with a low impact score and/or inadequate information on psychometrics, but is an under-represented gender equality and empowerment construct

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