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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.

Categories

Geographies Tested: United States of America

Populations Included: Female, Male

Age Range: Adults

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

Scoring Procedures

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

Original 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

Citation Frequency

Ease of Use 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

Ease of Use

Readability

Scoring Clarity

Length

KEY