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.
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.
1 - Exactly true
2 - Moderately true
3 - Hardly true
4 - Not at all true
Item responses are summed to obtain scores ranging from 6 to 24.
Lown, J. M. (2011). Development and validation of a financial self-efficacy scale. Journal of Financial Counseling and Planning, 22(2), 54-63.
Existing Literature/Theoretical Framework
Field Expert Input
Cognitive Interviews / Pilot Testing
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