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ERIC Number: EJ952966
Record Type: Journal
Publication Date: 2011
Pages: 10
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-1052-3073
EISSN: N/A
2011 Outstanding AFCPE[R] Conference Paper: Development and Validation of a Financial Self-Efficacy Scale
Lown, Jean M.
Journal of Financial Counseling and Planning, v22 n2 p54-63 2011
This study developed a 6-item Financial Self-Efficacy Scale for use by researchers, educators, counselors, and advisors. Bandura's concept of self-efficacy and Prochaska's Transtheoretical Model of Behavior Change provided the theoretical framework. Scale items were adapted from Schwarzer and Jerusalem's (1995) General Self-Efficacy Scale. Psychometrics were measured using a sample of 726 university employees. Alpha reliability was 0.76. One-way ANOVA compared self-efficacy scores to respondents' assessment of their investment sophistication. Factor analysis resulted in a coherent factor with loadings ranging from 0.574 to 0.759. In addition to providing researchers with a means to measure behavioral aspects of financial management, a financial self-efficacy scale can help educators and counselors better understand, guide, and motivate their students and clients. (Contains 4 tables.)
Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: http://afcpe.org
Publication Type: Journal Articles; Reports - Research; Tests/Questionnaires
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A