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.)
Descriptors: Self Efficacy, Money Management, Measures (Individuals), Factor Analysis, Psychometrics, Program Validation, Program Development, Employee Attitudes, Behavioral Science Research, Behavior Rating Scales, Behavior Change, Test Construction, Counseling Services, Conference Papers
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