2020
DOI: 10.18510/hssr.2020.8247
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Developing and Validating the Measurement Model for Financial Literacy Construct Using Confirmatory Factor Analysis

Abstract: Purpose of the study: This study aims to develop and validate the instruments measuring financial Literacy construct. Methodology: The pilot study randomly sampled some 100 school-teachers using a self-administered questionnaire. The Exploratory Factor Analysis (EFA) procedure has explored the usefulness of measuring items and determined the dimensionality of the construct. Finally, using the newly developed instruments, the field study obtained a random sample of 300 school-teachers to survey using a se… Show more

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Cited by 45 publications
(56 citation statements)
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“…Composite reliability (CR) is considered the most suitable measure for assessing construct reliability. 70 Three fit indices, namely parsimonious fit, incremental fit, and absolute fit, were used to measure the standard values and validity of the constructs. The fitness indices and their greater thresholds are presented in Table 4 .…”
Section: Resultsmentioning
confidence: 99%
“…Composite reliability (CR) is considered the most suitable measure for assessing construct reliability. 70 Three fit indices, namely parsimonious fit, incremental fit, and absolute fit, were used to measure the standard values and validity of the constructs. The fitness indices and their greater thresholds are presented in Table 4 .…”
Section: Resultsmentioning
confidence: 99%
“…The standard loading factor value of ≥ 0.5 is considered as very significant (Mustafa, Nordin, Razzaq, & bin Ibrahim, 2020). It also indicates a good level of convergent validity (Baistaman, Awang, Afthanorhan, & Rahim, 2020).…”
Section: Resultsmentioning
confidence: 94%
“…The CFA determined the validity and reliability of the instruments (Awang, 2012). The three types of validity were construct validity, convergent validity, and discriminant validity (Baistaman et al, 2020). The reliability assessment was calculated using the composite reliability for each construct.…”
Section: Efa and Cfa Proceduresmentioning
confidence: 99%