Development and Validation of a Women's Financial Self-Efficacy Scale

Abstract

Lack of standardized measurement is one of the main factors that inhibits rigorous evaluations of financial literacy programs. However, although several scholars have developed financial self-efficacy measurements, none have been tailored for women. This article aims to develop and validate a Women's Financial Self-Efficacy Scale (WFSES). Results showed that the WFSES had an excellent reliability coefficient alpha (.93). The scale had good content-related validity, which covered all key domains in financial management for women. The criterion-related validity showed that the WFSES was positively correlated with the New General Self-Efficacy Scale (NGSES). Factor analysis showed four factors to be consistent with the common categories in financial management curricula.

Parent Financial Socialization Scale: Development and preliminary validation.

“…We tested face validity (i.e., Does the scale appear to measure what it is supposed to measure?) via assessments from experts (Boateng et al, 2018; Dew & Xiao, 2011; Nguyen, 2019). Six financial socialization experts (i.e., established researchers in the field) independently assessed the items, indicating for each item either “Yes” (i.e., the item reflects the construct) or “No” (i.e., the item does not reflect the construct).…”

“…Our sample included demographic variety (Beatty & Willis, 2007; Sorgente & Lanz, 2019) in terms of sex (i.e., three females and three males; an option for those who identity as a sex other than male or female), age (i.e., from 19 to 30), race/ethnicity (i.e., African, American Indian, Asian, Latinx/Hispanic, White), and socioeconomic status (i.e., some who report high socioeconomic status and some who report low socioeconomic status). The first and fourth authors conducted six (i.e., until saturation) semi-structured cognitive interviews wherein we administered the scale items (one at a time) to the participant and then asked the participant to verbalize their mental process as they read the item and responded to it (Beatty & Willis, 2007; Boateng et al, 2018; Drennan, 2003; Nguyen, 2019; Sorgente & Lanz, 2019). This approach helps to determine whether the question is generating the information that the author intends by helping to ensure that respondents understand questions as developers intended and that respondents are able to answer in a manner that reflects their experience.…”

“…After preliminary data collection of 402 participants, we conducted item reduction analysis “to ensure that only parsimonious, functional, and internally consistent items are ultimately included” (Boateng et al, 2018, p. 9). Using SPSS, we tested for normal distribution of items, and items with kurtosis and skewness higher than |1| were removed (Nguyen, 2019; Sorgente & Lanz, 2019). We also tested corrected item-total correlations, removing items with correlations below .3 (“very low correlations”; Boateng et al, 2018).…”

Exploring the Roles of Daily Spiritual Experiences, Self-Efficacy, and Gender in Shopping Addiction: A Moderated Mediation Model

“…High self-efficacy motivates people to achieve their goals with a positive attitude, due to which difficulties can be easily managed. Furthermore, people with high self-efficacy tend to treat challenges as things that can be overcome and mastered (Nguyen 2019), and thus increase their efforts when faced with difficulties. In contrast, low self-efficacy makes individuals focus on potential failure, which often leads them to avoid tasks that exceed their self-perceived abilities, to choose tasks that are easy to complete, behave ineffectively despite knowing what to do, or to abandon their attempts without arriving at a logical conclusion (Bandura 2002).…”

Financial well-being of sportswomen

“…While recognising that various contextual and individual factors can significantly impact an individual's financial well-being, this study identifies the impact of gender on sportswomen's financial attitude and behaviour (Farrell et al 2016, Nguyen 2019) explicitly, the inherent precarious nature of sport played by women -inadequate funding and facilities, lack of sponsorship and insufficient media coverage (Mogaji et al 2020a;Bowes et al 2020). In addition, societal and gender expectations, especially transitioning into motherhood (McGannon et al 2017, Tekavc et al 2020) and subjectification and self-surveillance (McVey and Harrison 2019) may affect sportswomen's financial well-being.…”