Validity And Reliability Of A Financial Strain Survey
Thoughts
Under Takeuchi et al. (1991) contributions, says that ‘financial strain is composed of the cognitive, emotional, and behavioral response to the experience of financial hardship sometimes referred to as economic strain. Financial strain is not dependent on income, but on whether one is able to meet his/her obligations. People often find themselves in financial trouble because they are not able to decipher between physiological and psychological needs.’
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Annotations
aldana1998 - p. 11
Financial strain is composed of the cognitive, emotional, and behavioral response to the experience of financial hardship sometimes referred to as economic strain. financial strain is not dependent on income, but on whether one is able to meet his/her obligations. People often find themselves in financial trouble because they are not able to decipher between physiological and psychological needs.
aldana1998 - p. 12
Strain factors are defined as an event or condition which may cause or be related to financial strain.
aldana1998 - p. 13
The third step in the survey development utilized a modified Delphi Technique Any opinions and suggestions from the experts were tallied and incorporated into the final version, which ended up with the original 28 questions distributed between the previously mentioned six factors.
aldana1998 - p. 13
28 survey questions and factors were significantly associated with the financial strain construc
aldana1998 - p. 13
The principal axis method was used to extract the factors which was followed by a varimax (orthogonal) rotation. Once non-contributing questions were identified and removed from the survey, Cronbach’s alpha was used to determine reliability.
aldana1998 - p. 14
The cut off score for the participants in this evaluation was determined to be at 43, strain scores from both the counseling and control groups were used to determine a cutoff score using a method developed by Jacobsen and Haux (1991).
aldana1998 - p. 14
In general, a question was said to be associated with a given component if the factor loading value was greater than .40 or less than -.40 for that component, and was between -.40 and .40 for the others.
aldana1998 - p. 14
The final survey contained 5 components and 18 questions
aldana1998 - p. 14
These components had Cronbach alpha figures above .80, which suggests very high reliability. Even though the education factor had a Cronbach alpha of .62 which was somewhat less than the other four values, it was still a statistically reliable factor and was retained in the survey
aldana1998 - p. 14
The principal components analysis utilized four statistical criterion: the eigenvalue-one criterion, the scree test, the proportion of variance accounted test, and the test of interpretability.
aldana1998 - p. 15
The sensitivity for the financial strain survey is .791 which means that approximately 79 percent of consumer credit counseling (high strain) group were properly classified as having high strain The classification for high strain was based upon a cut score of equal to or greater than 43. The specificity of the strain survey is .70 meaning that 70 percent of the members of the control group were classified as low strain