Financial Anxiety, Physiological Arousal, and Planning Intention
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Connects with: @archuleta2013 @shapiro2012
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grable2015 - p. 6
a psychosocial syndrome that results in someone having an unhealthy attitude toward thinking about, engaging with, or administering their personal financial situation in an effective manner
grable2015 - p. 9
The likelihood of planning was defined in this study as a person’s prospect of meeting with a financial planner in the near future; likelihood was defined on an ordinal scale. Planning intention, on the other hand, was defined dichotomously as someone’s intention to meet with a financial planner or otherwise.
grable2015 - p. 9
Financial anxiety was measured using an item that was hypothesized to represent longer-term financial stress.
grable2015 - p. 10
Answers to the financial anxiety question were hypothesized to represent longerterm financial stress. This assumption was tested by correlating participant anxiety scores to a financial stress scale (see Archuleta et al., 2013).
grable2015 - p. 10
Scores on the scale were estimated by summing responses to the following seven items: (a) I feel anxious about my financial situation; (b) I have difficulty sleeping because of my financial situation; (c) I have difficulty concentrating on my school/or work because of my financial situation; (d) I am irritable because of my financial situation; (e) I have difficulty controlling worrying about my financial situation; (f) My muscles feel tense because of worries about my financial situation; and (g) I feel fatigued because I worry about my financial situation. Given the scale’s coding, lower scores represent greater anxiety. Cronbach’s alpha was .95. The single item anxiety measure was found to be significantly correlated with scores on the anxiety scale (r = -.65, p < .01).
grable2015 - p. 11
After completing the intake questionnaire, each participant was relocated from the clinic’s waiting room to one of the clinic’s interview rooms
grable2015 - p. 11
The same room was used for all 20 participants. After baseline measurements were achieved (i.e., stable temperature), the clinic staff interviewer entered the room. The participant and staff member sat across from each other at a small round table at a 45-degree angle. The staff person then asked a series of questions that required participants to either answer using a 10-point scale or through open-ended dialogue.
grable2015 - p. 11
At the end of the interview, participants were asked, “On occasion, the clinic offers financial planning services to the community. If an opportunity arose to meet with a financial planner, on a scale of 1 to 10, with 10 being absolutely certain and 1 being very unlikely, how likely is that you would be willing to set up an appointment to meet with a financial planner?” Scores ranged from 2 to 10. The mean, median, and standard deviation of scores was 6.78, 7.50, and 2.29, respectively.
grable2015 - p. 13
Anxiety and arousal scores were entered concurrently as dependent variables.