APR Financial Stress Scale: Development and Validation of a Multidimensional Measurement
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Connects with: @archuleta2013 @grable2015 @kahn2006 @northern2010 @oneill2006 @park2017 @prawitz2006 @shapiro2012 @sinclair2016 @starrin2009
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inancial stress and related constructs (i.e., financial anxiety and worry, money worries) have been shown to have a significant influence on a person’s quality of life (Kamberi, Martinovic, & Verkuyten, 2015; Yeung & Xu, 2012) and general life satisfaction (Kahn & Pearlin, 2006; Northern, O’Brien, & Goetz, 2010; Park, Heo, Ruiz-Menjivar, & Grable, 2017).
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In the college student population, financial stress has been associated with several outcomes, ranging from academic performance (Joo, Durband, & Grable, 2008), attrition (Borden, Lee., Serido, & Collins, 2008), and general health together with wellbeing (Northern et al., 2016).
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Borden, Lee., Serido, & Collins, 2008
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Northern et al., 2016
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financial stress has been conceptualized as the subjective perception of one’s personal finances (Kim, Garman, & Sorhaindo, 2003) or inability to meet one’s economic responsibilities (Northern et al., 2010)
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financial distress has been defined as feelings about, and reactions to, one’s financial condition (Kim & Garman, 2003; Prawitz, Garman, Sorhaindo, O’Neill, Kim, & Drentea, 2006
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stressful situations in financial management (Sumarwan & Hira, 1992), dissatisfaction with financial wellbeing (Garman, Kim, Kratzer, Brunson, & Joo, 1999), and money worries (Starrin, Åslund, & Nilsson, 2009)
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Another concept used widely is financial anxiety, defined as an anxious attitude toward managing one’s personal finances effectively (Shapiro & Burchell, 2012), or general symptoms of anxiety associated with one’s financial situation (Archuleta, Britt, Tonn, & Grable, 2011
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In this study, financial stress is proposed to encompass three aspects: (a) affective; (b) relational; and (c) physiological
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Stress can be divided into two stages—stressors and strain—and researchers have identified and defined each element over the years.
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Some have defined stress as synonymous with a particular stressor. Other researchers have stated that stress and strain are equivalent.
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definition of stress (Butler, 1993). Specifically, stress can be defined as the combination of stressors and strain, an approach that robust models of stress have supported
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The theory implies that a specific stressful environment includes stressors (events) and consequent strain (outcomes).
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financial stress is a phenomenon in which a particular environment (e.g., financial constraint) causes a person’s individual response
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Consider a typical situation in which one or more family members engage in problematic financial behavior. This behavior can elicit a stress-induced response on the part of another member, including imbalance, uncertainty, and the perception of risk. These stress-induced reactions are interpreted according to the three perspectives explained in the introduction: psychological, physiological, and social relationships.
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Financial stress is a psychophysiological response to the perception of imbalance, uncertainty, and risk in the realm of financial resource management and decision making.
Note: Bastante similar ao conceito sistêmico/econômico
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We developed a measurement scale based on a three-dimensional conceptual framework of financial stress: (a) affective reactions; (b) relational/interpersonal behavior, and (c) physiological responses.
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Thus, the measurement of an affective reaction can be assessed according to three subcategories: (a) depression, (b) anxiety, and (c) emotional exhaustion.
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The relational response can be assessed in two domains: Work-related and nonwork-related relational/interpersonal behavior. Because maintaining social relationships often requires financial effort, financial issues may be the cause of disrupted social interaction.
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A biophysiological response constitutes physical evidence of financial stress Based on these biophysiological systemic responses, questions about biophysiological responses can be evaluated using two methodologies: physiological and sensory responses.
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The panel was asked to evaluate each survey item based on four criteria: (a) accurate question to assess financial stress; (b) related strongly with the sub-section (e.g., affective reaction, relational behavior, and physiological responses); (c) easy to understand; and (d) non-duplicate of another question
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he SchmidLeiman (S-L) Model was employed for the higher-order confirmatory factor analysis to evaluate the factor loadings of the higher-order factor
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As explained in the literature, financial stress is known to be associated with several psychological constructs: (a) depressive symptoms or negative affect; (b) financial anxiety; (c) job insecurity; (d) life satisfaction, and (e) financial well-being.
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The eigenvalues also supported the three-factor solution: eigenvalues of the first factor (26.80), second factor (3.06), and third factor (1.24). However, the fourth factor’s eigenvalue was slightly less than the criterion of 1.0 and provided a very minimal incremental contribution to the total variance.
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We found that the three factors accounted for 75.86% of the total variance.
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Based on these findings, the three-factor solution appeared to be the most optimal and parsimonious.
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Although the model fits improved as the number of factors increased, the three-factor model solution yielded a satisfactory model fit (CFI = 0.97, TLI = 0.96, RMSEA = 0.09, SRMR = 0.03).
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Table 3 reports the factor loadings after items with low factor loadings and crossloadings were removed from the EFA analysis, which supported the three-factor model with 24 items.
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The Cronbach’s Alpha values for affective reaction, relational behavior, and physiological responses were 0.95, 0.91, and 0.94, respectively.
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The results show clearly that the higher-order factor accounted for a substantial amount of the total variance after the first-order was residualized (e.g., 0.67 to 0.86). Accordingly, the higherorder factors explained 67% to 86% of each item’s total variance after the first-order factors were controlled. Hence, the data collected demonstrated that the threedimensional sub-factors loaded onto a single higher-order factor (i.e., the financial stress construct).
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As shown in Table 8, the correlations between the financial stress scale and the criteria indicated significant associations. In addition, the directions of all coefficients were consistent with those suggested in the previous literature and stress theories