The Development, Evaluation, and Validation of a Financial Stress Scale for Undergraduate Students
Thoughts
Citing Aldana (1998), defines financial stress ‘not only as an inability to meet one’s economic responsibilities, but also as being influenced by psychological factors such as attitudes, beliefs, and cognitive appraisals of demands and available resources.’
Connects with: @aldana1998 @takeuchi1991
Annotations
northern2010 - p. 79
Researchers define financial stress not only as an inability to meet one’s economic responsibilities, but also as being influenced by psychological factors such as attitudes, beliefs, and cognitive appraisals of demands and available resources (Aldana & Liljenquist, 1998; Kim, Garman, & Sorhaindo, 2003)
northern2010 - p. 82
the scale was designed so that it can be used in diverse populations
northern2010 - p. 83
Financial Stress Scale–College Version (FSS-CV). The FSS-CV is a 22-item selfreport questionnaire designed to measure financial stress (see Appendix). FSS-CV items were generated by asking faculty, graduate students, and experts in the field of finance to compile comprehensive lists of sources of financial stress.
northern2010 - p. 83
Nine items were eliminated using this procedure, which resulted in a final scale of 13 items.
northern2010 - p. 83
he FSS-CV displayed high internal consistency (Cronbach’s alpha = .872).
northern2010 - p. 87
Three factors were thought to represent financial stressors: stressors that may affect one’s credit score, represent an inability for an individual to endure an unpredictable financial emergency, and are known constraints on an individual’s financial situation
northern2010 - p. 87
A nonrotated solution was produced after the principle component analysis. Visual examination of the correlation matrix did not suggest multi-collinearity or “loner” variables. The scale produced Kaiser-Meyer-Olkin measures of sampling adequacy above the suggested .5 cutoff (.867) and passed Bartlett’s test of sphericity (c2 = 846.81, p < .001), suggesting that items in the scale accounted for unique sources of variance
northern2010 - p. 87
The three extracted factors accounted for 58.39% of the variance. Adding a fourth factor did not increase the amount of explained variance enough to suggest a major flaw in the a priori hypothesis.
northern2010 - p. 87
Varimax rotation was used to produce the final rotated factor solution.