Incharge Financial Distress/Financial Well-Being Scale: Development, Administration, and Score Interpretation.
Thoughts
Connects with: @aldana1998
Annotations
prawitz2006 - p. 35
One might expect the terms economic stress and financial stress to have similar meaning.
prawitz2006 - p. 39
Individually, the 58 concepts each illustrate a salient life experience, behavior, concern, perception, or personal judgment regarding the common personal finance topics of money, credit, and economic resources. These concepts were used to guide the development efforts of identifying and measuring the construct of financial distress/financial well-being.
prawitz2006 - p. 40
The Beta version of the instrument, a preliminary form of the final scale, was made up of six items
prawitz2006 - p. 41
Data were obtained in 2004 in two national data collections, one surveying the general population (N = 1,097) and the other examining a financially distressed sample (N = 590) on the same survey items.
prawitz2006 - p. 43
The final 8-item IFDFW Scale included four items that represented a sense of one’s present state of financial wellbeing and four items that characterized one’s reaction to his or her present state of financial well-being.
prawitz2006 - p. 43
Factor analysis using principal components extraction with data from the general population (N = 1,097) indicated that the final eight items chosen for the IFDFW Scale measured one factor.
prawitz2006 - p. 43
The eight-item IFDFW Scale, with a robust Cronbach’s alpha of 0.956, exceeded the desirable standard for internal consistency/reliability