Measuring financial anxiety.
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This study adapted the EST to measure a subliminal bias to financial words and developed a financial anxiety scale (FAS) to measure self-reported financial anxiety
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easures an anxious disposition toward cognitive engagement with one’s personal fi1 A greater difference in RTs of the financial and neutral words on the FEST indicates greater financial anxiety, while a greater score of the FAS indicates less financial anxiety. MEASURING FINANCIAL ANXIETY 3 Fn1 T1 AQ: 2 nances
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Dot-Probe Paradigm This task had 136 trials. There were eight baseline-neutral practice words at the beginning of the task, and 32 experimental word pairs were then presented and repeated four times in a computer-randomized order for each individual. The 32 experimental words were a part of three trial conditions: (a) eight positive money words (e.g., jackpot) with their matched controls (e.g., “jasmine”), (b) eight negative money words (e.g., debt) with their matched controls (e.g., hunt), and (c) 16 neutral money words (e.g., bank) with their matched controls (e.g., camp)
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exploratory factor analysis was done to investigate whether the different variables in the FAS loaded onto the same underlying factor
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This was confirmed by observing the correlation matrices.
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The exclusion of these items increased the Cronbach’s alpha negligibly ( .850 to .855),6 but more importantly, reduced the components in the analysis (from three to one).
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An exploratory factor analysis of the remaining 10 items showed the scale was driven by a single component, making it a unidimentional scale.7 A single financial anxiety score was computed into a new variable.
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This further suggests that the correlation between FAS and CES-D is real
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economic
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T
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had
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(though a causal link has not been proven to the authors’ knowledge)
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suggested that avoidant reactions were specific to personal finances, and did not necessarily spill over into other domains such as financial responsibilities in the workplace. Furthermore, Burchell (2002) foun
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the
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general
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Cohen (1988) recommends
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it was noted that
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in t
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see
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shows
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economic