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A Brief Money Management Scale and Its Associations With Personality, Financial Health, and Hypothetical Debt Repayment

A Brief Money Management Scale and Its Associations With Personality, Financial Health, and... <p>Money management is essential for financial health, and more research is needed to better assess people’s money management practices. Therefore, we factor-analyzed 205 scaled questions from previous money management measures to select the best items and examined their internal consistency and convergent validity. Our resulting 18-item Brief Money Management Scale and its factors (management of cash, credit, savings, and insurance) replicate and clarify previous relationships between types of money management and financial outcomes as well as personality and demographic antecedents. Furthermore, this scale is reliable and predicts participants’ hypothetical debt repayment behavior, suggesting concurrent validity. We discuss how future studies can use this multifaceted measure of money management to better understand the antecedents and consequences of different financial decisions.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

A Brief Money Management Scale and Its Associations With Personality, Financial Health, and Hypothetical Debt Repayment

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.28.1.62
Publisher site
See Article on Publisher Site

Abstract

<p>Money management is essential for financial health, and more research is needed to better assess people’s money management practices. Therefore, we factor-analyzed 205 scaled questions from previous money management measures to select the best items and examined their internal consistency and convergent validity. Our resulting 18-item Brief Money Management Scale and its factors (management of cash, credit, savings, and insurance) replicate and clarify previous relationships between types of money management and financial outcomes as well as personality and demographic antecedents. Furthermore, this scale is reliable and predicts participants’ hypothetical debt repayment behavior, suggesting concurrent validity. We discuss how future studies can use this multifaceted measure of money management to better understand the antecedents and consequences of different financial decisions.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jan 1, 2017

References