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Financial Transparency Scale: Its Development and Potential Uses

Financial Transparency Scale: Its Development and Potential Uses <p>The purpose of this study was to develop the Financial Transparency Scale (FTS) to assess financial transparency, the open and honest disclosure of one's finances, between married partners. A sample of 183 individuals married for less than 5 years, in their first marriage, completed an online survey. Principal components analysis (PCA) was conducted and determined the FTS is comprised of three components: Financial Partnership, Financial Secrecy, and Financial Trust and Disclosure. The FTS was positively correlated with four related scales: the Kansas Marital Satisfaction Scale, the Shared Goals and Values Scale, the Frequency of Financial Management Scale, and the Communication Patterns Questionnaire – Short Form. An alpha of .94 was reported for the FTS. Financial practitioners can use the FTS as a tool to determine the level of financial transparency within a couple relationship, identify areas of concern, and illustrate the importance of open and honest communication about finances.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Financial Transparency Scale: Its Development and Potential Uses

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Publisher
Springer Publishing
Copyright
© 2020 Springer Publishing Company
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/JFCP-18-00009
Publisher site
See Article on Publisher Site

Abstract

<p>The purpose of this study was to develop the Financial Transparency Scale (FTS) to assess financial transparency, the open and honest disclosure of one's finances, between married partners. A sample of 183 individuals married for less than 5 years, in their first marriage, completed an online survey. Principal components analysis (PCA) was conducted and determined the FTS is comprised of three components: Financial Partnership, Financial Secrecy, and Financial Trust and Disclosure. The FTS was positively correlated with four related scales: the Kansas Marital Satisfaction Scale, the Shared Goals and Values Scale, the Frequency of Financial Management Scale, and the Communication Patterns Questionnaire – Short Form. An alpha of .94 was reported for the FTS. Financial practitioners can use the FTS as a tool to determine the level of financial transparency within a couple relationship, identify areas of concern, and illustrate the importance of open and honest communication about finances.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Jun 24, 2020

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