One (financial well-being) model fits all? : testing the multidimensional subjective financial well-being scale across nine countries

Sorgente, Angela (author), Lep, Žan (author), Zupančič, Maja (author)

A multidimensional model of emerging adults’ subjective financial well-being was proposed (Sorgente and Lanz, Int Journal of Behavioral Development, 43(5), 466–478 2019). The authors also developed a 5-factor scale (the Multidimensional Subjective Financial Well-being Scale, MSFWBS) intending to measure this construct in the European context. To date, data using this instrument have been collected in nine countries: Austria, Canada, Finland, India, Italy, Portugal, Romania, Slovenia, and Turkey. In the current study, data from these countries were analysed to test the validity of this model internationally. In particular, using an international sample of 4,475 emerging adults, we collected the following kinds of validity evidence for the MSFWBS: score structure, reliability, generalizability, convergent, and criterion-related evidence. Findings suggest that the MSFWBS (1) yields valid and reliable scores, and (2) works well in individualistic and economically developed countries, producing comparable scores. Implications for researchers and practitioners are discussed.

• Language: English
• Keywords: subjective financial well-being, emerging adulthood, cross-national, approximate measurement invariance, validation, psychology, finance, well being, cross cultural studies, test reliability, test validity, Multidimensional subjective financial well-being scale for emerging adults MSFWBS, Satisfaction with life scale SWLS
• Work type: Article
• Typology: 1.01 - Original Scientific Article
• Organization: FF - Faculty of Arts
• Publication status: Published
• Publication version: Version of Record
• Publication date: 01.02.2024
• Year: 2024
• Number of pages: 26 str.
• Numbering: Vol. 25, art. 13
• PID: 20.500.12556/RUL-154294-d1fcf09b-39e0-c518-e527-65860f6465b1
• UDC: 159.923.072-053.81
• ISSN on article: 1573-7780
• DOI: 10.1007/s10902-024-00708-z
• COBISS.SI-ID: 183874819
• Publication date in RUL: 06.02.2024

Record is a part of a journal

• Title: Journal of happiness studies
• Publisher: Kluwer
• ISSN: 1573-7780
• COBISS.SI-ID: 513189657

Licences

• License: CC BY 4.0, Creative Commons Attribution 4.0 International
• Link: http://creativecommons.org/licenses/by/4.0/
• Description: This is the standard Creative Commons license that gives others maximum freedom to do what they want with the work as long as they credit the author.

Secondary language

• Language: Slovenian
• Keywords: psihologija, finance, blagostanje, medkulturne študije, zanesljivost testa, veljavnost testa, prehod v odraslost, Lestvica zadovoljstva z življenjem SWLS