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Apr Financial Stress Scale: Development And Validation Of A Multidimensional Measurement, Wookjae Heo, Soo Hyun Cho, Philseok Lee
Apr Financial Stress Scale: Development And Validation Of A Multidimensional Measurement, Wookjae Heo, Soo Hyun Cho, Philseok Lee
Journal of Financial Therapy
People usually experience financial stress in managing their financial resources. Despite financial stress’s importance in life outcomes and the need for a comprehensive and theory-based measurement of the construct, few studies have addressed the conceptual issues of financial stress and its measurement. Hence, by borrowing from theories of general stress, this study attempts to fill this gap. Using an expert panel and two separate online survey samples, we developed and validated a novel financial stress scale. A total of 688 responses were used in an exploratory factor analysis and 1,115 responses were used in a confirmatory factor analysis. This multidimensional …