Description

The Financial Self-Efficacy Scale (FSEF) is a measure of ability to manage finances and financial problems. Respondents indicate how strongly they identify with six statements on a four point scale ranging from “Not true at all” to “Exactly true”.

Questions

Instructions
Please respond to the following statements using these response categories:
1=Exactly true
2=Moderately true
3=Hardly true
4=Not at all true

Statements:
1. It is hard to stick to my spending plan when unexpected expenses arise.
2. It is challenging to make progress toward my financial goals.
3. When unexpected expenses occur I usually have to use credit.
4. When faced with a financial challenge, I have a hard time figuring out a solution.
5. I lack confidence in my ability to manage my finances.
6. I worry about running out of money in retirement.

Source

Lown, J.M. (2011). Development and Validation of a Financial Self-Efficacy Scale. Journal of Financial Counseling and Planning, 22(2), 54-63

Validation details

Lown, J.M. (2011). Development and Validation of a Financial Self-Efficacy Scale. Journal of Financial Counseling and Planning, 22(2), 54-63

Cronbach’s α = 0.76

Cost / Terms of Use

Free (No permission required)

Instructions and Scoring

Available from source

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