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One (Financial Well-Being) Model Fits All? Testing the Multidimensional Subjective Financial Well-Being Scale Across Nine Countries

Author

Listed:
  • Angela Sorgente

    (Università Cattolica del Sacro Cuore)

  • Bünyamin Atay

    (TED University)

  • Marc Aubrey

    (Université du Québec à Trois-Rivières)

  • Shikha Bhatia

    (International Management Institute New Delhi)

  • Carla Crespo

    (CICPSI, University of Lisbon)

  • Gabriela Fonseca

    (University of Coimbra
    University of Coimbra)

  • Oya Yerin Güneri

    (Middle East Technical University)

  • Žan Lep

    (University of Ljubljana)

  • David Lessard

    (Université du Québec à Trois-Rivières)

  • Oana Negru-Subtirica

    (Babeş-Bolyai University)

  • Alda Portugal

    (University of Coimbra
    University of Madeira)

  • Mette Ranta

    (University of Helsinki)

  • Ana Paula Relvas

    (University of Coimbra
    University of Coimbra)

  • Nidhi Singh

    (Jaipuria Institute of Management)

  • Ulrike Sirsch

    (University of Vienna)

  • Maja Zupančič

    (University of Ljubljana)

  • Margherita Lanz

    (Università Cattolica del Sacro Cuore)

Abstract

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.

Suggested Citation

  • Angela Sorgente & Bünyamin Atay & Marc Aubrey & Shikha Bhatia & Carla Crespo & Gabriela Fonseca & Oya Yerin Güneri & Žan Lep & David Lessard & Oana Negru-Subtirica & Alda Portugal & Mette Ranta & Ana , 2024. "One (Financial Well-Being) Model Fits All? Testing the Multidimensional Subjective Financial Well-Being Scale Across Nine Countries," Journal of Happiness Studies, Springer, vol. 25(1), pages 1-26, February.
    • Handle: RePEc:spr:jhappi:v:25:y:2024:i:1:d:10.1007_s10902-024-00708-z
    DOI: 10.1007/s10902-024-00708-z
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