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The : Development and measurement characteristics

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  • William B. Walstad
  • Ken Rebeck

Abstract

The Test of Financial Literacy (TFL) was created to measure the financial knowledge of high school students. Its content is based on the standards and benchmarks stated in the National Standards for Financial Literacy (Council for Economic Education 2013). The test development process involved extensive item writing and review. Test data collected from 1,218 high schools to evaluate the measure indicate that the overall test is reliable and valid, and test items contribute to the effectiveness of the instrument. Further test analysis was conducted using an item response theory (IRT) model with four parameters to estimate item discrimination, item difficulty, guessing, and inattention. The IRT results indicate that the measure is effective in assessing student financial literacy across a broad range of student abilities.

Suggested Citation

  • William B. Walstad & Ken Rebeck, 2017. "The : Development and measurement characteristics," The Journal of Economic Education, Taylor & Francis Journals, vol. 48(2), pages 113-122, April.
    • Handle: RePEc:taf:jeduce:v:48:y:2017:i:2:p:113-122
    DOI: 10.1080/00220485.2017.1285739
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    Cited by:

    1. Gilles E. Gignac & Elizabeth Ooi, 2022. "Measurement error in research on financial literacy: How much error is there and how does it influence effect size estimates?," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(2), pages 938-956, June.
    2. Joana Elisa Maldonado & Kristof De Witte & Koen Declercq, 2022. "The effects of parental involvement in homework: two randomised controlled trials in financial education," Empirical Economics, Springer, vol. 62(3), pages 1439-1464, March.
    3. Kaiser, Tim & Oberrauch, Luis & Pang, Ming Fai & Seeber, Günther, 2021. "Using the ‘Test of Economic Competence’ with secondary school students in Hong Kong: Results and psychometric properties," EconStor Preprints 236205, ZBW - Leibniz Information Centre for Economics.
    4. Silvia Mariela Méndez-Prado & Vanessa Rodriguez & Kevin Peralta-Rizzo & Patricia Everaert & Martin Valcke, 2023. "An Assessment Tool to Identify the Financial Literacy Level of Financial Education Programs Participants’ Executed by Ecuadorian Financial Institutions," Sustainability, MDPI, vol. 15(2), pages 1-24, January.

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