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Construct validity of financial literacy

Author

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  • Schuhen, Michael
  • Schürkmann, Susanne

Abstract

Various studies deal with the assessment of financial literacy. However, it is not always obvious whether actual competencies are assessed or if it is rather a measurement of knowledge or attitudes. Furthermore, it is questionable if the construct that is supposed to be assessed is valid. Using the Financial Literacy Study as an example, the following article describes how the underlying theoretical construct can be validated. The validation is based on the measurement of financial literacy through Rasch-modelled values, which are verified by means of structural equation models.

Suggested Citation

  • Schuhen, Michael & Schürkmann, Susanne, 2014. "Construct validity of financial literacy," International Review of Economics Education, Elsevier, vol. 16(PA), pages 1-11.
    • Handle: RePEc:eee:ireced:v:16:y:2014:i:pa:p:1-11
    DOI: 10.1016/j.iree.2014.07.004
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    Citations

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    Cited by:

    1. Oberrauch, Luis & Kaiser, Tim, 2020. "Economic competence in early secondary school: Evidence from a large-scale assessment in Germany," International Review of Economics Education, Elsevier, vol. 35(C).
    2. Entorf, Horst & Hou, Jia, 2018. "Financial Education for the Disadvantaged? A Review," IZA Discussion Papers 11515, Institute of Labor Economics (IZA).
    3. Eberle, Mira & Oberrauch, Luis, 2023. "What a difference three years of economics education make: Evidence from lower stream schools in Germany," International Review of Economics Education, Elsevier, vol. 42(C).
    4. Philip Young P. Hong & Maria V. Wathen & Alanna J. Shin & Intae Yoon & Jang Ho Park, 2022. "Psychological Self-Sufficiency and Financial Literacy among Low-Income Participants: An Empowerment-Based Approach to Financial Capability," Journal of Family and Economic Issues, Springer, vol. 43(4), pages 690-702, December.
    5. 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.
    6. Boukje Compen & Wouter Schelfhout, 2021. "Collaborative Curriculum Design in the Context of Financial Literacy Education," JRFM, MDPI, vol. 14(6), pages 1-25, May.
    7. Popovich, Jacob J. & Loibl, Cäzilia & Zirkle, Christopher & Whittington, M. Susie, 2020. "Community college students’ response to a financial literacy intervention: An exploratory study," International Review of Economics Education, Elsevier, vol. 34(C).
    8. Angel, Stefan, 2018. "Smart tools? A randomized controlled trial on the impact of three different media tools on personal finance," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 74(C), pages 104-111.

    More about this item

    Keywords

    Financial literacy; Structural equation model;

    JEL classification:

    • A21 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Pre-college

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