Lack of standardized measurement is one of the main factors that inhibits rigorous evaluations of financial
literacy programs. However, although several scholars have developed financial self-efficacy measurements,
none have been tailored for women. This article aims to develop and validate a Women’s Financial Self-Efficacy
Scale (WFSES). Results showed that the WFSES had an excellent reliability coefficient alpha (.93). The scale had
good content-related validity, which covered all key domains in financial management for women. The
criterion-related validity showed that the WFSES was positively correlated with the New General Self-Efficacy
Scale (NGSES). Factor analysis showed four factors to be consistent with the common categories in financial
management curricula.

Download Journal

Comments are closed.