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

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 mea...

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Bibliographic Details
Published in:Journal of happiness studies 2024-02, Vol.25 (1-2), p.13, Article 13
Main Authors: Sorgente, Angela, Atay, Bünyamin, Aubrey, Marc, Bhatia, Shikha, Crespo, Carla, Fonseca, Gabriela, Güneri, Oya Yerin, Lep, Žan, Lessard, David, Negru-Subtirica, Oana, Portugal, Alda, Ranta, Mette, Relvas, Ana Paula, Singh, Nidhi, Sirsch, Ulrike, Zupančič, Maja, Lanz, Margherita
Format: Article
Language:English
Subjects:
Adults
COVID-19
Developed countries
Economic crisis
Economic well being
Economics
Hypotheses
Measures
Moving & housing expenses
Pandemics
Personality and Social Psychology
Philosophy
Positive Psychology
Quality of Life Research
Research Paper
Social Sciences
Trends
Well being
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Summary: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.
ISSN:1389-4978
1573-7780
DOI:10.1007/s10902-024-00708-z