Testing a Measurement Model of Financial Capability Among Youth in Ghana

Youth may benefit from having enhanced financial knowledge and skills and access to financial services to help them navigate transitions to adulthood, though reliable and valid measures of youth financial capability to help assess financial education and inclusion intervention outcomes are lacking....

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Bibliographic Details
Published in:The Journal of consumer affairs 2014-06, Vol.48 (2), p.301-322
Main Authors: DESPARD, MATHIEU R., CHOWA, GINA A. N.
Format: Article
Language:English
Subjects:
Bank accounts
Banking services
Benefits
Children & youth
Consumer attitudes
Consumer behavior
Discriminant analysis
Education
Factor analysis
Financial inclusion
Financial literacy
Financial planning
Financial services
Financial services industry
Ghana
Interviewing
Literacy
Measurement
Money management
Personal finance
Qualitative research
Savings
Savings accounts
Sherraden, Margaret
Studies
Surveys
Teenagers
Youth
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Summary:Youth may benefit from having enhanced financial knowledge and skills and access to financial services to help them navigate transitions to adulthood, though reliable and valid measures of youth financial capability to help assess financial education and inclusion intervention outcomes are lacking. Using survey responses from 5,451 youth ages 12-18 in Ghana, we used exploratory and confirmatory factor analysis to assess 18 survey items concerning youth financial behavior and understanding and attitudes concerning financial services. A 12-item, group invariant scale (α = .72) with three latent factors was retained in a well-fitting model that may help practitioners assess financial education and inclusion outcomes. We found that six items were poor indicators of youth financial capability, possibly because these items measure other constructs like numeracy, or because these items were not sufficiently assessed for developmental and cultural validity using qualitative methods like cognitive interviewing.
ISSN:0022-0078
1745-6606
DOI:10.1111/joca.12031