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

Author(s)

Angela Sorgente, Bünyamin Atay, Marc Aubrey, Shikha Bhatia, Carla 'Crespo, Gabriela Fonseca, Oy Yerin Güneri, Žan Lep, David Lessard ·, Oana Negru-Subtirica, Alda Portugal, Mette Ranta, Ana Paula Relvas, Nidhi Singh, Ulrike Sirsch, Maja Zupančič, Margherita Lanz

Abstract

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.

Organisation(s)

Department of Developmental and Educational Psychology

External organisation(s)

TED University, Università Cattolica del Sacro Cuore, International Management Institute New Delhi, Université du Québec à Trois-Rivières, Universidade de Lisboa, Universidade de Coimbra, Middle East Technical University, University of Ljubljana, Babeș-Bolyai University, Universidade da Madeira, University of Helsinki, Jaipuria Institute of Management

Journal

Journal of Happiness Studies

Volume

25

ISSN

1389-4978

DOI

https://doi.org/10.1007/s10902-024-00708-z

Publication date

02-2024

Peer reviewed

Yes

Austrian Fields of Science 2012

501004 Differential psychology

Keywords

ASJC Scopus subject areas

Social Sciences (miscellaneous)

Portal url

https://ucrisportal.univie.ac.at/en/publications/one-financial-wellbeing-model-fits-all-testing-the-multidimensional-subjective-financial-wellbeing-scale-across-nine-countries(3929a0fd-5ef2-4e91-87fe-16d26c870ac5).html