I need a standardized scale or questionnaire to measure financial literacy. Preferably, a financial literacy questionnaire that can be used among undergraduate students.
Thanks.
Dear Sunday,
One commonly used and validated standardized scale for measuring financial literacy among undergraduate students is the Financial Literacy Assessment (FLA) developed by the National Endowment for Financial Education (NEFE). The FLA is a comprehensive questionnaire that assesses various dimensions of financial knowledge and understanding.
Another widely recognized scale is the Financial Knowledge Scale (FKS) developed by Peng, Bartholomae, and Fox (2005). The FKS measures financial knowledge across different domains, including saving, borrowing, investing, and insurance.
Additionally, the Jumpstart Coalition for Personal Financial Literacy has developed a questionnaire known as the National Standards in K-12 Personal Finance Education. Although originally designed for K-12 students, it can be adapted for use with undergraduate students as well.
It's important to note that these scales have been extensively used and validated, but it's always recommended to review the specific psychometric properties and suitability for your research context before selecting one for your study.
All the best,
Dr.Sarraf
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