Related Experiment Video
Updated: Jul 7, 2026
08:27
Applying an eMASS Customization Program as a Research Tool to Evaluate Consumer Benefits
Published on: September 27, 2019
The executive personal finance scale: item analyses.
David Lester1, Marcello Spinella
1The Richard Stockton College of New Jersey, Pomona, NJ 08240-0195, USA. david@stockton.edu
Psychological Reports
|February 1, 2008
Summary
This study analyzed personal money management skills in college students. Factor analysis confirmed the scale
Area of Science:
- Psychology
- Behavioral Economics
Background:
- Effective personal money management is crucial for financial well-being.
- Existing scales aim to measure various aspects of financial behavior.
Purpose of the Study:
- To examine the factorial structure of a scale measuring executive personal money management.
- To validate the scale's subscales and identify potential structural components.
Main Methods:
- Factor analysis was applied to data from 138 college students.
- The study utilized a scale designed to assess executive personal money management.
Main Results:
- The factor analysis largely supported the existing subscale structure of the money management scale.
- The 'Planning' subscale demonstrated two distinct underlying components: investment behavior and saving behavior.
Conclusions:
- The personal money management scale shows a robust factorial structure.
- Financial planning behavior can be further differentiated into investment and saving components.
Related Concept Videos
01:22Self-Report Tests of Personality
Self-report inventories are objective personality assessments that use multiple-choice items or numbered scales, typically ranging from 1 (strongly disagree) to 5 (strongly agree). They are often called Likert scales after Rensis Likert. These inventories are widely used due to their ease of administration and cost-effectiveness. One of the most prominent examples is the Minnesota Multiphasic Personality Inventory (MMPI), initially developed in the 1940s to assess abnormal personality traits.
01:24Strategies of Self-Presentation III: Self-Monitoring
Self-monitoring is a central construct in understanding individual differences in self-presentation strategies across social contexts. It refers to how individuals observe, regulate, and control their expressive behavior and self-presentation following situational cues. Self-monitoring reflects a person's sensitivity to social appropriateness and willingness to adapt behavior to fit varying interpersonal demands.High vs. Low Self-Monitoring IndividualsIndividuals high in self-monitoring are...
01:29Self-Evaluation Maintenance Model
The Self-Evaluation Maintenance (SEM) model offers a psychological framework to understand how individuals’ self-esteem is influenced by the achievements of others, particularly those with whom they share close personal bonds. The SEM model operates when personal rather than social identity guides individuals. Central to this model is the notion that individuals have an inherent desire to preserve a favorable self-image, which is continuously shaped by interpersonal comparisons and...
02:45Self-Discrepancy Theory
One influential perspective on what motivates people's behavior is detailed in Tory Higgin's self-discrepancy theory (Higgins, 1987). He proposed that people hold disagreeing internal representations of themselves that lead to different emotional states.
01:24Sources of Self-Esteem II: Performance Feedback
Self-esteem is intricately tied to our perception of competence and our ability to exert control over our lives. One of the primary sources of this perception is performance feedback — the ongoing evaluation of our actions in terms of success and failure. According to Franks and Marolla (1976), people derive self-worth from experiencing themselves as causal agents, capable of achieving goals and overcoming obstacles. This process nurtures a critical component of self-esteem: self-efficacy,...
01:09Decision Making: P-value Method
The process of hypothesis testing based on the P-value method includes calculating the P- value using the sample data and interpreting it.
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim is also stated. These statements can act as null and alternative hypotheses: a null hypothesis would be a neutral statement while the alternative hypothesis can have a...
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim is also stated. These statements can act as null and alternative hypotheses: a null hypothesis would be a neutral statement while the alternative hypothesis can have a...