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The actuarial approach, a statistical method originally developed for life insurance risk assessment, is widely used to calculate survival rates in clinical and population studies. This method accounts for participants lost to follow-up or those who die from causes unrelated to the study, ensuring a more accurate representation of survival probabilities.
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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Financial well-being: Capturing an elusive construct with an optimized measure.

Marc Aubrey1, Alexandre J S Morin2, Claude Fernet3

  • 1Department of Psychology, Université du Québec à Trois-Rivières, Trois-Rivières, QC, Canada.

Frontiers in Psychology
|August 29, 2022
PubMed
Summary

This study refined the Multidimensional Subjective Financial Well-being Scale (MSFWBS) using advanced statistical models. The optimized scale demonstrates strong validity and reliability for measuring financial well-being (FWB).

Keywords:
Multidimensional Subjective Financial Well-being Scalebifactorexploratory structural equation modelingfinancial well-beingscale validation

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Area of Science:

  • Psychology
  • Economics
  • Sociology

Background:

  • Financial well-being (FWB) is crucial, with various measures existing.
  • The Multidimensional Subjective Financial Well-being Scale (MSFWBS) captures FWB's complexity but requires psychometric refinement.
  • Previous validation indicated potential issues with discriminant validity in the MSFWBS factor structure.

Purpose of the Study:

  • To reassess the psychometric properties of the MSFWBS in a French-Canadian adult sample.
  • To enhance the conceptual and operational clarity of financial well-being measurement.
  • To validate an improved MSFWBS using advanced statistical modeling techniques.

Main Methods:

  • Employed exploratory structural equation modeling (ESEM) and bifactor-ESEM for psychometric analysis.
  • Assessed measurement invariance across demographic groups (age, sex, income).
  • Evaluated convergent and criterion-related validity against established FWB, life satisfaction, stress, and distress measures.

Main Results:

  • A bifactor-ESEM model provided strong support for the MSFWBS structure.
  • The scale demonstrated measurement invariance across diverse participant groups.
  • Scores showed significant convergent and criterion-related validity, particularly the global FWB factor.

Conclusions:

  • The study provides an optimized and validated MSFWBS for measuring financial well-being.
  • The refined scale enhances the accuracy and reliability of FWB research.
  • This contributes to a deeper understanding of financial well-being and its correlates.