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The "center" of a data set is also a way of describing location. The two most widely used measures of the "center" of the data are the mean (average) and the median. The words "mean" and "average" are often used interchangeably. The substitution of one word for the other is common practice. The technical term is "arithmetic mean" and "average" is technically a center location. However, in practice among non-statisticians,...
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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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Surveys02:16

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Often, psychologists develop surveys as a means of gathering data. Surveys are lists of questions to be answered by research participants, and can be delivered as paper-and-pencil questionnaires, administered electronically, or conducted verbally. Generally, the survey itself can be completed in a short time, and the ease of administering a survey makes it easy to collect data from a large number of people.
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Applying an eMASS Customization Program as a Research Tool to Evaluate Consumer Benefits
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How is Consumer Financial Capability Measured?

Julie Birkenmaier1, David Rothwell2, Mary Agar3

  • 1Saint Louis University School of Social Work, 3550 Lindell Blvd., St Louis, MO 63103 USA.

Journal of Family and Economic Issues
|November 14, 2022
PubMed
Summary

This study reviewed financial capability research from 2015-2018. Findings reveal inconsistent measurement of financial capability, often omitting financial socialization and well-being indicators.

Keywords:
Financial accessFinancial capabilityFinancial knowledgeFinancial socializationFinancial wellbeing

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Area of Science:

  • Consumer Finance
  • Behavioral Economics
  • Socioeconomics

Background:

  • The field of consumer financial capability lacks a standardized definition and measurement approach.
  • Existing research exhibits significant diversity in conceptualizing and quantifying financial capability.
  • There is a need to synthesize measurement practices to inform effective interventions and policies.

Purpose of the Study:

  • To conduct a scoping review of quantitative peer-reviewed literature on financial capability measurement.
  • To identify measurement domains, indicators, and operationalizations used in financial capability research.
  • To provide recommendations for standardizing financial capability measurement.

Main Methods:

  • Scoping review of quantitative studies published between 2015 and 2018.
  • Inclusion criteria focused on studies measuring financial capability using quantitative data.
  • Analysis of measurement constructs, indicators, and operationalizations.

Main Results:

  • Thirty-four studies met the inclusion criteria.
  • Financial capability was operationalized in 12 different ways, commonly combining financial knowledge and access.
  • Few studies measured financial socialization or financial well-being; financial access measures were often limited to formal accounts.

Conclusions:

  • Significant heterogeneity exists in the measurement of financial capability constructs.
  • Standardization of measurement is recommended to advance evidence-based interventions and policies.
  • Future research should incorporate broader measures including financial socialization and well-being.