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Self-Report Tests of Personality01:22

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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.
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Metacognition is a conscious process where individuals are aware of their cognitive and executive processes, such as planning before solving a problem or self-monitoring during reading. For instance, a writer may need help with composing a piece. The situation involves a writer who is working on a piece of writing, but while doing so, they realize that something is missing. They notice that their characters lack depth or details. This realization occurs because the writer is reflecting on their...
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The fineness modulus (FM) of aggregate is a numerical index that measures the coarseness or fineness of the particles. It is calculated by adding the cumulative percentages of aggregate retained on each of a specified series of sieves and dividing the sum by 100.
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Controlled processes in human consciousness represent high-alert mental states where individuals deliberately focus their attention on achieving specific goals. Controlled processes can be seen in situations like mastering new technology, where a person might become so absorbed that they ignore surrounding distractions. Such processes involve selective attention, requiring one to concentrate on particular elements of experience while disregarding others. These are governed by executive...
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Financial Mindfulness: A Scale.

Emily N Garbinsky1, Simon J Blanchard2, Lena Kim1

  • 1Cornell University, Ithaca, NY, USA.

Personality & Social Psychology Bulletin
|July 30, 2024
PubMed
Summary
This summary is machine-generated.

Researchers developed a financial mindfulness (FM) scale to measure awareness and acceptance of one's financial state. This new scale predicts financial behaviors beyond other measures.

Keywords:
financial well-beingindividual differencesmindfulness

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Area of Science:

  • Behavioral Economics
  • Psychology
  • Financial Management

Background:

  • Mindfulness is a well-researched concept, but a domain-specific measure for financial contexts is lacking.
  • Existing measures do not fully capture the nuances of financial well-being.

Purpose of the Study:

  • To define and conceptualize financial mindfulness (FM).
  • To develop and validate a scale measuring individual differences in FM.

Main Methods:

  • Defined FM as awareness and acceptance of one's financial state.
  • Developed an eight-item Financial Mindfulness Scale (FM-Scale).
  • Validated the scale through nine studies, including a field survey with actual financial behaviors.

Main Results:

  • The FM-Scale demonstrated reliability and validity.
  • FM was associated with financial behaviors, such as reduced sunk cost bias.
  • The FM-Scale uniquely predicted financial behaviors beyond general mindfulness, self-control, and money management stress.

Conclusions:

  • Financial mindfulness is a distinct construct incorporating awareness and acceptance.
  • The FM-Scale offers a succinct and effective measure for financial mindfulness.
  • Financial acceptance plays a specific role in financial decision-making and behavior.