Instruments for measuring financial well-being among Veterans: A systematic review

Area of Science:

• Health Services Research
• Psychometrics
• Veteran Health

Background:

• Financial health is a critical component of overall well-being for Veterans.
• Existing instruments for measuring financial well-being require rigorous evaluation for applicability to the Veteran population.

Purpose of the Study:

• To systematically review and identify validated instruments for measuring financial well-being in Veterans.
• To assess the psychometric properties and applicability of identified financial well-being instruments for Veterans.

Main Methods:

• A comprehensive search of multiple databases (MEDLINE, EMBASE, PsycINFO, etc.) was conducted up to April 13, 2023.
• The Consensus-based Standards for the Selection of Health Measurement Instruments (COSMIN) criteria were used to assess study quality and measurement properties.
• Canadian Veteran partners reviewed instruments for clarity and applicability.

Main Results:

• Thirteen financial well-being instruments were identified, with varying psychometric properties.
• Four instruments were deemed clear and applicable by Veteran partners: Well-Being Inventory (WBI), Economic Quality of Life Measure (Econ-QOL), Personal Financial Wellness Scale (PFWS), and Living Standards Capabilities for Elders Scale (LSCAPE).
• The WBI was developed and validated in a Veteran sample; Econ-QOL was validated in Veterans.

Conclusions:

• The WBI and Econ-QOL are the most suitable instruments for assessing financial well-being in Veterans based on psychometric strength and applicability.
• PFWS and LSCAPE require further validation within Veteran populations.
• Robust measurement tools are essential for appraising Veteran financial health and informing targeted interventions.