Related Experiment Video
Updated: Aug 5, 2026
Development of a Virtual Reality Assessment of Everyday Living Skills
Published on: April 23, 2014
Instruments for measuring financial well-being among Veterans: A systematic review
Kian Torabiardakani1, Mirey Karavetian2, Holly N Crandon3
1Michael G. DeGroote National Pain Centre, McMaster University, Hamilton, Ontario, Canada.
Introduction:
Financial health is one of seven aspects that have been identified to appraise the well-being of Veterans. The authors conducted a systematic review to identify instruments that measure financial well-being.
Methods:
The authors searched the MEDLINE, EMBASE, PsycINFO, AgeLine, PTSD Pubs, Sociological Abstracts, and Social Sciences Abstracts databases from inception to April 13, 2023, for development or validation studies reporting on financial well-being instruments. The consensus-based standards for the selection of health measurement instruments (COSMIN) were used to assess risk of bias and measurement properties of eligible studies. Three Canadian Veteran partners independently reviewed and assessed the clarity and applicability of all identified tools.
Results:
Thirteen instruments that assessed financial well-being were identified. Of these instruments, five (38%) demonstrated sufficient structural validity, 12 (92%) internal consistency, three (23%) cross-cultural validity, one (8%) test-retest reliability, and 10 (77%) construct validity. Veteran partners identified four instruments as very clear and very applicable to Veterans: 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 with a Veteran sample. The Econ-QOL was developed with a general sample and validated among Veterans.
Discussion:
Among the four instruments reporting strong psychometric properties and endorsed by the study's Veteran partners, only the WBI was both developed and validated with a U.S. Veteran population, whereas the Econ-QOL was only validated with that population. The PFWS and LSCAPE appear promising but require validation among Veterans.