 Financial Literacy as More than Knowledge: The Development of a Formative Scale through the Lens of Bloom's Domains of KnowledgeDee Warmath and David Zimmerman Journal of Consumer Affairs, 2019, vol. 53, issue 4, 1602-1629 Abstract: For well over a decade, financial literacy has been a primary lens through which researchers approach financial education. Unfortunately, in most cases, this potentially rich construct is reduced to mere financial knowledge. This myopic conceptualization hampers the development of the concept and programs to build financial literacy. Despite research that reveals these limits, the field has either persisted with this narrow definition of financial literacy or abandoned the model altogether in favor of capability or similar constructs. Using Bloom's domains of knowledge, we redefine financial literacy as the combination of three different indicators reflecting three domains of knowledge: financial skill, self‐efficacy, and explicit knowledge. Using data from a national survey, we apply the methods of formative scale development to construct and validate a more robust conceptualization and measurement of financial literacy. We explore how this financial literacy index might inform development of innovative financial education programs. Date: 2019 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:jconsa:v:53:y:2019:i:4:p:1602-1629 Ordering information: This journal article can be ordered from Access Statistics for this article Journal of Consumer Affairs is currently edited by Sharon Tennyson More articles in Journal of Consumer Affairs from Wiley Blackwell |
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