Developing a Measure of Financial Privacy: A Pilot Study of U.S. College Students

Thomas A. Hanson () and Andrew J. Byrd
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Thomas A. Hanson: Lacy School of Business, Butler University, 4600 Sunset Avenue, Indianapolis, IN 46208, USA
Andrew J. Byrd: Lacy School of Business, Butler University, 4600 Sunset Avenue, Indianapolis, IN 46208, USA

IJFS, 2024, vol. 12, issue 4, 1-14

Abstract: This study applied communication privacy management (CPM) theory to develop a new measure of financial privacy, encompassing three dimensions of ownership, permeability, and linkages. The exploratory factor analysis was based on a pilot survey of 371 U.S. college students. The development of this scale was motivated by previous research establishing links between financial literacy, financial socialization, and family communication patterns to suggest the importance of understanding and measuring the role of communication and privacy in the transmission of financial knowledge. Therefore, correlations are also presented between the new measure of financial privacy and measures of financial knowledge, confidence, and experience. The financial privacy scale attained adequate validity and reliability to encourage further refinement and utilization in future theoretical and practical research related to family financial socialization.

Keywords: financial literacy; financial privacy; financial socialization; financial capability; communication privacy management (search for similar items in EconPapers)
JEL-codes: F2 F3 F41 F42 G1 G2 G3 (search for similar items in EconPapers)
Date: 2024
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