Evaluation of a Financial Literacy Test Using Classical Test Theory and Item Response Theory

Irina Kunovskaya (), Brenda Cude () and Natalia Alexeev ()

Journal of Family and Economic Issues, 2014, vol. 35, issue 4, 516-531

Abstract: The purpose of this study was to evaluate the quality (item difficulty and discriminability, construct validity, and reliability) of a financial literacy test that has been used to measure financial literacy in multiple countries. The test was analyzed based on Classical Test Theory and Item Response Theory, specifically the Rasch model, with the goal of identifying areas of improvement. The findings from the two measurement frameworks were quite comparable and identified similar measurement problems. Steps to improve the financial literacy measure were recommended. Copyright Springer Science+Business Media New York 2014

Keywords: Measurement of financial literacy; Classical Test Theory; The Rasch model (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/s10834-013-9386-8

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