One (Financial Well-Being) Model Fits All? Testing the Multidimensional Subjective Financial Well-Being Scale Across Nine Countries

Angela Sorgente (), Bünyamin Atay (), Marc Aubrey (), Shikha Bhatia (), Carla Crespo (), Gabriela Fonseca (), Oya Yerin Güneri (), Žan Lep (), David Lessard (), Oana Negru-Subtirica (), Alda Portugal (), Mette Ranta (), Ana Paula Relvas (), Nidhi Singh (), Ulrike Sirsch (), Maja Zupančič () and Margherita Lanz ()
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Angela Sorgente: Università Cattolica del Sacro Cuore
Bünyamin Atay: TED University
Marc Aubrey: Université du Québec à Trois-Rivières
Shikha Bhatia: International Management Institute New Delhi
Carla Crespo: CICPSI, University of Lisbon
Gabriela Fonseca: University of Coimbra
Oya Yerin Güneri: Middle East Technical University
Žan Lep: University of Ljubljana
David Lessard: Université du Québec à Trois-Rivières
Oana Negru-Subtirica: Babeş-Bolyai University
Alda Portugal: University of Coimbra
Mette Ranta: University of Helsinki
Ana Paula Relvas: University of Coimbra
Nidhi Singh: Jaipuria Institute of Management
Ulrike Sirsch: University of Vienna
Maja Zupančič: University of Ljubljana
Margherita Lanz: Università Cattolica del Sacro Cuore

Journal of Happiness Studies, 2024, vol. 25, issue 1, No 2, 26 pages

Abstract: Abstract A multidimensional model of emerging adults’ subjective financial well-being was proposed (Sorgente and Lanz, Int Journal of Behavioral Development, 43(5), 466–478 2019). The authors also developed a 5-factor scale (the Multidimensional Subjective Financial Well-being Scale, MSFWBS) intending to measure this construct in the European context. To date, data using this instrument have been collected in nine countries: Austria, Canada, Finland, India, Italy, Portugal, Romania, Slovenia, and Turkey. In the current study, data from these countries were analysed to test the validity of this model internationally. In particular, using an international sample of 4,475 emerging adults, we collected the following kinds of validity evidence for the MSFWBS: score structure, reliability, generalizability, convergent, and criterion-related evidence. Findings suggest that the MSFWBS (1) yields valid and reliable scores, and (2) works well in individualistic and economically developed countries, producing comparable scores. Implications for researchers and practitioners are discussed.

Keywords: Subjective financial well-being; Emerging adulthood; Cross-national; Approximate measurement invariance; Validation (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10902-024-00708-z

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