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Measuring Economic Competence of Youth with a Short Scale

Luis Oberrauch, Tim Kaiser () and Günther Seeber

EconStor Preprints from ZBW - Leibniz Information Centre for Economics

Abstract: We present a 12-item scale measuring the cognitive component of economic competence and document the psychometric properties of the scale. Using a data set with more than 12,000 secondary school students in Germany, the scale shows high discriminatory power and covers a wide range of ability levels. Analyses of `Differential Item Functioning´ show no item bias across key demographic characteristics, and scores show meaningful associations with scores obtained from adjacent test instruments. Student-level correlates mirror estimates documented in earlier literature on economic and financial literacy as well as results relying on a more extensive scale with over 30 items. The presented short scale enables researchers and practitioners to efficiently measure economic competence of youth.

Keywords: economic competence; economic literacy; IRT; measurement (search for similar items in EconPapers)
JEL-codes: A21 G53 I21 (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-fle and nep-ure
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