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

Sorgente A., Atay B., Aubrey M., Bhatia S., Crespo C., Fonseca G., ...More

Journal of Happiness Studies, vol.25, no.1-2, 2024 (SSCI) identifier

  • Publication Type: Article / Article
  • Volume: 25 Issue: 1-2
  • Publication Date: 2024
  • Doi Number: 10.1007/s10902-024-00708-z
  • Journal Name: Journal of Happiness Studies
  • Journal Indexes: Social Sciences Citation Index (SSCI), Scopus, Academic Search Premier, IBZ Online, ABI/INFORM, EconLit, Psycinfo, Social services abstracts, Sociological abstracts
  • Keywords: Approximate measurement invariance, Cross-national, Emerging adulthood, Subjective financial well-being, Validation
  • TED University Affiliated: Yes

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.