2020 Volume 68 Issue 2 Pages 160-173
The present research aimed to develop a Financial Efficacy Scale for Adults in Japanese. A survey made available on the Internet was completed by 689 men and women (age range 20s to 60s). Factor analysis of their returns revealed that 29 items in the scale were comprised of 5 factors: financial comprehension, daily management, fair loan and credit, life planning, and comparison among financial products. The scale was found to have high internal consistency and test-retest reliability, although the re-test data did not show a 5-factor structure. Correlations between the participants' scores on the scale and their reported financial knowledge, financial behavior, financial satisfaction, generalized self-efficacy, and locus of control provided sufficient support for concurrent validity. The results of a MANOVA by age, gender, and marital status were as follows: (a) every financial subscale score for the participants in their 60s was higher than that for younger participants, (b) the scores for financial comprehension and comparison among financial products was higher for the men than for the women, whereas the score for daily management was higher for the women than for the men, and (c) married participants scored higher on fair loan and credit, life planning, and comparison among financial products than unmarried participants did.
