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Publications
Publications
  • 2017
  • Article
  • Journal of Financial Counseling and Planning

A Brief Money Management Scale and Its Associations with Personality, Financial Health, and Hypothetical Debt Repayment

By: Masha Ksendzova, Grant Edward Donnelly and Ryan Howell
  • Format:Print
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Abstract

Money management is essential for financial health, and more research is needed to better assess people’s money management practices. Therefore, we factor-analyzed 205 scaled questions from previous money management measures to select the best items and examined their internal consistency and convergent validity. Our resulting 18-item Brief Money Management Scale and its factors (management of cash, credit, savings, and insurance) replicate and clarify previous relationships between types of money management and financial outcomes as well as personality and demographic antecedents. Furthermore, this scale is reliable and predicts participants’ hypothetical debt repayment behavior, suggesting concurrent validity. We discuss how future studies can use this multifaceted measure of money management to better understand the antecedents and consequences of different financial decisions.

Keywords

Budgeting; Debt; Money Management; Financial Health; Scale Development; Budgets and Budgeting; Personal Finance; Behavior; Decision Making

Citation

Ksendzova, Masha, Grant Edward Donnelly, and Ryan Howell. "A Brief Money Management Scale and Its Associations with Personality, Financial Health, and Hypothetical Debt Repayment." Journal of Financial Counseling and Planning 28, no. 1 (2017): 62–75.

More from the Authors

    • August 2018
    • Psychological Science

    The Effect of Graphic Warnings on Sugary-Drink Purchasing

    By: Grant Donnelly, Laura Y. Zatz, Daniel Svirsky and Leslie John
    • May 2018
    • Personality and Social Psychology Bulletin

    The Amount and Source of Millionaires' Wealth (Moderately) Predicts Their Happiness

    By: Grant Edward Donnelly, Tianyi Zheng, Emily Haisley and Michael I. Norton
    • May 2017
    • Psychological Science

    Psychologically Informed Implementations of Sugary-Drink Portion Limits

    By: Leslie John, Grant Donnelly and Christina Roberto
More from the Authors
  • The Effect of Graphic Warnings on Sugary-Drink Purchasing By: Grant Donnelly, Laura Y. Zatz, Daniel Svirsky and Leslie John
  • The Amount and Source of Millionaires' Wealth (Moderately) Predicts Their Happiness By: Grant Edward Donnelly, Tianyi Zheng, Emily Haisley and Michael I. Norton
  • Psychologically Informed Implementations of Sugary-Drink Portion Limits By: Leslie John, Grant Donnelly and Christina Roberto
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