Measuring awareness of financial skills: reliability and validity of a new measure.

Full Abstract

This paper examines the psychometric properties of a three-part (participant, informant, and performance) Measure for assessing Awareness of Financial Skills (MAFS). The MAFS was administered to 10 seniors with dementia and 25 well-functioning seniors, and their informants. Measures of cognitive functioning, social desirability, neuroticism, and perceived control were administered to each participant to allow for an assessment of validity. Internal consistency estimates for the participant and informant questionnaires were found to be 0.92 and 0.97, respectively. Convergent validity analysis indicated that performance on this measure was related to level of cognitive functioning, with higher level of unawareness associated with decreased cognitive ability. Discriminant validity analysis showed that performance on this measure was not related to social desirability or neuroticism. This study provides evidence that the MAFS is a reliable and valid tool for assessing awareness of financial skills in older adults.

Author information

Author/s: Cramer, K (K); Tuokko, H A (HA); Mateer, C A (CA); Hultsch, D F (DF);

Affiliation: University of Victoria, Victoria, British Columbia, Canada.

Journal and publication information

Publication Type: Journal Article; Research Support, Non-U.S. Gov't; Validation Studies

Journal: Aging & mental health (Aging Ment Health), published in England. (Language: eng)

Reference: 2004-Mar; vol 8 (issue 2) : pp 161-71

Dates: Created 2004/02/25; Completed 2004/05/05; Revised 2006/11/15;

PMID: 14982721, status: MEDLINE (last retrieval date: 2/18/2009, IMS Date: )

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