Measures of Financial Well-being
As part of the National Cancer Institute-funded Money Health Connection Study, we gathered and tested measures of financial well-being (FWB).
The study included a transdisciplinary literature review of concepts used to measure FWB from the following fields: medicine/public health, social/behavioral sciences (e.g., psychology, sociology, and economics), social work, and consumer/family sciences.
From the review, we developed a transdisciplinary conceptual model of FWB that includes three domains: Material, Psychosocial, and Behavioral. Our conceptual model borrows from theories developed to explain disparities in health.
Following a rigorous measures development process, the study concluded with a pilot test of our survey of FWB. Psychometric analyses yielded the shorter Tucker-Seeley measure of FWB.
The measures gathered from the Money-Health Connection Study literature review are grouped by the domains in our conceptual model, shown in the diagram below.