Family Resource Management

Measures of family resource management capture whether one has a systematic process of monitoring the use of financial resources.

Measure

Source: Grable J, Joo S. Student racial differences in credit card debt and financial behaviors and stress. College Student Journal. 2006;40(2):400-408.

Psychometric properties:
Not reported.

I make myself aware of the total amount of money I owe.

  • Almost never
  • Seldom
  • Sometimes
  • Often
  • Almost always

I pay my credit card bills in full and avoid finance charges.

  • Almost never
  • Seldom
  • Sometimes
  • Often
  • Almost always

Measure

Source: Gutter MS, Garrison S, Copur Z. Social learning opportunities and the financial behaviors of college students. Family and Consumer Sciences Research Journal. 2010;38(4):387-404.

Psychometric properties:
Not reported.

Do you currently use a system to manage expenses and avoid overspending?

  • Yes
  • No

Are you currently depositing ⁄ investing money on a regular basis into some sort of account (includes employer plans, mutual funds, individual retirement account, savings, CDs)?

  • Yes
  • No

Measure

Source: Hayhoe CR, Gutter ME. Reliability of the scales in the NC1172 Complex Nature of Saving Data Set. Family and Consumer Sciences. 2012;40(3):284–294.

Psychometric properties: Three items from a four-item Financial Behaviors Scale (Hayhoe and Gutter, 2012); Cronbach’s alpha not reported.

How would you describe your (if you have no spouse/partner) or your family’s spending over the past year?

  • Spending exceeded income
  • Spending equaled income
  • Spending was less than income
Never Rarely Sometimes Often Always
How often does your family make plans on how to use your money?
How often does your family monitor your spending?