Incharge Financial Distress/Financial Well-Being Scale: Development, Administration, and Score Interpretation
Incharge Financial Distress/Financial Well-Being Scale: Development, Administration, and Score Interpretation ArXiv ID: ssrn-2239338 “View on arXiv” Authors: Unknown Abstract This article describes development of the InCharge Financial Distress/Financial Well-Being Scale, designed to measure a latent construct representing responses Keywords: Financial Well-Being, Financial Distress, Scale Development, Personal Finance, Psychometrics, Personal Finance Complexity vs Empirical Score Math Complexity: 2.0/10 Empirical Rigor: 7.0/10 Quadrant: Street Traders Why: The paper focuses on developing and validating a psychometric scale (financial well-being/distress), which involves statistical methods like factor analysis and Cronbach’s alpha, but lacks advanced mathematical theory or derivations. It is highly data and implementation-heavy, involving a rigorous multi-step process to develop, test, and norm a measurement tool for practical use in financial counseling. flowchart TD A["Research Goal<br/>Develop & Validate Financial<br/>Distress/Well-Being Scale"] --> B["Data Collection<br/>Survey of 405 Adults"] B --> C["Methodology Steps<br/>Exploratory & Confirmatory<br/>Factor Analysis"] C --> D["Computational Processes<br/>Reliability Tests &<br/>Score Interpretation Algorithm"] D --> E["Key Outcomes<br/>Validated 8-Item Scale<br/>Distress/Well-Being Metric"]