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Design and Evaluation among Young Adults of a Financial Literacy Scale Focused on Key Financial Decisions

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Facultad de Ciencias Sociales y Humanísticas, Escuela Superior Politécnica del Litoral (ESPOL), Campus Gustavo Galindo Km. 30.5 Vía Perimetral, P.O. Box 09-01-5863, Guayaquil 090902, Ecuador
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Information Technologies Center, Escuela Superior Politécnica del Litoral (ESPOL), Campus Gustavo Galindo Km. 30.5 Vía Perimetral, P.O. Box 09-01-5863, Guayaquil 090902, Ecuador
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Faculty of Economics and Business Administration, Ghent University, EB22, Sint-Pietersplein 7, 9000 Ghent, Belgium
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Department of Educational Studies, Faculty of Psychology and Educational Sciences, Ghent University, Henri Dunantlaan 2, 9000 Ghent, Belgium
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Author to whom correspondence should be addressed.
Academic Editor: James Albright
Educ. Sci. 2022, 12(7), 460; https://doi.org/10.3390/educsci12070460
Received: 9 June 2022 / Accepted: 30 June 2022 / Published: 1 July 2022
The present study underpins the design and validation of a Financial Literacy (FL) scale in the Latin American and the Caribbean (LAC) context. Though scales are available, they do not meet contextual characteristics and seem to miss out on a focus on Key Financial Decisions (KFD). Scale design was consistent with an extensive literature review (2010–2021). Forty-four items scale covering the dimensions of Financial Attitude, Financial Behavior, and Financial Knowledge were presented to 478 young adults aged 18–30, and women 58% of them. The results reflect a robust FL scale by applying Confirmatory Factor Analysis (CFA). The data about young adults’ FL can be used as a benchmark in future studies fostering the development of FL in the Latin American and Caribbean contexts. View Full-Text
Keywords: financial literacy; financial attitude; financial knowledge; financial behavior; young adults; confirmatory factor analysis; structural model; university; Ecuador; OECD financial literacy; financial attitude; financial knowledge; financial behavior; young adults; confirmatory factor analysis; structural model; university; Ecuador; OECD
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MDPI and ACS Style

Méndez Prado, S.M.; Chiluiza, K.; Everaert, P.; Valcke, M. Design and Evaluation among Young Adults of a Financial Literacy Scale Focused on Key Financial Decisions. Educ. Sci. 2022, 12, 460. https://doi.org/10.3390/educsci12070460

AMA Style

Méndez Prado SM, Chiluiza K, Everaert P, Valcke M. Design and Evaluation among Young Adults of a Financial Literacy Scale Focused on Key Financial Decisions. Education Sciences. 2022; 12(7):460. https://doi.org/10.3390/educsci12070460

Chicago/Turabian Style

Méndez Prado, Silvia Mariela, Katherine Chiluiza, Patricia Everaert, and Martin Valcke. 2022. "Design and Evaluation among Young Adults of a Financial Literacy Scale Focused on Key Financial Decisions" Education Sciences 12, no. 7: 460. https://doi.org/10.3390/educsci12070460

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