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110 The Alpha and Omega of Financial Risk-Tolerance Assessment
Key Words
Cronbach’s alpha, internal consistency, financial risk tolerance, omega, reliability
Short Description
Over the past two decades, numerous scaling and attitudinal measurement techniques have been developed to facilitate the assessment of consumer risk tolerance. Cronbach’s alpha has traditionally been used as the primary measure of scale reliability for assessment tools that have been developed using psychometric theory. Recently, however, psychometricians have raised concerns about the ongoing use of Cronbach’s alpha as a robust measure of scale reliability. In its place, some have argued that reliability estimates should be based on Greatest Lower Bound (GLB) and omega estimations. The purpose of this paper is to describe and compare these alternative reliability measures, in comparison to Cronbach’s alpha, for a widely used financial risk-tolerance scale. Using a dataset with 179,450 observations, findings from this study suggest that while estimates derived on the basis of Cronbach’s alpha, GLB, and omega differ, for the most part, reliability estimates across the measures are more similar than dissimilar.