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2022 Annual Conference

May 19–21, 2022

Sheraton Sand Key, Clearwater Beach, FL, US

Proposal authors can use this tool to see where they have been placed in the program agenda for an Oral or Poster Session.

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Confirm your place in the schedule by going to the ACCI Presenter Confirm Google Sheet and marking your session with the name and email address of the author who will be attending and presenting. Each presentation must have a separate paid registraint. Contact the ACCI Office immedicately by email at admin@consumerinterests.org to report a conflict or if you have questions. Please be sure to reference the session title(s), date(s), and time(s) if you contact us.

G1a Efficacy in Measuring Financial Literacy

Saturday, May 21, 2022 at 10:30 AM–12:00 PM EDT
Room 1
Key Words

financial literacy, financial knowledge, measurement, response options

Short Description

Current survey instruments measuring financial knowledge provide multiple response categories of possible answers along with “don’t know” (DK) and “refused to answer” (RA) options. Research in educational testing has shown that a knowledge battery with DK/RA responses invites systematic error associated with the propensity to guess and reduces logical validity in measurement. The validity of financial knowledge measures has received limited attention in the existing literature. Our project will extend the limited line of research and provide critical assessment of a newly developed financial knowledge scale. The purpose of this project is to demonstrate threats and consequences associated with offering DK/RA responses in financial knowledge surveys. Alternate survey protocols will be examined including alternate wording for completing the survey items, alternate prompts for instructions, and incentives for correct answers. The final goal is to identify the most efficient and appropriate survey instrument for researchers and practitioners to use when assessing financial literacy.

Submitter

Melissa Wilmarth, University of Alabama

Authors

Melissa Wilmarth, University of Alabama
Kyoung Tae Kim, University of Alabama
Tae-Young Pak, Sungkyunkwan University
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