This study sought to develop a novel measure to account for confidence when assessing financial knowledge across various money management topics, including budgeting, insurance, retirement planning, savings and investing, home buying, credit, and use of financial institutions. The study used data from a financial knowledge test administered to 427 college students to test the measure. For each of the 40 knowledge questions on the test, participants rated their confidence in their answers on a 5-point Likert scale. The advanced measure developed in this study can provide a better understanding of individuals’ financial knowledge that takes into consideration their confidence, and be a useful tool for financial educators and researchers.

Accepted Oral Presentation