The Financial Identity Scale (FIS): A multinational validation and measurement invariance study among emerging adults

Angela Sorgente; Rimantas Vosylis; Margherita Lanz; Joyce Serido; Soeyon Shim

doi:10.1177/0165025420914986

The Financial Identity Scale (FIS): A multinational validation and measurement invariance study among emerging adults

Angela Sorgente, Rimantas Vosylis, Margherita Lanz, Joyce Serido, Soeyon Shim

Family Social Science

Research output: Contribution to journal › Article › peer-review

4 Scopus citations

Abstract

The transition from financial dependence on one’s parents to financial self-sufficiency is one of the most relevant transitions during emerging adulthood. It is important to have an instrument able to assess emerging adults’ financial capabilities and to detect its change over time. The current article aims to collect international evidence of the Financial Identity Scale (FIS) validity and reliability. Cross-sectional data collected from 2,501 emerging adults aged 18–25 and belonging to three different countries—U.S. (n = 1,535), Italy (n = 485), and Lithuania (n = 481)—were adopted to test score structure validity, generalizability, sensitivity to difference, criterion-related validity, and internal consistency. Instead, four-wave longitudinal data, available for the American sample only (n = 1,900), were adopted to test FIS structural stability and sensitivity to change. As recommended by the contemporary view of validity, different structural equation models were performed. Findings suggest that FIS scores are valid and reliable. The implications for researchers and practitioners are discussed.

Original language	English (US)
Pages (from-to)	565-574
Number of pages	10
Journal	International Journal of Behavioral Development
Volume	44
Issue number	6
DOIs	https://doi.org/10.1177/0165025420914986
State	Published - Nov 2020

Bibliographical note

Funding Information:
The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: Data collection in the U.S. was funded by the National Endowment for Financial Education, Great Lakes Higher Education Corporation & Affiliates, and Citi Foundation. The data collection in Italy was partially funded by Universit? Cattolica del Sacro Cuore (D1/2017), grant to Margherita Lanz. The data collection in Lithuania was funded by the European Social Fund under the No. 09.3.3-LMT-K-712 ?Development of Competencies of Scientists, other Researchers and Students through Practical Research Activities? grant to Rimantas Vosylis.

Funding Information:
The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: Data collection in the U.S. was funded by the National Endowment for Financial Education, Great Lakes Higher Education Corporation & Affiliates, and Citi Foundation. The data collection in Italy was partially funded by Università Cattolica del Sacro Cuore (D1/2017), grant to Margherita Lanz. The data collection in Lithuania was funded by the European Social Fund under the No. 09.3.3-LMT-K-712 “Development of Competencies of Scientists, other Researchers and Students through Practical Research Activities” grant to Rimantas Vosylis.

Publisher Copyright:
© The Author(s) 2020.

Keywords

Financial identity
cross-cultural
measurement invariance
reliability
validity

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10.1177/0165025420914986

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title = "The Financial Identity Scale (FIS): A multinational validation and measurement invariance study among emerging adults",

abstract = "The transition from financial dependence on one{\textquoteright}s parents to financial self-sufficiency is one of the most relevant transitions during emerging adulthood. It is important to have an instrument able to assess emerging adults{\textquoteright} financial capabilities and to detect its change over time. The current article aims to collect international evidence of the Financial Identity Scale (FIS) validity and reliability. Cross-sectional data collected from 2,501 emerging adults aged 18–25 and belonging to three different countries—U.S. (n = 1,535), Italy (n = 485), and Lithuania (n = 481)—were adopted to test score structure validity, generalizability, sensitivity to difference, criterion-related validity, and internal consistency. Instead, four-wave longitudinal data, available for the American sample only (n = 1,900), were adopted to test FIS structural stability and sensitivity to change. As recommended by the contemporary view of validity, different structural equation models were performed. Findings suggest that FIS scores are valid and reliable. The implications for researchers and practitioners are discussed.",

keywords = "Financial identity, cross-cultural, measurement invariance, reliability, validity",

author = "Angela Sorgente and Rimantas Vosylis and Margherita Lanz and Joyce Serido and Soeyon Shim",

note = "Funding Information: The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: Data collection in the U.S. was funded by the National Endowment for Financial Education, Great Lakes Higher Education Corporation & Affiliates, and Citi Foundation. The data collection in Italy was partially funded by Universit? Cattolica del Sacro Cuore (D1/2017), grant to Margherita Lanz. The data collection in Lithuania was funded by the European Social Fund under the No. 09.3.3-LMT-K-712 ?Development of Competencies of Scientists, other Researchers and Students through Practical Research Activities? grant to Rimantas Vosylis. Funding Information: The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: Data collection in the U.S. was funded by the National Endowment for Financial Education, Great Lakes Higher Education Corporation & Affiliates, and Citi Foundation. The data collection in Italy was partially funded by Universit{\`a} Cattolica del Sacro Cuore (D1/2017), grant to Margherita Lanz. The data collection in Lithuania was funded by the European Social Fund under the No. 09.3.3-LMT-K-712 “Development of Competencies of Scientists, other Researchers and Students through Practical Research Activities” grant to Rimantas Vosylis. Publisher Copyright: {\textcopyright} The Author(s) 2020.",

year = "2020",

month = nov,

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AU - Serido, Joyce

AU - Shim, Soeyon

N1 - Funding Information: The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: Data collection in the U.S. was funded by the National Endowment for Financial Education, Great Lakes Higher Education Corporation & Affiliates, and Citi Foundation. The data collection in Italy was partially funded by Universit? Cattolica del Sacro Cuore (D1/2017), grant to Margherita Lanz. The data collection in Lithuania was funded by the European Social Fund under the No. 09.3.3-LMT-K-712 ?Development of Competencies of Scientists, other Researchers and Students through Practical Research Activities? grant to Rimantas Vosylis. Funding Information: The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: Data collection in the U.S. was funded by the National Endowment for Financial Education, Great Lakes Higher Education Corporation & Affiliates, and Citi Foundation. The data collection in Italy was partially funded by Università Cattolica del Sacro Cuore (D1/2017), grant to Margherita Lanz. The data collection in Lithuania was funded by the European Social Fund under the No. 09.3.3-LMT-K-712 “Development of Competencies of Scientists, other Researchers and Students through Practical Research Activities” grant to Rimantas Vosylis. Publisher Copyright: © The Author(s) 2020.

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N2 - The transition from financial dependence on one’s parents to financial self-sufficiency is one of the most relevant transitions during emerging adulthood. It is important to have an instrument able to assess emerging adults’ financial capabilities and to detect its change over time. The current article aims to collect international evidence of the Financial Identity Scale (FIS) validity and reliability. Cross-sectional data collected from 2,501 emerging adults aged 18–25 and belonging to three different countries—U.S. (n = 1,535), Italy (n = 485), and Lithuania (n = 481)—were adopted to test score structure validity, generalizability, sensitivity to difference, criterion-related validity, and internal consistency. Instead, four-wave longitudinal data, available for the American sample only (n = 1,900), were adopted to test FIS structural stability and sensitivity to change. As recommended by the contemporary view of validity, different structural equation models were performed. Findings suggest that FIS scores are valid and reliable. The implications for researchers and practitioners are discussed.

AB - The transition from financial dependence on one’s parents to financial self-sufficiency is one of the most relevant transitions during emerging adulthood. It is important to have an instrument able to assess emerging adults’ financial capabilities and to detect its change over time. The current article aims to collect international evidence of the Financial Identity Scale (FIS) validity and reliability. Cross-sectional data collected from 2,501 emerging adults aged 18–25 and belonging to three different countries—U.S. (n = 1,535), Italy (n = 485), and Lithuania (n = 481)—were adopted to test score structure validity, generalizability, sensitivity to difference, criterion-related validity, and internal consistency. Instead, four-wave longitudinal data, available for the American sample only (n = 1,900), were adopted to test FIS structural stability and sensitivity to change. As recommended by the contemporary view of validity, different structural equation models were performed. Findings suggest that FIS scores are valid and reliable. The implications for researchers and practitioners are discussed.

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KW - measurement invariance

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KW - validity

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The Financial Identity Scale (FIS): A multinational validation and measurement invariance study among emerging adults

Abstract

Bibliographical note

Keywords

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