Abstract: Precise assessment of individuals financial literacy is the precondition of corresponding research and practice, however, at present there is lack of financial literacy test tools with clear theoretical frameworks and good psychometric characteristics. The current study has developed the Financial Literacy Tests (FLT) for Chinese citizens which include three sets of tests (five tests): financial knowledge test, financial capacity test, and financial value tests consisting of three tests of financial management values, wealth values and financial ethics. The five tests of FLT as a whole have good criterion-related and construct validities. The framework of FLT is the theory of triarchic structure of financial literacy. Based on the integration of two different human nature views (homo economicus vs. homo sociologicus), the theory proposes that financial literacy is a composite consisting of financial knowledge, financial capacity, and financial values. The scores of five tests of FLT can be further computed into the index of homo economicus (the average of scores of financial knowledge, financial capacity and financial management values ) and the index of homo sociologicus (the average of scores of wealth values and financial ethics), and both indexes should be used together to show the levels of individuals financial literacy.

Key words: financial literacy, financial knowledge, financial capacity, financial values, test