Psychology: Techniques and Application

Psychology: Techniques and Application ›› 2020, Vol. 8 ›› Issue (12): 718-725.doi: 10.16842/j.cnki.issn2095-5588.2020.12.002

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The Development of the Financial Knowledge Test for Chinese Citizens

SUN Ling; XIN Ziqiang   

  1. (School of Sociology and Psychology, Central University of Finance and Economics, Beijing 100081, China)
  • Online:2021-12-01 Published:2020-11-28

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Abstract: Financial knowledge is a necessary aspect for citizens to handle financial matters in their daily lives. An effective assessment of citizens financial knowledge is a fundamental work in the research and education of financial literacy. On the base of the existing literature and expert interviews, this study proposed that Chinese citizens should have financial knowledge in four content areas: financial vision, balance of payments, wealth growth, and risk prevention. Financial knowledge questions were compiled for each of these areas. After two rounds of administering the test and one round of expert assessment, a financial knowledge test consisting of 20 multiple-choice questions was developed. The final version of the test had moderate difficulty, good item differentiation, acceptable reliability, and fine validity. The test met psychometric requirements and was a high-quality financial knowledge assessment tool.

Key words: financial knowledge, financial literacy, test, reliability, validity

CLC Number: 

  • B84-05
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