Psychology: Techniques and Application

Psychology: Techniques and Application ›› 2020, Vol. 8 ›› Issue (12): 726-735.doi: 10.16842/j.cnki.issn2095-5588.2020.12.003

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The Development of Financial Capacity Test for Chinese Citizens

ZHANG Hongchuan; XIN Ziqiang; WU Xueyang   

  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 capacity is a component in the triarchic structure of financial literacy, which is an important determinant of ones rational financial decision making behavior. However, existing literature lacks an effective measurement to this component. The present study aimed to develop a financial capacity test for Chinese citizens. First, based on the dual process model we proposed that the core of the financial capacity is the ability to make rational decisions, and we further suggested some peripheral capacities in addition. Second, we developed a primary question bank according to the primary theoretical construct involving the above core and peripheral financial capacities, and then revised it following two rounds of online and one round of paper-and-pencil investigations. Finally, a formal test version including three sub-tests and 15 items was developed and administrated to a sample of 574 participants. The results showed that the financial capacity test for Chinese citizens exhibited a medium difficulty level and satatisfying discriminability, together with good internal consistency, test-retest reliability, structural and criterion-related validities, proving itself to be a good measurement of the financial capacity.

Key words: financial literacy, financial capacity, rational decision-making, test

CLC Number: 

  • B84-05
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