Young Ages, Big Decisions: Development and Initial Validation of the Multidimensional Financial Literacy Scale for Adolescents
New Educational Review, vol.80, no.2, pp.173-186, 2025 (Scopus)
- Publication Type: Article / Article
- Volume: 80 Issue: 2
- Publication Date: 2025
- Doi Number: 10.15804/tner.2025.80.2.12
- Journal Name: New Educational Review
- Journal Indexes: Scopus, EBSCO Education Source
- Page Numbers: pp.173-186
- Keywords: adolescents, financial literacy, psychometric testing, scale development
- Open Archive Collection: AVESIS Open Access Collection
- Anadolu University Affiliated: Yes
Abstract
This study developed the Financial Literacy Scale for Adolescents (FLSADO) to assess adolescents’ financial literacy and examined its psychometric properties. Exploratory (n = 382) and confirmatory (n = 512) factor analyses revealed an 18-item scale with three subscales: conscious consumption, savings and future planning, and the meaning of money, explaining 50.16% of the variance. A brief five-item version (FLSADO-5) was created based on EFA loadings, representing all sub-dimensions and accounting for 33.92% of the variance. CFA supported both the three-factor structure of FLSADO and the unidimensional structure of FLSADO-5. Internal consistency coefficients indicated good reliability for both versions. Correlations with external measures supported concurrent validity.