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<p>In our field, there are few opportunities to examine (and demonstrate) the properties of existing measures. A recent survey of 993 US adults conducted by the National Endowment for Financial Education (NEFE) provides such an opportunity. In this study, we examine the factorial validity, reliability, and measurement invariance of the Brief Money Management Scale. Our central question is whether money management is a distinct construct for people living at or near the poverty line as compared to people living above that line (i.e., &lt; 100%, 100–200%, and &gt; 200% of the poverty line)—and, therefore, whether the scale can be used to make comparisons and draw conclusions across these groups. We found three main results: (a) The fit statistics from our confirmatory factor analysis were good, indicating that the hypothesized factor structure from the original study was confirmed with the NEFE data (i.e., evidence of factorial validity). (b) The scale and its sub-dimensions showed evidence of convergent and discriminant validity as well as acceptable levels of internal consistency (i.e., evidence of reliability). (c) We found evidence for scalar invariance, suggesting that people at different poverty levels interpret the items in the Brief Money Management Scale similarly. Thus, this scale can appropriately be used to compare money management behavior across US poverty groups. The mean differences we found (i.e., those &lt; 100% of the poverty line had lower levels of healthy money management than those &gt; 200% of the poverty line for the overall scale, the cash management sub-scale, and the insurance and investing sub-scale), then, indicate that individuals in these groups engage in money management behaviors at different rates—possibly due to differences in circumstances and constraints.</p>

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The Concept of Money Management Across Poverty Levels

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年5月11日

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  • Dee Warmath,
  • Ashley B. LeBaron-Black,
  • Gary Mottola,
  • Kurt Schindler

摘要

In our field, there are few opportunities to examine (and demonstrate) the properties of existing measures. A recent survey of 993 US adults conducted by the National Endowment for Financial Education (NEFE) provides such an opportunity. In this study, we examine the factorial validity, reliability, and measurement invariance of the Brief Money Management Scale. Our central question is whether money management is a distinct construct for people living at or near the poverty line as compared to people living above that line (i.e., < 100%, 100–200%, and > 200% of the poverty line)—and, therefore, whether the scale can be used to make comparisons and draw conclusions across these groups. We found three main results: (a) The fit statistics from our confirmatory factor analysis were good, indicating that the hypothesized factor structure from the original study was confirmed with the NEFE data (i.e., evidence of factorial validity). (b) The scale and its sub-dimensions showed evidence of convergent and discriminant validity as well as acceptable levels of internal consistency (i.e., evidence of reliability). (c) We found evidence for scalar invariance, suggesting that people at different poverty levels interpret the items in the Brief Money Management Scale similarly. Thus, this scale can appropriately be used to compare money management behavior across US poverty groups. The mean differences we found (i.e., those < 100% of the poverty line had lower levels of healthy money management than those > 200% of the poverty line for the overall scale, the cash management sub-scale, and the insurance and investing sub-scale), then, indicate that individuals in these groups engage in money management behaviors at different rates—possibly due to differences in circumstances and constraints.