Measuring Financial Well-Being: A Systematic Review of Psychometric Instruments

In the last two decades financial well-being (FWB) has attracted considerable attention. However, many studies use ad hoc instruments to measure the construct, with may lead to mistaken conclusions. This review aims to identify and assess the psychometric properties of the instruments available to measure FWB. We also assess the dimensions (theoretical and empirical) and FWB definitions used by these instruments. Seven databases (PubMed, Scopus, PsycINFO, Embase, Virtual Health Library, Scielo, and Web of Science) were searched for construction, validation, or adaption studies of FWB instruments. This review protocol has been registered on PROSPERO. A total of 15 records were found eligible. Findings showed that there are 10 scales with good psychometric properties available to measure FWB, five of those are multidimensional and three have >= 6 types of validity evidence. The Multidimensional Subjective Financial Well-Being Scale (MSFWBS) seems to be the most complete instrument, although it only assesses the subjective aspect of FWB. All the instruments found in this review have some limitations, therefore, the use of a combination of at least two scales it is advised during FWB assessments. In the discussion section, future research directions to guide the definition of FWB, the construction, cross-cultural adaptation and the use of psychometric instruments are suggested.PROSPERO Registration: CRD42022372804, https://www.crd.york.ac.uk/prospero/display_record.php?ID=CRD42022372804