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DEVELOPMENT OF THE EXECUTIVE PERSONAL FINANCE SCALE
Journal article   Peer reviewed

DEVELOPMENT OF THE EXECUTIVE PERSONAL FINANCE SCALE

MARCELLO Spinella, BIJOU Yang and DAVID Lester
International journal of neuroscience, v 117(3), pp 301-313
2007
DOI: https://doi.org/10.1080/00207450500534043
PMID: 17365116
Featured in Collection :   UN Sustainable Development Goals @ Drexel

Abstract

There is accumulating evidence that prefrontal systems play an important role in management of personal finances, based on studies using clinical populations, functional neuroimaging, and both subjective and objective neuropsychological measures. This study developed the Executive Personal Finance Scale (EPFS) as a specific self-rating measure of executive aspects of personal money management. The resulting 20-item scale had good reliability and showed four factors: impulse control, organization, planning, and motivational drive. Validity was evidenced by correlations with income, credit card debt, and investments. The EPFS also showed logical correlations with compulsive buying and money attitudes. Second-order factor analysis of the EPFS and other scales revealed two higher-order factors of personal finance: cognitive (e.g., planning, organizing) and emotional (e.g., anxiety, impulse-spending, prestige). The EPFS shows good psychometric properties, is easy to use, and will make a convenient complement to other research methodologies exploring the neural basis of personal finance management.

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16 Record Views
20 citations in Web of Science
25 citations in Scopus

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UN Sustainable Development Goals (SDGs)

This publication has contributed to the advancement of the following goals:

#3 Good Health and Well-Being

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Collaboration types
Domestic collaboration
Web of Science research areas
Neurosciences
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