Development and Validation of the Brief Financial Resilience Scale
subject: Economic wellbeing; Financial resilience; Financial security; Financial vulnerability; Resilience assessment; Scale development
description: Financial resilience refers to the ability to withstand and recover from financial adversity. Despite its increasing relevance, there is a notable lack of well-constructed and psychometrically validated tools to measure this construct. This study aimed to develop and validate the Brief Financial Resilience Scale (BFRS), based on Salignac et al. (Social Indicators Research, 145(1), 1738, 2019) multidimensional framework. The process involved content validation using Lawshes method, followed by item analysis, exploratory factor analysis, and confirmatory factor analysis using data from a community sample of 433 Indian millennials. The results support a two-dimensional structure: (a) financial resources and access, and (b) financial knowledge and behavior. The final 10-item BFRS demonstrated acceptable reliability (Cronbachs alpha = 0.885) and construct validity. The scale would be useful for policymakers, practitioners, and researchers in identifying vulnerabilities and design targeted interventions within diverse socioeconomic contexts. The Author(s), under exclusive licence to Springer Nature B.V. 2025.
creator: Rayampatt, Manjusha C.; Rajan, Santhosh Kareepadath
source: Social Indicators Research;Volume;179;Issue;3;pp.1417-1430
publisher: Springer Science and Business Media B.V.
date: 01-01-2025
rights: Restricted Access; Hardcopy may be available in the library
relation: ISSN: 3038300;
format: online
language: English
type: Article
coverage: Rayampatt M.C., School of Psychological Sciences, Christ University, Bengaluru, India; Rajan S.K., School of Psychological Sciences, Christ University, Bengaluru, India