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Abstract

This study advances previous research by Delgadillo and Bushman (2015), offering a detailed examination of Money Habitudes, a tool for understanding financial behaviors and beliefs. Employing both exploratory and confirmatory factor analyses (EFA and CFA), the research assesses the internal structure of Money Habitudes which is widely utilized by financial professionals to facilitate discussions. A dataset of n = 35,108 online Money Habitudes assessments collected between 2016 and 2023 by Money Habitudes, LLC, was used for the project. The findings reveal that the tool possesses an acceptable internal structure, validating its continued use in professional settings. The study also identifies specific aspects of the tool that could benefit from refinement, highlighting potential improvements in its qualitative and quantitative applications. These enhancements aim to augment the tool’s efficacy for both helping professionals and consumers. The study’s outcomes not only corroborate the tool’s current applicability but also lay the groundwork for its future development, ensuring its relevance and utility in evolving professional practices.

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With the newly revised 2nd Edition, Facilitating Financial Health remains a one-of-a-kind publication that bridges the gap between financial planners and mental health practitioners. The authors, two mental health professionals and a CFP®-designated financial planner, pioneered the use of tools that help clients build healthy relationships with money.
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The current theory about validity reflected in the Standards for Educational and Psychological Testing (AERA et al. in Standards for educational and psychological testing, American Psychological Association, Washington, DC, 1999), offers no clear indications about the methods for gathering validity evidence about the response processes. Cognitive interviewing (CI) can play an important role answering the current demand about empirical and theoretical analyses of the response processes as a source of validity evidence in psychological testing. CI can provide validity evidence for investigating substantive aspects of construct validity and for contributing to the explanations for item and test scores (Zumbo in Handbook of statistics, vol 26, Elsevier, Amsterdam, pp. 45–79, 2007; The concept of validity: revisions, new directions and applications, IAP—Information Age Publishing Inc., Charlotte, NC, pp. 65–82, 2009). The aim of the study was to illustrate the use of cognitive interviewing method for gathering validity evidence on response processes. The search for evidence about the “response process” was guided by an argument-based approach to validity (Kane in Psychological Bulletin 1992; Educational measurement, American Council on Education/Praeger, Washington, DC, pp. 17–64, 2006). 21 cognitive interviews were carried out during the cognitive testing of the APGAR psychological scale intended to measure the “family support” construct. Cognitive interviewing provided validity evidence that explains how respondents interpret and respond to the APGAR items. Respondents maintained a shared interpretation of “family concept” while answering the APGAR scale items. Nevertheless, they included in the concept of family not only family members they live with but also other family members and even friends. CI participants were also capable of classifying their answers about the family support perception following a polythomous response system. Lastly, the role of CI in the Kane’s argument-based approach and Zumbo’s contextualized view of validity will be discussed.
Article
Financial knowledge is essential for becoming a productive member of society, yet little is known about how parents communicate with their children about finances. Using a communication privacy management framework (Petronio, 2002), this study examined, through face-to-face, semi-structured interviews of 23 parents, what financial issues parents shared with their children and why parents chose to reveal or conceal this information. Interviews identified that parents relied on privacy boundaries and rules when determining whether to disclose private information to their children. If parents perceived more risks from the disclosure than rewards, or that talking about money was culturally unacceptable, they did not disclose. This study extends research on parent-child communication about money and offers practical implications for discussing a taboo topic.
Book
Measures that are reliable, valid, and can be used across diverse populations are vital to social work research, but the development of new measures is an expensive and time-consuming process. An array of existing measures can provide a cost-effective alternative, but in order to take this expedient step with confidence, researchers must ensure that the existing measure is appropriate for the new study. Confirmatory factor analysis (CFA) is one of the ways to do so. CFA has four primary functions-psychometric evaluation of measures, construct validation, testing method effects, and testing measurement invariance. This book provides an overview of the method, step-by-step guides to creating a CFA model and assessing its fit, and explanations of the requirements for using CFA, as well the book underscores the issues that are necessary to consider when using multiple groups or equivalent and multilevel models. Real-world examples, screenshots from the Amos software program that can be used to conduct CFA, and reading suggestions for each chapter form part of the book.
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An index of factorial simplicity, employing the quartimax transformational criteria of Carroll, Wrigley and Neuhaus, and Saunders, is developed. This index is both for each row separately and for a factor pattern matrix as a whole. The index varies between zero and one. The problem of calibrating the index is discussed.
Right on the money: Talking dollars and sense with parents and kids
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Bowen, C. F. (2008). Right on the money: Talking dollars and sense with parents and kids. Pennsylvania State University. https://extension.psu.edu/right-on-the -money-talking-dollars-and-sense-with-parents-and -kids
Six reasons why people give their money away, or not
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Konrath, S. (2017). Six reasons why people give their money away, or not. Psychology Today. https://www .psychologytoday.com/us/blog/the-empathy-gap/20 1711/six-reasons-why-people-give-their-money-away -or-not
Client response report [Habitude assessment
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Habitude report [Habitude assessment
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What is a habitude? Money Habitudes
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Who uses it. Money Habitudes
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ChatGPT [Large language model
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OpenAI. (2023). ChatGPT [Large language model]. https: //chat.openai.com/chat
R: A language and environment for statistical computing (4.3.1) [Computer software]. R foundation for statistical computing
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R Core Team. (2023). R: A language and environment for statistical computing (4.3.1) [Computer software]. R foundation for statistical computing. https://www.R -project.org
Sociology | College of Liberal Arts | The University of Texas at Austin
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Sinn, J. (2023). What makes people give?. Sociology | College of Liberal Arts | The University of Texas at Austin. https://liberalarts.utexas.edu/sociology/news /feature-archive/what-makes-people-give.html
Money habitudes professional guide
  • S Solomon
Solomon, S. (2022a). Money habitudes professional guide. Money Habitudes, LLC.
Money habitudes: The money personality profile that makes sense of financial behavior
  • S Solomon
Solomon, S. (2022b). Money habitudes: The money personality profile that makes sense of financial behavior. Money Habitudes, LLC.
Who gets grandma's yellow pie plate
  • M S Stum
Stum, M. S. (2022). Who gets grandma's yellow pie plate?. University of Minnesota Extension. https:// extension.umn.edu/later-life-decision-making/who -gets-grandmas-yellow-pie-plate
Using multivariate statistics
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Tabachnick, B. G., & Fidell, L. S. (2014). Using multivariate statistics (6th ed.). Pearson.
What are money scripts
The DataPoints Team. (2022). What are money scripts?. DataPoints. https://datapoints.com/2022/10/05/what -are-money-scripts/
Ggplot2: Elegant graphics for data analysis
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Wickham, H., Navarro, D., & Lin Pedersen, T. (2023). Ggplot2: Elegant graphics for data analysis (3rd ed.). Springer International Publishing. https:// ggplot2-book.org/