Table 2 Descriptive statistics of items...

Table 2

Descriptive statistics of items

Latent construct	Indicator	Items	Mean	Standard deviation
Family financial socialization (FFS)	FFS1	My parents discuss family financial matters with me	3.92	1.28
	FFS2	My parents talk to me about the importance of saving	4.07	1.23
	FFS3	My parents teach me how to be a smart shopper	3.71	1.39
	FFS4	My parents teach me how to use a credit card appropriately	2.98	1.43
	FFS5	My parents discuss how to establish a good credit rating	2.9	1.41
	FFS6	My parents discuss how to finance my college education with me	3.55	1.38
Financial attitude (FA)	FA1	It is important to control monthly expenses	3.93	1.38
	FA2	It is important to establish financial targets for the future	3.78	1.28
	FA3	It is important to save money monthly	4.05	1.19
	FA4	The way I manage my money today will affect my future	3.89	1.23
	FA5	It is important to have and follow a monthly expense plan	3.78	1.19
	FA6	It is important to pay the full value on credit cards	3.86	1.15
Financial self-efficacy (FSE)	FSE1	It is easy to stick to my spending plan when unexpected expenses arise	3.43	1.38
	FSE2	It is not challenging to make progress toward my financial goals	3.62	1.20
	FSE3	When unexpected expenses occur I usually have to use credit	3.44	1.28
	FSE4	When faced with a financial challenge, its difficult for me to find out the solution	3.43	1.35
	FSE5	I am confident in my ability to manage my finances	3.15	1.38
	FSE6	I do not worry about running out of money in retirement	3.93	1.27
Financial well-being (FWB)	FWB1	I could handle a major unexpected expense	3.15	1.45
	FWB2	I am just getting by financially	3.40	1.36
	FWB3	I am concerned that the money I have or will save won’t be enough	2.90	1.38

Latent construct	Indicator	Items	Mean	Standard deviation
Family financial socialization (FFS)	FFS1	My parents discuss family financial matters with me	3.92	1.28
	FFS2	My parents talk to me about the importance of saving	4.07	1.23
	FFS3	My parents teach me how to be a smart shopper	3.71	1.39
	FFS4	My parents teach me how to use a credit card appropriately	2.98	1.43
	FFS5	My parents discuss how to establish a good credit rating	2.9	1.41
	FFS6	My parents discuss how to finance my college education with me	3.55	1.38
Financial attitude (FA)	FA1	It is important to control monthly expenses	3.93	1.38
	FA2	It is important to establish financial targets for the future	3.78	1.28
	FA3	It is important to save money monthly	4.05	1.19
	FA4	The way I manage my money today will affect my future	3.89	1.23
	FA5	It is important to have and follow a monthly expense plan	3.78	1.19
	FA6	It is important to pay the full value on credit cards	3.86	1.15
Financial self-efficacy (FSE)	FSE1	It is easy to stick to my spending plan when unexpected expenses arise	3.43	1.38
	FSE2	It is not challenging to make progress toward my financial goals	3.62	1.20
	FSE3	When unexpected expenses occur I usually have to use credit	3.44	1.28
	FSE4	When faced with a financial challenge, its difficult for me to find out the solution	3.43	1.35
	FSE5	I am confident in my ability to manage my finances	3.15	1.38
	FSE6	I do not worry about running out of money in retirement	3.93	1.27
Financial well-being (FWB)	FWB1	I could handle a major unexpected expense	3.15	1.45
	FWB2	I am just getting by financially	3.40	1.36
	FWB3	I am concerned that the money I have or will save won’t be enough	2.90	1.38

Source(s): The authors

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