Testing a model of financial well-being
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A mail survey was conducted from October of 1989 through January of 1990 with a randomly selected sample of Virginia citizens (N = 1,500). After an initial mailing and two follow-up mailings, 529 questionnaires were returned of the 1,450 that were received by respondents, providing a 36.5% total return rate (529/1,450). Twenty-three questionnaires were blank or unusable, yielding a useable return rate of 34.9% (506/1,450). Demographic characteristics of the sample were similar to those of the population of Virginia citizens.
Financial well-being, as measured by an adaptation of Cantril's (1965) 11-point self-anchoring striving scale, was the dependent variable. All of the independent variables regressed on the dependent variable produced an R 2 of .71, which was statistically significant (p < .01). Removing each group of attributes individually from the regression equation resulted in a significant (p < .01) decrease in the resulting adjusted R2s as computed by F ratios. All attribute groups were determined to be essential to the measurement of financial wellbeing.
Individual variables with a significant t ratio (p < .05) were the Perceived Attribute Index, Index of Well-Being, and full-time employment status. The results of the study supported the conceptual model. Results clearly verified the measurement of financial well-being as a function of personal characteristics, objective attributes, perceived attributes, and evaluated attributes.
- Doctoral Dissertations