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Developing a Measure of Financial Privacy: A Pilot Study of U.S. College Students

Author

Listed:
  • Thomas A. Hanson

    (Lacy School of Business, Butler University, 4600 Sunset Avenue, Indianapolis, IN 46208, USA)

  • Andrew J. Byrd

    (Lacy School of Business, Butler University, 4600 Sunset Avenue, Indianapolis, IN 46208, USA)

Abstract

This study applied communication privacy management (CPM) theory to develop a new measure of financial privacy, encompassing three dimensions of ownership, permeability, and linkages. The exploratory factor analysis was based on a pilot survey of 371 U.S. college students. The development of this scale was motivated by previous research establishing links between financial literacy, financial socialization, and family communication patterns to suggest the importance of understanding and measuring the role of communication and privacy in the transmission of financial knowledge. Therefore, correlations are also presented between the new measure of financial privacy and measures of financial knowledge, confidence, and experience. The financial privacy scale attained adequate validity and reliability to encourage further refinement and utilization in future theoretical and practical research related to family financial socialization.

Suggested Citation

  • Thomas A. Hanson & Andrew J. Byrd, 2024. "Developing a Measure of Financial Privacy: A Pilot Study of U.S. College Students," IJFS, MDPI, vol. 12(4), pages 1-14, November.
    • Handle: RePEc:gam:jijfss:v:12:y:2024:i:4:p:116-:d:1526295
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    References listed on IDEAS

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    1. Daniel Fernandes & John G. Lynch & Richard G. Netemeyer, 2014. "Financial Literacy, Financial Education, and Downstream Financial Behaviors," Management Science, INFORMS, vol. 60(8), pages 1861-1883, August.
    2. Thomas A. Hanson, 2022. "Family Communication, Privacy Orientation, & Financial Literacy: A Survey of U.S. College Students," JRFM, MDPI, vol. 15(11), pages 1-13, November.
    3. Minchao Jin & Zibei Chen, 2020. "Comparing Financial Socialization and Formal Financial Education: Building Financial Capability," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 149(2), pages 641-656, June.
    4. Sharon Danes & Katherine Brewton, 2014. "The Role of Learning Context in High School Students’ Financial Knowledge and Behavior Acquisition," Journal of Family and Economic Issues, Springer, vol. 35(1), pages 81-94, March.
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