IDEAS home Printed from https://ideas.repec.org/a/gam/jijfss/v12y2024i4p116-d1526295.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7072/12/4/116/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7072/12/4/116/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ashley B. LeBaron & Heather H. Kelley, 2021. "Financial Socialization: A Decade in Review," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 195-206, July.
    2. Jariwala Harsha Vijaykumar, 2022. "The Association of Financial Socialization with Financial Self-Efficacy and Autonomy: A Study of Young Students in India," Journal of Family and Economic Issues, Springer, vol. 43(2), pages 397-414, June.
    3. Vineetha Mathew & Santhosh Kumar P K & Sanjeev M A, 2024. "Financial Well-being and Its Psychological Determinants— An Emerging Country Perspective," FIIB Business Review, , vol. 13(1), pages 42-55, January.
    4. Alan S. Blinder & Michael Ehrmann & Jakob de Haan & David-Jan Jansen, 2024. "Central Bank Communication with the General Public: Promise or False Hope?," Journal of Economic Literature, American Economic Association, vol. 62(2), pages 425-457, June.
    5. TAVARES Fernando Oliveira & ALMEIDA Luís Gomes & SOARES Vasco Jorge & TAVARES Vasco Capela, 2022. "Financial literacy: an exploratory analysis in Portugal," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(2), pages 252-269, August.
    6. Kjetil Bjorvatn & Alexander W. Cappelen & Linda Helgesson Sekei & Erik Ø. Sørensen & Bertil Tungodden, 2020. "Teaching Through Television: Experimental Evidence on Entrepreneurship Education in Tanzania," Management Science, INFORMS, vol. 66(6), pages 2308-2325, June.
    7. Goda, Gopi Shah & Levy, Matthew R. & Flaherty Manchester, Colleen & Sojourner, Aaron & Tasoff, Joshua & Xiao, Jiusi, 2023. "Are retirement planning tools substitutes or complements to financial capability?," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 561-573.
    8. Felipe Arteaga & Adam J Kapor & Christopher A Neilson & Seth D Zimmerman, 2022. "Smart Matching Platforms and Heterogeneous Beliefs in Centralized School Choice," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 137(3), pages 1791-1848.
    9. 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.
    10. Jeffrey Anvari-Clark & David Ansong, 2022. "Predicting Financial Well-Being Using the Financial Capability Perspective: The Roles of Financial Shocks, Income Volatility, Financial Products, and Savings Behaviors," Journal of Family and Economic Issues, Springer, vol. 43(4), pages 730-743, December.
    11. Bechly, Paul Lorin, 2019. "An Examination of Demographic Differences in Obtaining Investment and Financial Planning Information," OSF Preprints vn8yj, Center for Open Science.
    12. Firth, Chris & Stewart, Neil & Antoniou, Constantinos & Leake, David, 2023. "The effects of personality and IQ on portfolio outcomes," Finance Research Letters, Elsevier, vol. 51(C).
    13. Bruce I. Carlin & Li Jiang & Stephen A. Spiller, 2014. "Learning Millennial-Style," NBER Working Papers 20268, National Bureau of Economic Research, Inc.
    14. Talwar, Manish & Talwar, Shalini & Kaur, Puneet & Tripathy, Naliniprava & Dhir, Amandeep, 2021. "Has financial attitude impacted the trading activity of retail investors during the COVID-19 pandemic?," Journal of Retailing and Consumer Services, Elsevier, vol. 58(C).
    15. Davidoff, Thomas & Gerhard, Patrick & Post, Thomas, 2017. "Reverse mortgages: What homeowners (don’t) know and how it matters," Journal of Economic Behavior & Organization, Elsevier, vol. 133(C), pages 151-171.
    16. Grohmann, Antonia, 2018. "Financial literacy and financial behavior: Evidence from the emerging Asian middle class," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 129-143.
    17. Hao Dong & Daniel L. Millimet, 2020. "Propensity Score Weighting with Mismeasured Covariates: An Application to Two Financial Literacy Interventions," JRFM, MDPI, vol. 13(11), pages 1-24, November.
    18. Steinert, Janina I. & Zenker, Juliane & Filipiak, Ute & Movsisyan, Ani & Cluver, Lucie D. & Shenderovich, Yulia, 2018. "Do saving promotion interventions increase household savings, consumption, and investments in Sub-Saharan Africa? A systematic review and meta-analysis," World Development, Elsevier, vol. 104(C), pages 238-256.
    19. Gian Paolo Stella & Umberto Filotto & Enrico Maria Cervellati & Elvira Anna Graziano, 2020. "The Effects of Financial Education on Financial Literacy in Italy," International Business Research, Canadian Center of Science and Education, vol. 13(4), pages 1-44, April.
    20. Joana Elisa Maldonado & Kristof De Witte & Koen Declercq, 2022. "The effects of parental involvement in homework: two randomised controlled trials in financial education," Empirical Economics, Springer, vol. 62(3), pages 1439-1464, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jijfss:v:12:y:2024:i:4:p:116-:d:1526295. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.