Family Resource Management

Measures of family resource management capture whether one has a systematic process of monitoring the use of financial resources.  

Measure

Source:

Grable J, Joo S. Student racial differences in credit card debt and financial behaviors and stress. College Student Journal. 2006;40(2):400-408. 

Psychometric properties:

Not reported.

I make myself aware of the total amount of money I owe.

  • Almost never
  • Seldom
  • Sometimes
  • Often
  • Almost always

I pay my credit card bills in full and avoid finance charges.

  • Almost never
  • Seldom
  • Sometimes
  • Often
  • Almost always

Measure

Source:

Gutter MS, Garrison S, Copur Z. Social learning opportunities and the financial behaviors of college students. Family and Consumer Sciences Research Journal. 2010;38(4):387-404.

Psychometric properties:

Not reported.

Do you currently use a system to manage expenses and avoid overspending?

  • Yes
  • No

Are you currently depositing ⁄ investing money on a regular basis into some sort of account (includes employer plans, mutual funds, individual retirement account, savings, CDs)?

  • Yes
  • No

Measure

Source:

Hayhoe CR, Gutter ME. Reliability of the scales in the NC1172 Complex Nature of Saving Data Set. Family and Consumer Sciences. 2012;40(3):284–294.

Psychometric properties:

Three items from a four-item Financial Behaviors Scale (Hayhoe and Gutter, 2012); Cronbach’s alpha not reported.

How would you describe your (if you have no spouse/partner) or your family's spending over the past year?

  • Spending exceeded income
  • Spending equaled income
  • Spending was less than income
  Never Rarely Sometimes Often Always
How often does your family make plans on how to use your money? o o o o o
How often does your family monitor your spending? o o o o o