A Proposal for a New Financial Literacy Questionnaire

Abstract

Our purpose is to validate a new questionnaire to measure financial literacy. We test our 18-item questionnaire using a sample of 269 respondents. Data come from an Internet survey in Italy from January to March 2019. Following the definition provided by Organizations of Economics Developments (OECD), we analyze three dimensions of financial literacy: knowledge, skills, and attitude. Regarding skills and attitude, we introduce a new set of items, whereas, for knowledge, we use items proposed by National Financial Capability Studies (NFCS) (2009). We conduct exploratory factor analysis, confirmatory factor analysis and structural equations models to verify the validity, reliability and applicability of the questionnaire. Our results show that the data fit reasonably well, thus proving the reliability and validity of the questionnaire to measure financial literacy.