Validating the Korean Version of the Personal Financial Wellness Scale

Validating the Korean Version of the Personal Financial Wellness Scale | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Validating the Korean Version of the Personal Financial Wellness Scale Yongseok Kim This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-5947938/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract In South Korea, there are many situations that can threaten financial well-being, a factor that has been known to affect both mental and physical health. However, there has so far not been a standardized instrument that can measure an individual’s subjective financial well-being. This study aims to validate the Korean version of the Personal Financial Wellness (PFW) scale. Widely used in previous studies, the PFW scale is an instrument that measures an individual’s subjective financial well-being. The Korean version of the PFW scale is validated with 2,044 adults who participated in an online survey in South Korea. The evaluation of the psychometric properties of the Korean version of the PFW scale indicates that it is a reliable and valid instrument that exhibits a single-factor structure like the English version. The development of the Korean version of the PFW scale provides a valuable instrument for researchers and practitioners in South Korea where an instrument measuring an individual’s subjective financial well-being does not exist. Social Work Financial well-being Personal Financial Wellness scale Korean version of the PFW scale validation Introduction An individual’s financial situation is one factor that may affect their quality of life. People experiencing financial hardship may have difficulties paying household bills, buying nutritious foods, and obtaining the appropriate health services they need. These financial situations can be very stressful and can result in both physical and mental health problems. For example, among college students, financial hardship and worry about future economic security are positively correlated with depression and suicidal ideation (Y. Lee et al., 2017 ). Similarly, in a study using longitudinal survey data, financial distress was negatively associated with subsequent self-reported measures of physical and mental health (Bialowolski et al., 2021 ). Some individuals have even committed suicide due to their financial hardship (Holkar, 2019 ). Because most people are generally concerned about their financial situation, which may cause various problems in their lives, it is crucial to study the issue of financial well-being. Financial well-being has been conceptualized as “a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in his or her financial future, and is able to make choices that allow enjoyment of life” (Consumer Financial Protection Bureau ( 2015 , p. 8) or as “the perception of being able to sustain current and anticipated desired living standard and financial freedom” (Brüggen et al., 2017 , p. 229). However, there is no consensus on its definition. Existing definitions of financial well-being can be clustered into three groups (Brüggen et al., 2017 ; Prawitz et al., 2006 ). The first group defines financial well-being as a concept having both objective and subjective dimensions, the second group defines the term as an objective concept, and the third group defines the term as a subjective term. For example, household income and savings are considered objective indicators (Greninger et al., 1996 ), and perceived satisfaction with current financial situation and perceptions regarding debt status are seen as subjective indicators (J. Kim et al., 2003 ). Among the above three approaches to the definition and measurement of the concept of financial well-being, it has been posited that the subjective approach is more appropriate than the objective approach (Brüggen et al., 2017 ; Mahdzan et al., 2020 ; Prawitz et al., 2006 ). Income, an objective indicator of financial well-being, can be taken as an example of the superiority of the subjective approach over the objective approach. In particular, different individuals with the same level of income may perceive their financial well-being differently (Mahdzan et al., 2020 ; Prawitz et al., 2006 ) because individuals’ financial status, money values, and other situations differ. However, the objective approach only measures the facets of one’s financial condition and fails to consider an individual’s subjective assessment of their financial well-being (Prawitz et al., 2006 ). Indeed, it is the individual themself who can accurately assess their level of financial well-being. In summary, an individual’s perception of financial well-being is more important than objective indicators of financial well-being in defining and measuring the concept. In recent years, the objective measurement of financial well-being has been improved through the utilization of standardized scales, which can provide a better, more accurate, and more reliable measurement of an individual’s financial well-being (Kamaluddin et al., 2018 ). Several scales have been developed for this purpose. For example, one scale that is most often used to measure an individual’s subjective financial well-being is the Personal Financial Wellness (PFW) scale, formerly known as the InCharge Financial Distress/Financial Well-Being scale. The PFW scale was developed to measure perceived financial well-being as a single factor (Prawitz et al., 2006 ). The scale items were developed following a Delphi study of professors and financial education experts in which they identified the concepts relevant to the measurement of financial distress and financial well-being (Prawitz et al., 2006 ). The scale is composed of eight items. Four items measure one’s sense of the present status of their financial well-being, and the other four items measure one’s reaction to their present state of financial well-being (Prawitz et al., 2006 ). The PFW scale has been identified as a valid and reliable scale in the general population of adults in the United States (Prawitz et al., 2006 ) and has been used by more than 180 practitioners and researchers from various fields (Personal Finance Employee Education Foundation, 2010 , as cited in Kamaluddin et al., 2018 , p. 111). In addition, the scale has been validated in Asian and European countries (Buabang et al., 2022 ; Kamaluddin et al., 2018 ). However, the PFW scale has not been validated in the general population of adults in South Korea. Purpose In South Korea, there are many situations that can decrease financial well-being and increase financial stress. For example, people in Korea may feel financial stress because they are concerned about skyrocketing housing prices. Moreover, parents with children must pay high private education costs for their children, and older people worry about income security after retirement. In this context, developing the Korean version of the Personal Financial Wellness scale will be instrumental for both the research and practice of financial well-being. For this reason, this study aims to validate the Korean version of the PFW scale in the general population of adults in South Korea, and it is the first study to do so. This study addresses the following research question: Is the Korean version of the Personal Financial Wellness scale reliable and valid? Methods Study Sample This study analyzed data from a national survey on gambling behavior. More specifically, a nationwide, general-population-based online survey was conducted in South Korea from July 1 to July 9, 2021, by a research firm to understand the impacts of COVID-19 on gambling behavior. The survey utilized a panel of 46,242 members who had consented to participate in research studies. From this panel, 8,245 members were identified as potential participants for this particular study, and 3,939 agreed to participate (participation agreement rate = 47.8%). However, only 2,044 individuals completed the survey, resulting in a response rate of 24.8%. To ensure that the sample reflected the demographic characteristics of the Korean population, a proportional quota sampling method was employed based on the 2021 Korean Census data. Age, gender, and region were specifically targeted to approximate the general population demographics. Approval for this study was obtained from the Institutional Review Board of the authors’ university. As detailed in Table 1, the final sample consisted of 2,044 participants, with an almost equal distribution of males (51.0%) and females (49.0%). The mean age of the participants was 44.36 years (SD = 13.59 years). Most of the participants were in their 40s and 50s (21.6% and 22.8%, respectively), followed by those in their 60s, 30s, and 20s (18.2%, 18.0%, and 19.4%, respectively). Most participants (66.7%) had attained a college education or higher. Monthly income levels varied among participants. The most common monthly income bracket was between KRW 2,000,000 and 3,000,000 (approximately USD 1,500 to 2,250), accounting for 22.0% of the sample. A small percentage (8.7%) reported having no monthly income, while only 6.0% of participants earned more than KRW 7,000,000 monthly (approximately USD 5,260). Measures and Translation This study’s corresponding author translated the eight items of the scale into Korean. Then, a bilingual researcher majoring in social work conducted a back translation. Finally, a professor majoring in Korean-language education assured the accuracy and validity of the translation. As previously noted, the PFW scale measures perceived financial distress/financial well-being as a single factor. Each scale item is measured on a 10-point scale, and the possible total score of the scale ranges between 8 (1 point on each item) and 80 (10 points on each item), with a higher score indicating better perceived financial well-being. Approval for developing the Korean version of the PFW scale into Korean was obtained from its developer via email communication (J. Hoffmier, personal communication, April 27, 2024). Mental health was measured using the Kessler Psychological Distress Scale (K6) (Kessler et al., 2002 ). The K6 is a tool for measuring overall mental health and has been used in large-scale mental health epidemiologic studies in several countries, including the United States, where the tool was developed. For this study’s purpose, the K6 has been translated into Korean, and the Korean version demonstrates good reliability and validity (Y. Kim, 2011 , p. 65). The K6 consists of 6 questions with each item measured on a 5-point scale from 0 to 4 points, so the possible score range is 0 to 24. Higher scores on the K6 indicate more mental health problems. Physical health behaviors were measured using the two sub-scales of the Physical Health Behavior Scale (Yang & Kim, 2015 ), as health behavior is a known predictor of physical health (Dixon et al., 1993 ). The two sub-scales measure physical activities and the intake of healthy foods. Data Analysis Factor structure of the Korean-version was examined to assess if it had a single-factor structure corresponding to its original version. Confirmatory factor analysis (CFA) using Mplus 6.12. was conducted, and in consideration of nature of variables (i.e., categorical variables), the mean and variance-adjusted weighted least-squares estimator, which is the default estimator of the Mplus 6.12 software was entered (Muthén, & Muthén, 1998–2012). The goodness-of-fit was assessed by using multiple fit indices, including chi-square, root mean square error of approximation (RMSEA), the comparative fit index (CFI), and the Tucker–Lewis Index (TLI). Recommended cut-off values are .90 or higher for CFI and TLI, less than .8 for RMSEA, and less than 3.0 for χ 2 /df (Rezaee & Jafari, 2016). Next, the internal consistency reliability of the Korean-version was evaluated by calculating Cronbach's alpha coefficient, the corrected item-to-total correlation, and the inter-item correlation (Hair et al., 2018 ). The convergent validity of the Korean-version was evaluated in various ways including examining factor loadings, average variance extracted (AVE), and construct reliability (CR) (Hair et al., 2018 ). As the recommended threshold, factor loadings were set at .50 or higher, AVE at .50 or higher, and CR at .70 or higher. In addition, the relationships among the K6 scale, the Physical Health Behavior Scale and the Korean-version of PFW were conducted to establish the latter's convergent validity. Results Item Statistics The eight items of the Korean version of the PFW (Table 2) exhibited a range of average scores from 4.48 ( SD = 1.67) to 6.17 ( SD = 2.14). Item 6, which measures how often an individual avoids leisure activities due to financial constraints, had the highest average score ( M = 6.17, SD = 2.14). By contrast, Item 3, which measures feelings about one's current financial condition, had the lowest average score ( M = 4.48, SD = 1.67). The greatest variability was found for Item 5 ( M = 5.82, SD = 2.52), which measures confidence in handling unexpected financial emergencies. The eight items can be categorized into two groups: (1) perceived present state of financial well-being (Items 2, 3, 6, and 7) and (2) reaction to present state of financial well-being (Items 1, 4, 5, and 8). Confirmatory Factor Analysis Confirmatory factor analysis (CFA) was conducted to assess the factor structure of the Korean version of the PFW (see Table 3). The CFA model showed good fit indices (χ2/ df = 8.79, CFI = .99, TLI = .99, and RMSEA = .06). Table 4 presents the factor loadings for each item of the Korean version of the PFW. All items demonstrated significant factor loadings, ranging from .664 to .889. The average variance extracted (AVE) was .637, and the construct reliability (CR) was .934. These findings indicate that the Korean version of the PFW has a single-factor structure, consistent with its original version. Reliability and Validity The internal consistency reliability of the Korean version of the PFW was found to be satisfactory (see Table 5). Cronbach's alpha coefficient was .928, which is above the recommended lower limit (.70) (Hair et al., 2018 ). The item–total correlations ranged from .650 to .847, and the inter-item correlations ranged from .458 to .774, which indicates that the internal consistency reliability of the Korean version of the PFW scale is excellent. To assess the validity of the Korean version of the PFW, we examined its correlations with other measures such as the K6 (a measure of psychological distress), physical activities, and healthy food intake (see Table 6). Higher scores on the PFW indicate a higher level of financial well-being. Therefore, we expected a negative correlation ( \(\:<\:-.50\) ) between the PFW scale and the K6. As expected, the Korean version of the PFW scale was negatively correlated with the K6 ( \(\:r=-.531,\:p<.01\) ). This finding demonstrates a statistically significant association between financial wellness and psychological distress. Additionally, the Korean version of the PFW scale was found to be positively correlated with physical activities ( \(\:r=.231,\:p<.01)\) and healthy food intake ( \(\:r=.290,\:p<.01\) ). These findings collectively demonstrate that the Korean version of the PFW scale exhibits the expected relationships with the theoretically relevant constructs. Discussion The purpose of this study is to validate the Korean version of the PFW scale, and, ultimately, we found that the scale exhibits strong psychometric properties in measuring subjective financial well-being. As mentioned earlier, convergent validity can be evaluated by examining factor loadings, average variance extracted, and construct reliability. In this study, construct reliability (CR) was. 934, the factor loadings ranged from .664 to .889, and the average AVE was .637, all of which meet and considerably exceed the recommended thresholds. In addition, the scale’s convergent validity was established through significant correlations with theoretically related constructs such as mental health, physical activities, and healthy food intake. Among them, most notably, the strong negative correlation between PFW scores and K6 provides significant evidence that financial well-being is associated with mental health outcomes, supporting previous research linking financial hardship to psychological difficulties (Bialowolski et al., 2021 ; Y. Lee et al., 2017 ). The validation of the Korean PFW scale contributes significantly to the measurement of financial well-being by providing a comprehensive subjective assessment tool. While objective measures such as income, debt ratios, and savings rates have traditionally been employed to assess financial well-being, existing studies suggest that subjective perceptions may better capture an individual's financial reality (Brüggen et al., 2017 ; Mahdzan et al., 2020 ). Moving forward, future research should examine the relationship between PFW scores and objective financial indicators to evaluate the relative utility of subjective versus objective measures in predicting important outcomes such as psychological well-being, health behaviors, and financial decision-making. In addition, the Korean version of the PFW scale has particular relevance for understanding financial well-being among vulnerable populations. For example, South Korea faces significant challenges related to older adults’ poverty and income inequality (C. Kim & Kim, 2024 ; Ku et al., 2021 ). The measure could be valuable in assessing the financial well-being experienced by older adults, who often face insufficient pension support and limited employment opportunities. Similarly, investigating PFW scores among low-income populations could provide insights into the psychological impact of financial hardship and inform targeted interventions. Accordingly, future research should examine how PFW scores vary across different income levels, age groups, and socioeconomic statuses to identify the populations at the greatest risk of financial distress. From a social policy perspective, the Korean PFW scale could serve as an important tool for evaluating the effectiveness of financial support programs and interventions. Given South Korea's unique economic pressures, such as high housing costs, substantial private education expenses, and increasing poverty rates among older adults, measuring subjective financial well-being is crucial for understanding the impact of these challenges on different population segments (C. Lee & Kang, 2022 ; Oh et al., 2020 ). In this context, the scale could help policymakers assess whether financial assistance programs effectively improve not just objective financial circumstances but also individuals’ perceived financial well-being. Equally, the relationship between the PFW scores and health outcomes observed in this study suggests important policy implications. In particular, the significant associations with psychological distress and health behaviors indicate that financial well-being may be an important determinant of overall health status. Future research should investigate potential causal pathways between financial well-being and health outcomes, perhaps through longitudinal studies that can track how changes in PFW scores relate to changes in physical and mental health over time. Despite its important contributions, this study has several methodological limitations. First, the fact that the data were collected during the COVID-19 pandemic may have unusually influenced people’s financial perceptions. Additionally, while the sample was demographically representative, future studies should include more diverse socioeconomic groups and examine measurement invariance across these groups. Lastly, longitudinal research assessing the stability of PFW scores over time and their sensitivity to changing economic conditions will be valuable. Conclusion This study is the first to develop and validate the Korean version of the Personal Financial Wellness scale, which represents a valuable contribution to the measurement of subjective financial well-being in the Korean context. Its strong psychometric properties and ability to comprehensively assess perceived financial well-being make it useful for both research and practical applications. To build on this research, future studies should focus on comparing subjective and objective measures of financial well-being, examining variations across different demographic and socioeconomic groups, and investigating longitudinal relationships with health and well-being outcomes. Such studies will enhance our understanding of financial well-being and its implications for individual and societal outcomes in South Korea. Declarations Fund ing source: This study was supported by the Research Fund, 2024 of The Catholic University of Korea. Disclosure statement The authors report that there are no potential conflicts of interest. Data Availability This study dataset is available upon request and with completion of the data user agreement. References Bialowolski P, Weziak-Bialowolska D, Lee MT, Chen Y, VanderWeele TJ, McNeely E (2021) The role of financial conditions for physical and mental health. Evidence from a longitudinal survey and insurance claims data. Social Science & Medicine (1982) , 281 , 114041. https://doi.org/10.1016/j.socscimed.2021.114041 Brüggen EC, Hogreve J, Holmlund M, Kabadayi S, Löfgren M (2017) Financial well-being: A conceptualization and research agenda. J Bus Res 79:228–237. https://doi.org/10.1016/j.jbusres.2017.03.013 Buabang EK, Ashcroft-Jones S, Esteban Serna C, Kastelic K, Kveder J, Lambertus A, Müller TS, Ruggeri K (2022) Validation and measurement invariance of the Personal Financial Wellness Scale: A multinational study in 7 countries. Eur J Psychol Assess 38(6):476–486. https://doi.org/10.1027/1015-5759/a000750 Consumer Financial Protection Bureau (2015) Financial well-being: The goal of financial education report Dixon JK, Dixon JP, Hickey M (1993) Energy as a central factor in the self-assessment of health. ANS Adv Nurs Sci 15(4):1–12. https://doi.org/10.1097/00012272-199306000-00002 Greninger SA, Hampton VL, Kitt KA, Achacoso JA (1996) Ratios and benchmarks for measuring the financial well-being of families and individuals. Financial Serv Rev 5(1):57–70. https://doi.org/10.1016/S1057-0810(96)90027-X Hair JF, Black WC, Babin BJ, Anderson RE (2018) Multivariate data analysis, 8th edn. Cengage Learning EMEA Holkar M (2019) Financial difficulties and suicide: Taking a closer look at the numbers. https://www.moneyandmentalhealth.org/financial-difficulties-suicide/ Kamaluddin MR, Nasir R, Sulaiman WSW, Hafidz SWM, Abdullah JMA, Khairudin R, Zamani ZA (2018) Validity and reliability of Malay version financial well-being scale among Malaysian employees. Akademika 88(2):109–120 Kessler RC, Andrews G, Colpe LJ, Hiripi E, Mroczek DK, Normand SL, Walters EE, Zaslavsky AM (2002) Short screening scales to monitor population prevalences and trends in non-specific psychological distress. Psychol Med 32(6):959–976. https://doi.org/10.1017/s0033291702006074 Kim C, Kim AT (2024) Aging and the rise in bottom income inequality in Korea. 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J Korean Acad Psychiatric Mental Health Nurs 26(2):151–162 Mahdzan NS, Zainudin R, Sukor MEA, Zainir F, Ahmed WMW (2020) An exploratory study of financial well-being among Malaysian households. J Asian Bus Economic Stud 27(3):285–302 Muthén LK, Muthén BO (1998–2012) Mplus user’s guide: Statistical analysis with latent variables (7th ed.). Muthén & Muthén Oh BC, Yeon J-Y, Lee H-S, Lee DW, Park E-C (2020) Correlation between private education costs and parental depression in South Korea. BMC Public Health 20(1):1–972. https://doi.org/10.1186/s12889-020-09058-w Prawitz AD, Garman ET, Sorhaindo B, O'Neill B, Kim J, Drentea P (2006) Incharge Financial Distress/Financial Well-Being Scale: Development, administration, and score interpretation. Financial Couns Plann 17(1):34–50 Personal Finance Employee Education Foundation (2010) Authorized users of the Personal Financial Wellness Scale. http://www.personalfinancefoundation.org/docs/IFDFW_ Permission_Use_Chart.pdf . 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Table 2 Descriptive Statistics of Items No. Item Text M ( SD) 1 What do you feel is the level of your financial stress today? 5.50 (1.94) 2 How satisfied are you with your present financial situation? 4.76 (1.85) 3 How do you feel about your current financial condition? 4.48 (1.67) 4 How often do you worry about being able to meet normal monthly living expenses? 5.16 (1.93) 5 How confident are you that you could find the money to pay for a financial emergency that costs about $1,000? 5.82 (2.52) 6 How often does this happen to you?: You want to go out to eat, go to a movie, or do something else, but you don’t go because you can’t afford to. 6.17 (2.14) 7 How frequently do you find yourself just getting by financially and living paycheck to paycheck? 6.15 (2.15) 8 How stressed do you feel about your personal finances in general? 5.54 (1.96) Table 3 Confirmatory Factor Analysis: M odel Fit Indices (N = 2,044) Model χ2 df χ2/df CFI TLI RMSEA Korean version of the Personal Financial Wellness Scale 175.87 20 8.79 .99 .99 .06 Note . χ 2 = chi-square; df = degrees of freedom; CFI = comparative fit index; TLI = Tucker–Lewis index; RMSEA = root mean square error of approximation. Table 4 Factor Loadings of the Korean Version of PFW (N = 2,044) Item No. Factor loading AVE CR 1 .793 ** .637 .934 2 .769 ** 3 .807 ** 4 .877 ** 5 .664 ** 6 .712 ** 7 .847 ** 8 .889 ** Note. PFW = Personal Financial Wellness scale. * p < .05. ** p < .01. Table 5 Internal Consistency Reliability Results Item Inter-item correlation Item–total correlation Cronbach's α 1 2 3 4 5 6 7 8 1 — .752 .928 2 .686 — .733 3 .710 .767 — .770 4 .707 .691 .749 — .834 5 .458 .472 .501 .578 — .650 6 .479 .474 .481 .596 .608 — .701 7 .619 .583 .604 .732 .636 .760 — .824 8 .774 .662 .699 .762 .557 .645 .769 — .847 Table 6 Correlations between the Korean Version of the PFW and other Measures Measure PFW K6 −.531 ** Physical activities .231 ** Healthy food intake .290 ** Note. PFW = Personal Financial Wellness scale, K6 = Kessler Psychological Distress Scale. * p < .05. ** p < .01. Additional Declarations The authors declare no competing interests. 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People experiencing financial hardship may have difficulties paying household bills, buying nutritious foods, and obtaining the appropriate health services they need. These financial situations can be very stressful and can result in both physical and mental health problems. For example, among college students, financial hardship and worry about future economic security are positively correlated with depression and suicidal ideation (Y. Lee et al., \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). Similarly, in a study using longitudinal survey data, financial distress was negatively associated with subsequent self-reported measures of physical and mental health (Bialowolski et al., \u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Some individuals have even committed suicide due to their financial hardship (Holkar, \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2019\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eBecause most people are generally concerned about their financial situation, which may cause various problems in their lives, it is crucial to study the issue of financial well-being. Financial well-being has been conceptualized as \u0026ldquo;a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in his or her financial future, and is able to make choices that allow enjoyment of life\u0026rdquo; (Consumer Financial Protection Bureau (\u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2015\u003c/span\u003e, p. 8) or as \u0026ldquo;the perception of being able to sustain current and anticipated desired living standard and financial freedom\u0026rdquo; (Br\u0026uuml;ggen et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2017\u003c/span\u003e, p. 229). However, there is no consensus on its definition.\u003c/p\u003e \u003cp\u003eExisting definitions of financial well-being can be clustered into three groups (Br\u0026uuml;ggen et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2017\u003c/span\u003e; Prawitz et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2006\u003c/span\u003e). The first group defines financial well-being as a concept having both objective and subjective dimensions, the second group defines the term as an objective concept, and the third group defines the term as a subjective term. For example, household income and savings are considered objective indicators (Greninger et al., \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e1996\u003c/span\u003e), and perceived satisfaction with current financial situation and perceptions regarding debt status are seen as subjective indicators (J. Kim et al., \u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2003\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eAmong the above three approaches to the definition and measurement of the concept of financial well-being, it has been posited that the subjective approach is more appropriate than the objective approach (Br\u0026uuml;ggen et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2017\u003c/span\u003e; Mahdzan et al., \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Prawitz et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2006\u003c/span\u003e). Income, an objective indicator of financial well-being, can be taken as an example of the superiority of the subjective approach over the objective approach. In particular, different individuals with the same level of income may perceive their financial well-being differently (Mahdzan et al., \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Prawitz et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2006\u003c/span\u003e) because individuals\u0026rsquo; financial status, money values, and other situations differ. However, the objective approach only measures the facets of one\u0026rsquo;s financial condition and fails to consider an individual\u0026rsquo;s subjective assessment of their financial well-being (Prawitz et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2006\u003c/span\u003e). Indeed, it is the individual themself who can accurately assess their level of financial well-being. In summary, an individual\u0026rsquo;s perception of financial well-being is more important than objective indicators of financial well-being in defining and measuring the concept.\u003c/p\u003e \u003cp\u003eIn recent years, the objective measurement of financial well-being has been improved through the utilization of standardized scales, which can provide a better, more accurate, and more reliable measurement of an individual\u0026rsquo;s financial well-being (Kamaluddin et al., \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). Several scales have been developed for this purpose. For example, one scale that is most often used to measure an individual\u0026rsquo;s subjective financial well-being is the Personal Financial Wellness (PFW) scale, formerly known as the InCharge Financial Distress/Financial Well-Being scale. The PFW scale was developed to measure perceived financial well-being as a single factor (Prawitz et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2006\u003c/span\u003e). The scale items were developed following a Delphi study of professors and financial education experts in which they identified the concepts relevant to the measurement of financial distress and financial well-being (Prawitz et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2006\u003c/span\u003e). The scale is composed of eight items. Four items measure one\u0026rsquo;s sense of the present status of their financial well-being, and the other four items measure one\u0026rsquo;s reaction to their present state of financial well-being (Prawitz et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2006\u003c/span\u003e). The PFW scale has been identified as a valid and reliable scale in the general population of adults in the United States (Prawitz et al., \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2006\u003c/span\u003e) and has been used by more than 180 practitioners and researchers from various fields (Personal Finance Employee Education Foundation, \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2010\u003c/span\u003e, as cited in Kamaluddin et al., \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2018\u003c/span\u003e, p. 111). In addition, the scale has been validated in Asian and European countries (Buabang et al., \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2022\u003c/span\u003e; Kamaluddin et al., \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). However, the PFW scale has not been validated in the general population of adults in South Korea.\u003c/p\u003e"},{"header":"Purpose","content":"\u003cp\u003eIn South Korea, there are many situations that can decrease financial well-being and increase financial stress. For example, people in Korea may feel financial stress because they are concerned about skyrocketing housing prices. Moreover, parents with children must pay high private education costs for their children, and older people worry about income security after retirement. In this context, developing the Korean version of the Personal Financial Wellness scale will be instrumental for both the research and practice of financial well-being. For this reason, this study aims to validate the Korean version of the PFW scale in the general population of adults in South Korea, and it is the first study to do so. This study addresses the following research question: Is the Korean version of the Personal Financial Wellness scale reliable and valid?\u003c/p\u003e \u003cdiv id=\"Sec3\" class=\"Section2\"\u003e \u003cdiv id=\"Sec4\" class=\"Section3\"\u003e \u003c/div\u003e \u003c/div\u003e\n\n "},{"header":"Methods","content":"\u003ch2\u003eStudy Sample\u003c/h2\u003e\u003cp\u003eThis study analyzed data from a national survey on gambling behavior. More specifically, a nationwide, general-population-based online survey was conducted in South Korea from July 1 to July 9, 2021, by a research firm to understand the impacts of COVID-19 on gambling behavior. The survey utilized a panel of 46,242 members who had consented to participate in research studies. From this panel, 8,245 members were identified as potential participants for this particular study, and 3,939 agreed to participate (participation agreement rate = 47.8%). However, only 2,044 individuals completed the survey, resulting in a response rate of 24.8%. To ensure that the sample reflected the demographic characteristics of the Korean population, a proportional quota sampling method was employed based on the 2021 Korean Census data. Age, gender, and region were specifically targeted to approximate the general population demographics. Approval for this study was obtained from the Institutional Review Board of the authors’ university.\u003c/p\u003e\u003cp\u003eAs detailed in Table\u0026nbsp;1, the final sample consisted of 2,044 participants, with an almost equal distribution of males (51.0%) and females (49.0%). The mean age of the participants was 44.36 years (SD = 13.59 years). Most of the participants were in their 40s and 50s (21.6% and 22.8%, respectively), followed by those in their 60s, 30s, and 20s (18.2%, 18.0%, and 19.4%, respectively). Most participants (66.7%) had attained a college education or higher. Monthly income levels varied among participants. The most common monthly income bracket was between KRW 2,000,000 and 3,000,000 (approximately USD 1,500 to 2,250), accounting for 22.0% of the sample. A small percentage (8.7%) reported having no monthly income, while only 6.0% of participants earned more than KRW 7,000,000 monthly (approximately USD 5,260).\u003c/p\u003e\u003ch3\u003eMeasures and Translation\u003c/h3\u003e\u003cp\u003eThis study’s corresponding author translated the eight items of the scale into Korean. Then, a bilingual researcher majoring in social work conducted a back translation. Finally, a professor majoring in Korean-language education assured the accuracy and validity of the translation. As previously noted, the PFW scale measures perceived financial distress/financial well-being as a single factor. Each scale item is measured on a 10-point scale, and the possible total score of the scale ranges between 8 (1 point on each item) and 80 (10 points on each item), with a higher score indicating better perceived financial well-being. Approval for developing the Korean version of the PFW scale into Korean was obtained from its developer via email communication (J. Hoffmier, personal communication, April 27, 2024).\u003c/p\u003e\u003cp\u003eMental health was measured using the Kessler Psychological Distress Scale (K6) (Kessler et al., \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2002\u003c/span\u003e). The K6 is a tool for measuring overall mental health and has been used in large-scale mental health epidemiologic studies in several countries, including the United States, where the tool was developed. For this study’s purpose, the K6 has been translated into Korean, and the Korean version demonstrates good reliability and validity (Y. Kim, \u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e2011\u003c/span\u003e, p. 65). The K6 consists of 6 questions with each item measured on a 5-point scale from 0 to 4 points, so the possible score range is 0 to 24. Higher scores on the K6 indicate more mental health problems. Physical health behaviors were measured using the two sub-scales of the Physical Health Behavior Scale (Yang \u0026amp; Kim, \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2015\u003c/span\u003e), as health behavior is a known predictor of physical health (Dixon et al., \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e1993\u003c/span\u003e). The two sub-scales measure physical activities and the intake of healthy foods.\u003c/p\u003e\u003ch2\u003eData Analysis\u003c/h2\u003e\u003cp\u003eFactor structure of the Korean-version was examined to assess if it had a single-factor structure corresponding to its original version. Confirmatory factor analysis (CFA) using Mplus 6.12. was conducted, and in consideration of nature of variables (i.e., categorical variables), the mean and variance-adjusted weighted least-squares estimator, which is the default estimator of the Mplus 6.12 software was entered (Muthén, \u0026amp; Muthén, 1998–2012). The goodness-of-fit was assessed by using multiple fit indices, including chi-square, root mean square error of approximation (RMSEA), the comparative fit index (CFI), and the Tucker–Lewis Index (TLI). Recommended cut-off values are .90 or higher for CFI and TLI, less than .8 for RMSEA, and less than 3.0 for χ\u003csup\u003e2\u003c/sup\u003e/df (Rezaee \u0026amp; Jafari, 2016).\u003c/p\u003e\u003cp\u003eNext, the internal consistency reliability of the Korean-version was evaluated by calculating Cronbach's alpha coefficient, the corrected item-to-total correlation, and the inter-item correlation (Hair et al., \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). The convergent validity of the Korean-version was evaluated in various ways including examining factor loadings, average variance extracted (AVE), and construct reliability (CR) (Hair et al., \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). As the recommended threshold, factor loadings were set at .50 or higher, AVE at .50 or higher, and CR at .70 or higher. In addition, the relationships among the K6 scale, the Physical Health Behavior Scale and the Korean-version of PFW were conducted to establish the latter's convergent validity.\u003c/p\u003e"},{"header":"Results","content":"\u003cdiv id=\"Sec8\" class=\"Section2\"\u003e \u003ch2\u003eItem Statistics\u003c/h2\u003e \u003cp\u003eThe eight items of the Korean version of the PFW (Table\u0026nbsp;2) exhibited a range of average scores from 4.48 (\u003cem\u003eSD\u003c/em\u003e\u0026thinsp;=\u0026thinsp;1.67) to 6.17 (\u003cem\u003eSD\u003c/em\u003e\u0026thinsp;=\u0026thinsp;2.14). Item 6, which measures how often an individual avoids leisure activities due to financial constraints, had the highest average score (\u003cem\u003eM\u003c/em\u003e\u0026thinsp;=\u0026thinsp;6.17, \u003cem\u003eSD\u003c/em\u003e\u0026thinsp;=\u0026thinsp;2.14). By contrast, Item 3, which measures feelings about one's current financial condition, had the lowest average score (\u003cem\u003eM\u003c/em\u003e\u0026thinsp;=\u0026thinsp;4.48, \u003cem\u003eSD\u003c/em\u003e\u0026thinsp;=\u0026thinsp;1.67). The greatest variability was found for Item 5 (\u003cem\u003eM\u003c/em\u003e\u0026thinsp;=\u0026thinsp;5.82, \u003cem\u003eSD\u003c/em\u003e\u0026thinsp;=\u0026thinsp;2.52), which measures confidence in handling unexpected financial emergencies. The eight items can be categorized into two groups: (1) perceived present state of financial well-being (Items 2, 3, 6, and 7) and (2) reaction to present state of financial well-being (Items 1, 4, 5, and 8).\u003c/p\u003e \u003c/div\u003e\n\u003ch3\u003eConfirmatory Factor Analysis\u003c/h3\u003e\n\u003cp\u003eConfirmatory factor analysis (CFA) was conducted to assess the factor structure of the Korean version of the PFW (see Table\u0026nbsp;3). The CFA model showed good fit indices (χ2/\u003cem\u003edf\u003c/em\u003e\u0026thinsp;=\u0026thinsp;8.79, CFI\u0026thinsp;=\u0026thinsp;.99, TLI\u0026thinsp;=\u0026thinsp;.99, and RMSEA\u0026thinsp;=\u0026thinsp;.06). Table\u0026nbsp;4 presents the factor loadings for each item of the Korean version of the PFW. All items demonstrated significant factor loadings, ranging from .664 to .889. The average variance extracted (AVE) was .637, and the construct reliability (CR) was .934. These findings indicate that the Korean version of the PFW has a single-factor structure, consistent with its original version.\u003c/p\u003e\n\u003ch3\u003eReliability and Validity\u003c/h3\u003e\n\u003cp\u003eThe internal consistency reliability of the Korean version of the PFW was found to be satisfactory (see Table\u0026nbsp;5). Cronbach's alpha coefficient was .928, which is above the recommended lower limit (.70) (Hair et al., \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). The item\u0026ndash;total correlations ranged from .650 to .847, and the inter-item correlations ranged from .458 to .774, which indicates that the internal consistency reliability of the Korean version of the PFW scale is excellent.\u003c/p\u003e \u003cp\u003eTo assess the validity of the Korean version of the PFW, we examined its correlations with other measures such as the K6 (a measure of psychological distress), physical activities, and healthy food intake (see Table\u0026nbsp;6). Higher scores on the PFW indicate a higher level of financial well-being. Therefore, we expected a negative correlation (\u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:\u0026lt;\\:-.50\\)\u003c/span\u003e\u003c/span\u003e) between the PFW scale and the K6. As expected, the Korean version of the PFW scale was negatively correlated with the K6 (\u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:r=-.531,\\:p\u0026lt;.01\\)\u003c/span\u003e\u003c/span\u003e). This finding demonstrates a statistically significant association between financial wellness and psychological distress. Additionally, the Korean version of the PFW scale was found to be positively correlated with physical activities (\u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:r=.231,\\:p\u0026lt;.01)\\)\u003c/span\u003e\u003c/span\u003e and healthy food intake (\u003cspan class=\"InlineEquation\"\u003e\u003cspan class=\"mathinline\"\u003e\\(\\:r=.290,\\:p\u0026lt;.01\\)\u003c/span\u003e\u003c/span\u003e). These findings collectively demonstrate that the Korean version of the PFW scale exhibits the expected relationships with the theoretically relevant constructs.\u003c/p\u003e"},{"header":"Discussion","content":"\u003cp\u003eThe purpose of this study is to validate the Korean version of the PFW scale, and, ultimately, we found that the scale exhibits strong psychometric properties in measuring subjective financial well-being. As mentioned earlier, convergent validity can be evaluated by examining factor loadings, average variance extracted, and construct reliability. In this study, construct reliability (CR) was. 934, the factor loadings ranged from .664 to .889, and the average AVE was .637, all of which meet and considerably exceed the recommended thresholds. In addition, the scale\u0026rsquo;s convergent validity was established through significant correlations with theoretically related constructs such as mental health, physical activities, and healthy food intake. Among them, most notably, the strong negative correlation between PFW scores and K6 provides significant evidence that financial well-being is associated with mental health outcomes, supporting previous research linking financial hardship to psychological difficulties (Bialowolski et al., \u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2021\u003c/span\u003e; Y. Lee et al., \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2017\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eThe validation of the Korean PFW scale contributes significantly to the measurement of financial well-being by providing a comprehensive subjective assessment tool. While objective measures such as income, debt ratios, and savings rates have traditionally been employed to assess financial well-being, existing studies suggest that subjective perceptions may better capture an individual's financial reality (Br\u0026uuml;ggen et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2017\u003c/span\u003e; Mahdzan et al., \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Moving forward, future research should examine the relationship between PFW scores and objective financial indicators to evaluate the relative utility of subjective versus objective measures in predicting important outcomes such as psychological well-being, health behaviors, and financial decision-making.\u003c/p\u003e \u003cp\u003eIn addition, the Korean version of the PFW scale has particular relevance for understanding financial well-being among vulnerable populations. For example, South Korea faces significant challenges related to older adults\u0026rsquo; poverty and income inequality (C. Kim \u0026amp; Kim, \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2024\u003c/span\u003e; Ku et al., \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). The measure could be valuable in assessing the financial well-being experienced by older adults, who often face insufficient pension support and limited employment opportunities. Similarly, investigating PFW scores among low-income populations could provide insights into the psychological impact of financial hardship and inform targeted interventions. Accordingly, future research should examine how PFW scores vary across different income levels, age groups, and socioeconomic statuses to identify the populations at the greatest risk of financial distress.\u003c/p\u003e \u003cp\u003eFrom a social policy perspective, the Korean PFW scale could serve as an important tool for evaluating the effectiveness of financial support programs and interventions. Given South Korea's unique economic pressures, such as high housing costs, substantial private education expenses, and increasing poverty rates among older adults, measuring subjective financial well-being is crucial for understanding the impact of these challenges on different population segments (C. Lee \u0026amp; Kang, \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2022\u003c/span\u003e; Oh et al., \u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). In this context, the scale could help policymakers assess whether financial assistance programs effectively improve not just objective financial circumstances but also individuals\u0026rsquo; perceived financial well-being.\u003c/p\u003e \u003cp\u003eEqually, the relationship between the PFW scores and health outcomes observed in this study suggests important policy implications. In particular, the significant associations with psychological distress and health behaviors indicate that financial well-being may be an important determinant of overall health status. Future research should investigate potential causal pathways between financial well-being and health outcomes, perhaps through longitudinal studies that can track how changes in PFW scores relate to changes in physical and mental health over time.\u003c/p\u003e \u003cp\u003eDespite its important contributions, this study has several methodological limitations. First, the fact that the data were collected during the COVID-19 pandemic may have unusually influenced people\u0026rsquo;s financial perceptions. Additionally, while the sample was demographically representative, future studies should include more diverse socioeconomic groups and examine measurement invariance across these groups. Lastly, longitudinal research assessing the stability of PFW scores over time and their sensitivity to changing economic conditions will be valuable.\u003c/p\u003e"},{"header":"Conclusion","content":"\u003cp\u003eThis study is the first to develop and validate the Korean version of the Personal Financial Wellness scale, which represents a valuable contribution to the measurement of subjective financial well-being in the Korean context. Its strong psychometric properties and ability to comprehensively assess perceived financial well-being make it useful for both research and practical applications. To build on this research, future studies should focus on comparing subjective and objective measures of financial well-being, examining variations across different demographic and socioeconomic groups, and investigating longitudinal relationships with health and well-being outcomes. Such studies will enhance our understanding of financial well-being and its implications for individual and societal outcomes in South Korea.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e\u003cstrong\u003eFund\u003c/strong\u003e\u003cstrong\u003eing source:\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis study was supported by the Research Fund, 2024 of The Catholic University of Korea.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eDisclosure statement\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe authors report that there are no potential conflicts of interest.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eData Availability\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis study dataset is available upon request and with completion of the data user agreement.\u0026nbsp;\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eBialowolski P, Weziak-Bialowolska D, Lee MT, Chen Y, VanderWeele TJ, McNeely E (2021) The role of financial conditions for physical and mental health. 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Korean J Social Welf 67(3):151\u0026ndash;180\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"},{"header":"Tables","content":"\u003cp\u003e\u003cstrong\u003eTable 1\u0026nbsp;\u003c/strong\u003e\u003cem\u003eSample Demographics (N = 2,044)\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 165px;\"\u003e\n \u003cp\u003eVariable\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 90px;\"\u003e\n \u003cp\u003e\u003cem\u003en\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 106px;\"\u003e\n \u003cp\u003e%\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003eGender\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003eMale\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e1,043\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e51.0\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003eFemale\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e1,001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e49.0\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003eAge\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; 20s\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e396\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e19.4\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;30s\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e368\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e18.0\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;40s\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e441\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e21.6\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;50s\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e466\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e22.8\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;60s\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e373\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e18.2\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003eYears of education\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026le; 9\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e14\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e0.7\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026le; 12\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e355\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e17.4\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026le; 16\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e1,364\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e66.7\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026gt; 16\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e311\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e15.2\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003eIncome (in KRW)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;\u0026le; 1,000,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e241\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e11.8\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;\u0026le; 2,000,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e305\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e14.9\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;\u0026le; 3,000,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e449\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e22.0\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;\u0026le; 4,000,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e337\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e16.5\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;\u0026le; 5,000,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e213\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e10.4\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;\u0026le; 6,000,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e139\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e6.8\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;\u0026le; 7,000,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e59\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e2.9\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;\u0026gt; 7,000,000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e123\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e6.0\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 165px;\"\u003e\n \u003cp\u003e\u0026nbsp; \u0026nbsp; \u0026nbsp;None\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 90px;\"\u003e\n \u003cp\u003e178\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 106px;\"\u003e\n \u003cp\u003e8.7\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cem\u003eNote\u003c/em\u003e. The mean age of the participants was 44.36 years, \u003cem\u003eSD\u003c/em\u003e = 13.59.\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 2\u0026nbsp;\u003c/strong\u003e\u003cem\u003eDescriptive Statistics of Items\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"604\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\"\u003e\n \u003cp\u003eNo.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\"\u003e\n \u003cp\u003eItem Text\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\"\u003e\n \u003cp\u003e\u003cem\u003eM\u003c/em\u003e (\u003cem\u003eSD)\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eWhat do you feel is the level of your financial stress today?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e5.50 (1.94)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHow satisfied are you with your present financial situation?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e4.76 (1.85)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHow do you feel about your current financial condition?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e4.48 (1.67)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHow often do you worry about being able to meet normal monthly living expenses?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e5.16 (1.93)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHow confident are you that you could find the money to pay for a financial emergency that costs about $1,000?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e5.82 (2.52)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHow often does this happen to you?: You want to go out to eat, go to a movie, or do something else, but you don\u0026rsquo;t go because you can\u0026rsquo;t afford to.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e6.17 (2.14)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHow frequently do you find yourself just getting by financially and living paycheck to paycheck?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e6.15 (2.15)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e8\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHow stressed do you feel about your personal finances in general?\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e5.54 (1.96)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 3\u0026nbsp;\u003c/strong\u003e\u003cem\u003eConfirmatory Factor Analysis:\u0026nbsp;\u003c/em\u003e\u003cem\u003eM\u003c/em\u003e\u003cem\u003eodel Fit Indices (N = 2,044)\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"603\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eModel\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e\u0026chi;2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003edf\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e\u0026chi;2/df\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eCFI\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eTLI\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eRMSEA\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eKorean version of the Personal Financial Wellness Scale\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e175.87\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e20\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e8.79\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.99\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.99\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.06\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cem\u003eNote\u003c/em\u003e. \u0026chi;\u003csup\u003e2\u0026nbsp;\u003c/sup\u003e= chi-square; df = degrees of freedom; CFI = comparative fit index; TLI = Tucker\u0026ndash;Lewis index; RMSEA = root mean square error of approximation.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eTable 4\u0026nbsp;\u003c/strong\u003e\u003cem\u003eFactor Loadings of the Korean Version of PFW (N = 2,044)\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 72px;\"\u003e\n \u003cp\u003eItem No.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 120px;\"\u003e\n \u003cp\u003eFactor loading\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 140px;\"\u003e\n \u003cp\u003eAVE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 140px;\"\u003e\n \u003cp\u003eCR\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 72px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 120px;\"\u003e\n \u003cp\u003e.793\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"8\" style=\"width: 140px;\"\u003e\n \u003cp\u003e.637\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"8\" style=\"width: 140px;\"\u003e\n \u003cp\u003e.934\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 72px;\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 120px;\"\u003e\n \u003cp\u003e.769\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 72px;\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 120px;\"\u003e\n \u003cp\u003e.807\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 72px;\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 120px;\"\u003e\n \u003cp\u003e.877\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 72px;\"\u003e\n \u003cp\u003e5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 120px;\"\u003e\n \u003cp\u003e.664\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 72px;\"\u003e\n \u003cp\u003e6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 120px;\"\u003e\n \u003cp\u003e.712\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 72px;\"\u003e\n \u003cp\u003e7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 120px;\"\u003e\n \u003cp\u003e.847\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 72px;\"\u003e\n \u003cp\u003e8\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 120px;\"\u003e\n \u003cp\u003e.889\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cem\u003eNote.\u003c/em\u003e PFW = Personal Financial Wellness scale.\u003c/p\u003e\n\u003cp\u003e\u003csup\u003e*\u003c/sup\u003e\u003cem\u003ep\u003c/em\u003e \u0026lt; .05. \u003csup\u003e**\u003c/sup\u003e\u003cem\u003ep\u003c/em\u003e \u0026lt; .01.\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eTable 5\u0026nbsp;\u003c/strong\u003e\u003cem\u003eInternal Consistency Reliability Results\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"612\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"2\"\u003e\n \u003cp\u003eItem\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"8\"\u003e\n \u003cp\u003eInter-item correlation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"2\"\u003e\n \u003cp\u003eItem\u0026ndash;total\u003c/p\u003e\n \u003cp\u003ecorrelation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"2\" valign=\"top\"\u003e\n \u003cp\u003eCronbach\u0026apos;s \u0026alpha;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e8\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026mdash;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.752\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"8\" valign=\"top\"\u003e\n \u003cp\u003e.928\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.686\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026mdash;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.733\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.710\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.767\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026mdash;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.770\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.707\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.691\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.749\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026mdash;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.834\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.458\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.472\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.501\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.578\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026mdash;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.650\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.479\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.474\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.481\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.596\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.608\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026mdash;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.701\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.619\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.583\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.604\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.732\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.636\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.760\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026mdash;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.824\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e8\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.774\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.662\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.699\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.762\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.557\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.645\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.769\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026mdash;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.847\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 6\u003c/strong\u003e \u003cem\u003eCorrelations between the Korean Version of the PFW and other Measures\u003c/em\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\"\u003e\n \u003cp\u003eMeasure\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\"\u003e\n \u003cp\u003ePFW\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eK6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026minus;.531\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003ePhysical activities\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.231\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHealthy food intake\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e.290\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cem\u003eNote.\u0026nbsp;\u003c/em\u003ePFW = Personal Financial Wellness scale, K6 = Kessler Psychological Distress Scale.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003csup\u003e*\u003c/sup\u003e\u003cem\u003ep\u003c/em\u003e \u0026lt; .05. \u003csup\u003e**\u003c/sup\u003e\u003cem\u003ep\u003c/em\u003e \u0026lt; .01.\u003c/p\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"The Catholic University of Korea","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Financial well-being, Personal Financial Wellness scale, Korean version of the PFW scale, validation","lastPublishedDoi":"10.21203/rs.3.rs-5947938/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-5947938/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eIn South Korea, there are many situations that can threaten financial well-being, a factor that has been known to affect both mental and physical health. However, there has so far not been a standardized instrument that can measure an individual\u0026rsquo;s subjective financial well-being. This study aims to validate the Korean version of the Personal Financial Wellness (PFW) scale. Widely used in previous studies, the PFW scale is an instrument that measures an individual\u0026rsquo;s subjective financial well-being. The Korean version of the PFW scale is validated with 2,044 adults who participated in an online survey in South Korea. The evaluation of the psychometric properties of the Korean version of the PFW scale indicates that it is a reliable and valid instrument that exhibits a single-factor structure like the English version. The development of the Korean version of the PFW scale provides a valuable instrument for researchers and practitioners in South Korea where an instrument measuring an individual\u0026rsquo;s subjective financial well-being does not exist.\u003c/p\u003e","manuscriptTitle":"Validating the Korean Version of the Personal Financial Wellness Scale","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-02-04 08:38:18","doi":"10.21203/rs.3.rs-5947938/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"47d85649-15e8-4b46-9205-3635634cb9dc","owner":[],"postedDate":"February 4th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":43737941,"name":"Social Work"}],"tags":[],"updatedAt":"2025-02-04T08:38:18+00:00","versionOfRecord":[],"versionCreatedAt":"2025-02-04 08:38:18","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-5947938","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-5947938","identity":"rs-5947938","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}