Developing a Valid Measure of Financial Access: From Conceptualization to Empirical Testing

This comprehensive three-year project successfully developed and validated the first multidimensional individual financial access scale, addressing a critical gap in the measurement of financial well-being determinants. The resulting 10-item and 14-item scales represent a paradigm shift from ownership-based measures to a more nuanced assessment encompassing institutional practices, individual capabilities, and access to wealth-building financial products. Both scales demonstrated exceptional psychometric properties and provide researchers, practitioners and policymakers with robust tools for understanding individual financial access and addressing related barriers.