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InCharge Financial Distress/Financial Well-Being Scale: Development, Administration, and Score Interpretation

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Author(s): Aimee D. Prawitz | E. Thomas Garman | Benoit Sorhaindo | Barbara O'Neill | Jinhee Kim | Patricia Drentea

Journal: Financial Counseling and Planning
ISSN 1052-3073

Volume: 17;
Issue: 1;
Start page: 34;
Date: 2006;
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Keywords: Economic stress | Financial distress | Financial stress | Financial well-being | Personal finance

ABSTRACT
This article describes development of the InCharge Financial Distress/Financial Well-Being Scale, designed to measure a latent construct representing responses to one's financial state on a continuum ranging from overwhelming financial distress/lowest level of financial well-being to no financial distress/highest level of financial well-being. It describes a formative Delphi study, validity criteria and testing, factor analysis, Cronbach's alpha coefficients, administration instructions, norming of the data and score interpretation, and implications for use.
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