Dimensions of financial competence

Kershaw, Mavis and Webber, Lynne 2004, Dimensions of financial competence, Psychiatry, psychology and law, vol. 11, no. 2, pp. 338-349.

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Title Dimensions of financial competence
Author(s) Kershaw, Mavis
Webber, Lynne
Journal name Psychiatry, psychology and law
Volume number 11
Issue number 2
Start page 338
End page 349
Publisher Australian Academic Press
Place of publication Melbourne, Vic.
Publication date 2004-06
ISSN 1321-8719
Summary Whether or not someone has the ability to look after his or her own financial affairs is one of the most common problems brought before courts and tribunals in Australia. At present, there is no agreed-upon objective standard for assessing financial competency. The aims of this study were twofold: (1) to clarify which financial skills and tasks are considered important to adults in the Australian community when assessing financial competence; and (2) to evaluate a model of financial competence proposed by Webber, Reeve, Kershaw and Charlton. Professional service providers and students judged the importance of 61 skills, tasks and characteristics related to financial competence. The results supported a 6-factor model of financial competence. The findings suggest that it is possible to identify agreed-upon criteria for financial competency and provide a first step towards the development of a valid scale of financial competency.
Language eng
Field of Research 170199 Psychology not elsewhere classified
HERDC Research category C1 Refereed article in a scholarly journal
Persistent URL http://hdl.handle.net/10536/DRO/DU:30002624

Document type: Journal Article
Collections: Faculty of Health
School of Psychology
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