Validation of the Money Ethics Scale (M.E.S.) and Money Attitudes Scale (EAD) instruments
Abstract
This study aimed to validate the factor structure of the Money Ethics Scale (MES) and the Attitudes Toward Money Scale (EAD-6), while also evaluating their internal consistency. Financial education that focuses on psychological aspects such as attitudes and beliefs about money has received limited attention in scientific literature, which is reflected in the scarce availability of standardized measurement models. To address this gap, both scales were administered to a sample of 169 university students from the Bajío region of Mexico (38% men, 62% women). Factor analysis was conducted using the oblimin rotation method. Data adequacy was evaluated through the Kaiser-Meyer-Olkin (KMO) index and Bartlett's test of sphericity, while reliability was estimated using Cronbach's alpha coefficient. The results yielded reliability values of 0.584 for the MES scale and 0.918 for the EAD-6 scale. The findings confirmed a five-factor structure for the MES scale: budget, bad money, equity, success, and motivator, with the elimination of item Eq3 from the equity factor. For the EAD6 scale, a two-factor structure was identified: social power and personal power. Overall, after the proposed modifications, both scales demonstrate factorial validity for application within the university community of the Bajío region of Mexico.
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References
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