Table 1 Descriptions and scoring guidelines of the financial capacity instrument -short form, and means and standard deviations of Raw scores in each subtest.
Component | Measure | Example and scoring | Mean score (SD) |
|---|---|---|---|
Mental calculation | Coin/currency knowledge and mental math abilities | How many quarters are in $6 and 75 cents? (sum of raw scores; score range: 0–4) | 3.81 (0.68) |
Financial conceptual knowledge | Financial conceptual knowledge and problem solving | Defining the word “budget” (sum of raw scores; score range: 0–8) | 7.27 (0.9) |
Simple checkbook/check register | Understanding/using a checkbook | Filling out a checkbook and check register in payment for detergent (sum of raw scores; score range: 0–20) | 18.25 (2.05) |
Complex checkbook/check register | Filling out a checkbook and check register for two transactions and a deposit (sum of raw scores; score range: 0–28) | 24.58 (4.95) | |
Bank statement management | Understanding/using a bank statement | What is the amount of quarterly interest earned on the account? (sum of raw scores; score range: 0–14) | 12.81 (2.16) |
Total score | Sum of the total scores in all tasks | Sum of all sub-test scores (score range: 0–74) | 66.36 (6.7) |
Total time | Completion time score | Sum of time to complete mental calculation task, defining task, and both checkbook/check register tasks | 288.7 (91.95) |
