Kinga Bartrafrem , Daniel Västfjäll & Gustav Tinghög
Financial Homo Ignorans: Development and Validation of a Scale to Measure Individual Differences in Financial Information Ignorance
This article presents the development and validation of a scale designed to measure individual differences in financial information ignorance, termed “Financial Homo Ignorans.” The scale aims to assess individuals’ level of ignorance regarding financial matters and their ability to comprehend and utilize financial information effectively.
Table 2 The Financial Homo Ignorance (FHI) Scale
The Financial Homo Ignorans scale provides researchers with a valuable tool for assessing individuals’ level of financial information ignorance. By quantifying this construct, researchers can better understand its impact on financial decision-making and outcomes.
The scale helps identify specific areas of financial information where individuals may lack understanding or awareness. This insight can inform targeted educational interventions and financial literacy programs aimed at addressing knowledge gaps and improving financial competence.
Understanding individual differences in financial information ignorance has significant implications for both research and practice. Researchers can use the scale to investigate factors influencing financial ignorance and its consequences, while practitioners can tailor financial education initiatives to meet the diverse needs of different populations
The development and validation of the Financial Homo Ignorance scale offer a valuable contribution to the study of financial literacy and decision-making. By measuring individual differences in financial information ignorance, researchers and practitioners can gain valuable insights into the complexities of financial behavior and work towards improving financial literacy andwell being.
https://www.sciencedirect.com/science/article/pii/S2214635024000510
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