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PIFS: Prochaska-Cue Inventory of Personal Financial Management Style
Abstract
Theoretical concepts used in this study to develop a personal financial management style model included the family systems models of Deacon and Firebaugh; Gross, Crandall, and Knoll; and Rettig; Kolb's learning style model; and the McKenney-Keen information processing style theory. The general purpose was to investigate personal financial management style. Three specific objectives included (1) developing a personal financial management style model; (2) developing an instrument measuring personal financial management style; and (3) examining how personal financial management style related to learning and information processing styles of single adults. The influence of eight demographic variables was also considered. An instrument to measure personal financial management style, the Prochaska-Cue Inventory of Financial Style (PIFS), was developed using an expert panel to Q-sort initial items. Following a pilot study, factor analysis of data collected from 128 single persons retained 29 of the original items in three scales measuring financial styles: analyzing, holistic, and paradox. Reliability analysis resulted in Cronbach's alphas of.8814 for the Analyzing Scale;.6736 for the Paradox Scale, and.6713 for the Holistic Scale. Face and content validity flowed from the Q-sort methodology. Scale-to-scale correlations were significant at the p $<$.001 level suggesting a satisfactory discrimination ability for the Analyzing and the Holistic Scales. All items correlated positively with the scale to which they were assigned providing further construct validity for PIFS. Hypotheses testing by ANOVA showed: (1) people identified as receptive-intuitive had higher Holistic Scale scores than those identified as receptive-systematic in information processing style; (2) people in the highest income category had higher Analyzing Scale scores than did those in the lower two income categories; and (3) people older than 40 scored higher on the Analyzing Scale than did younger people. Recommendations included further development of PIFS for use in research and by practitioners in education and counseling; and further definition of personal financial management style.
Subject Area
Adult education|Continuing education|Home economics|Personality
Recommended Citation
Prochaska-Cue, Mary Kathleen, "PIFS: Prochaska-Cue Inventory of Personal Financial Management Style" (1988). ETD collection for University of Nebraska-Lincoln. AAI9019581.
https://digitalcommons.unl.edu/dissertations/AAI9019581