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Gender, age, and money: A study of confidence and competence
Abstract
This study analyzed the relationships among selected variables in the personal finances domain and how four criterion measures were affected by age and sex. Four instruments were developed during a pilot study. They were measures of knowledge, outcome expectancy, financial activities, and self-efficacy. Instruments included a multiple-choice test and three Likert-type scales. Four hundred seventeen younger and older female and male volunteers were given these instruments. Correlational data, means, and standard deviations were collected on each of the four groups. Correlational data showed a significantly positive correlation (r =.36) at the.005 level between knowledge and self-efficacy. ANOVAs and ANCOVAs using a MANOVA subprogram for unequal N's were performed on the criterion measures and their factors. Results showed a significantly positive age effect and an interaction for knowledge. A post hoc Tukey procedure showed all the mean comparisons to be significant with the exception of one. A significantly positive age effect occurred for all criterion measures and their factors, except self-efficacy which showed a significantly positive sex effect. Even when knowledge was held constant, females were significantly less efficacious than males about financial decision making. When the self-efficacy scale was factored into the subscales for household management and investment and long-term planning, females were significantly less efficacious on the investment subscale. Younger persons were significantly more likely to believe money brought desirable outcomes. Younger persons talked significantly more about money. Older persons studied about money more. When means of older single women were compared with means of older married women on every criterion and factor, the only significant t-test was the knowledge test: older married females knew more than older single females. The study showed an intriguing relationship between confidence and competence.
Subject Area
Educational psychology|Developmental psychology
Recommended Citation
Lockard, Gail Ann, "Gender, age, and money: A study of confidence and competence" (1992). ETD collection for University of Nebraska-Lincoln. AAI9233409.
https://digitalcommons.unl.edu/dissertations/AAI9233409