
Financial Management Behavior Scale
Does your financial management need some work? Take the test to find out.
By Mark Travers, Ph.D.
August 14, 2024

By Mark Travers, Ph.D.
August 14, 2024
Mark Travers, Ph.D., is the lead psychologist at Awake Therapy, responsible for new client intake and placement. Mark received his B.A. in psychology, magna cum laude, from Cornell University and his M.A. and Ph.D. from the University of Colorado Boulder. His academic research has been published in leading psychology journals and has been featured in The New York Times and The New Yorker, among other popular publications. He is a regular contributor for Forbes and Psychology Today, where he writes about psycho-educational topics such as happiness, relationships, personality, and life meaning. Click here to schedule an initial consultation with Mark or another member of the Awake Therapy team. Or, you can drop him a note here.
As we achieve financial independence, making financial decisions becomes a crucial part of our daily lives. These decisions, whether personal or professional, can sometimes feel overwhelming to many. Given that financial transactions are inevitable, they can contribute to mental tautness and may potentially trigger mental health issues, such as negative self-worth or self-doubt, which can affect other areas of life.
While it's natural for individuals to weigh the long-term impacts of their financial decisions, maintaining mental well-being during this process is equally important. When making significant life decisions, it's wise to approach them with a clear and healthy mind. Recognizing the connection between financial choices and mental health can help individuals make decisions with greater clarity and a focus on long-term security.
The Financial Management Behavior Scale, developed by Jeffery Dew and Jing Jian Xiao, covers various aspects of financial decision-making. With items related to budgeting, saving, investing and spending, the scale is an essential for discerning between healthy and concerning financial behavior—as well as for keeping financial anxiety at bay.
You can take this test here. Please follow all of the steps to receive your results.
References: Dew, J., & Xiao, J. J. (2013). The financial management behavior scale: Development and validation. Journal of Financial Counseling and Planning, 22(1), 43.