The InCharge Education Foundation COPE™ Scale
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Development of and Norms for the InCharge Financial Distress/Financial Well-being Scale: A Summary
The report provides a summary of the development of the InCharge Financial Distress/Financial Well-Being Scale (IFDFW). It is an 8-question self-report subjective measure of the attributes of perceived financial distress/financial well-being. Questions on the IFDFW require people to evaluate their current financial situation as well as their reactions to that state of economic affairs. In effect, an IFDFW score is a personalized assessment of one’s financial health. The IFDFW measures a single variable and the scale questions have a 0.956 Cronbach Alpha reliability score. Thus it is presented as a valid and reliable measure. Norming information is provided from one set of data collected on the national population of adults. The mean score of the general population is 5.7, with a standard deviation of 2.4, on a 10-point scale where 1 means “overwhelming financial distress/worst financial well-being” and 10 means “no financial distress/excellent financial well-being.”
