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Scale name: Financial Activation Scale (FAS)

Description: Financial Activation Scale items were developed to identify individuals who are responsive to positive future financial occurrences, or who are motivated to engage in goal-setting activities in the financial planning context. Two subscale scores can be derived from this measure (Planning Drive; Financial Freedom), as well as a full-scale score.

Source: Neukam, K. A., & Hershey, D. A. (2003).  Financial inhibition, financial activation, and saving for retirement.  Financial Services Review, 12, 19-37.

Cronbach's alpha: 0.85

Response format: Likert-type response format (1 = strongly disagree; 7 = strongly agree)

Instructions: Using the seven-point scale below, please indicate the extent to which you agree or disagree with each of the following statements. 

Items:

Planning Drive (5 items)

            1. When it comes to financial planning in retirement, I use a “no holds barred” approach.

            2. When doing financial planning for retirement, I feel excited and energized. 

            3. I go out of my way when it comes to financial planning for retirement.

            4. I am highly active in my pursuits toward financial planning in retirement.

            5. When I see the chance to further my retirement investments, I move on it right away.

            

Financial Freedom (4 items)

1. I desire financial freedom when I retire. 

2. I have the desire to be able to do what I want financially in retirement. 

3. When I retire, I want to be able to have enough money to be able to participate in any     leisure activities I desire. 

4. I want to have enough in retirement to be able to purchase the items I wish without         being concerned about financial security. 

Full Scale (9 items)

1. When it comes to financial planning in retirement, I use a “no holds barred” approach.

2. When doing financial planning for retirement, I feel excited and energized.

3. I go out of my way when it comes to financial planning for retirement.

4. I am highly active in my pursuits toward financial planning in retirement.

5. When I see the chance to further my retirement investments, I move on it right away.

6. I desire financial freedom when I retire. 

7. I have the desire to be able to do what I want financially in retirement.

8. When I retire, I want to be able to have enough money to be able to participate in any     leisure activities I desire. 

9. I want to have enough in retirement to be able to purchase the items I wish without         being concerned about financial security.