Scale name: Parental Influences on Retirement Savings
Description: This 3-item scale is designed to be administered to either adolescents or adults, in order to assess the effect one’s parents have on money management and saving.
Source: Koposko, J. L., & Hershey, D. A. (2014). Parental and early influences on expectations of financial planning for retirement. Journal of Personal Finance, 13, 17-27.
Cronbach's alpha: 0.86
Response format: Likert-type response format (1 = strongly disagree; 5 = strongly agree)
Instructions: Using the five-point scale below, please indicate the extent to which you agree or disagree with each of the following statements.
1. Growing up, my parents helped me to imagine situations when I might need extra money to fall back on.
2. My parents made sure that I understood the value of money and that money is a limited resource.
3. Saving money for the future was an important lesson I learned as a child.
4. My parents suggested to me concrete ways to save money on my own.