Dimensions of Financial Competence

Abstract

Whether or not someone has the ability to look after his or her own financial affairs is one of the most common problems brought before courts and tribunals in Australia. At present, there is no agreed-upon objective standard for assessing financial competency. The aims of this study were twofold: (1) to clarify which financial skills and tasks are considered important to adults in the Australian community when assessing financial competence; and (2) to evaluate a model of financial competence proposed by Webber, Reeve, Kershaw and Charlton. Professional service providers and students judged the importance of 61 skills, tasks and characteristics related to financial competence. The results supported a 6-factor model of financial competence. The findings suggest that it is possible to identify agreed-upon criteria for financial competency and provide a first step towards the development of a valid scale of financial competency.

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