Cross-cultural adaptation and validation of the Multidimensional Subjective Financial Well-Being Scale (MSFWBS) for the Mexican adult population
Year: 2026
Type: article
Abstract: Financial well-being is increasingly recognized as a central dimension of overall well-being, yet few culturally adapted instruments exist to measure its subjective aspects in Latin America. This study aimed to adapt and validate the Multidimensional Subjective Financial Well-Being Scale (MSFWBS) for use with the Mexican adult population, ensuring linguistic, cultural, and psychometric equivalence. Following international cross-cultural adaptation guidelines, the 25-item MSFWBS was translated and administered to 501 Mexican adults. Exploratory (EFA) and confirmatory (CFA) factor analyses were performed on split subsamples. Reliability was assessed using McDonald’s omega, while validity was examined through correlations with life satisfaction and perceived stress, latent-level convergent and discriminant validity indices (AVE, CR), measurement invariance, and known-groups comparisons. The original five-factor structure was supported, demonstrating excellent incremental fit (CFI = 0.994; TLI = 0.993) and acceptable absolute fit (RMSEA = 0.071; SRMR = 0.062). Internal consistency was excellent for the total scale (ωₜ = 0.95). Convergent and criterion-related validity were supported through strong correlations with Satisfaction with Life Scale (SWLS) ( r = .71, p < .001) and negative associations with Perceived Stress Scale (PSS) ( r = –.41, p < .001), as expected. The Mexican version of the MSFWBS demonstrates robust factorial validity, reliability, and cultural relevance. It provides a psychometrically sound instrument for assessing subjective financial well-being in Mexico and supports cross-cultural comparisons in financial psychology.
Source: Discover Psychology
Authors: Jessica Garneau, Annick Parent-Lamarche
Institution: Université du Québec à Trois-Rivières
Language: English
Subfield: Social Psychology
Field: Psychology
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $1,590
OpenAlex ID: W7140122291