|
| Defining attributes | Instrument | Characteristics of the tool | Statistical measurement | Domain and dimensions addressed |
|
| Financial-related knowledge | Financial Literacy Scale (“The Big 3”) [45] | 3 items | Psychometric data not available | Finance domain |
| (i) Numeracy | (i) Comprehension of numeracy |
| (ii) Inflation | (ii) Comprehension of inflation |
| (iii) Risk diversification | (iii) Comprehension of risk diversification |
|
Skills in health and financial planning
Healthcare and financial-related decision-making behaviors | Modified Decision-Making Competence Assessment Tool [23] | 3 domains | Cronbach’s alpha:
Decision support = 0.71
Self-efficacy = 0.86
Numeracy = 0.53 | Finance domain
(i) Ability to choose mutual funds
Health domain
(i) Ability to select and use a healthcare plan
(ii) Read nutrition label |
| (i) Health |
| (ii) Finance |
| (iii) Nutrition |
| Decision style |
| Self-perceptions |
| Cognitive abilities |
|
| Knowledge about health and financial-related concepts | Rush Memory and Aging Project Survey [4] | 32 items
(i) 23 items on finance (financial literacy)
(ii) 9 items on health (health literacy)
Total literacy: financial literacy + health literacy (% correct averaged together) | Cronbach’s alpha: total literacy = 0.77 | Finance domain |
| (i) Comprehension of savings, investments |
| (ii) Comprehension of numeracy |
| (iii) Comprehension of financial terms and institutions |
| Health domain |
| (i) Understanding of Medicare |
| (ii) Understanding health insurance and medications |
| (iii) Interpreting risk |
|
Knowledge about health and financial-related concepts
Skills in health and financial planning | Health Insurance Literacy (HIL) Tool [22] | 27 items
(i) 10 true/false items related to health insurance terminology
(ii) 17 multiple choice items specific to proficiency with the Medicare health insurance system | Cronbach’s alpha:
Terminology = 0.75
Proficiency = 0.85 | Health insurance domain |
| (i) Knowledge/comprehension |
| (ii) Skills |
| Decision making |
| (i) Proficiency using health insurance resources |
|
