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Defining attributes | Instrument | Characteristics of the tool | Statistical measurement | Domain and dimensions addressed |
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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 |
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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 |
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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 |
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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 |
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