Trends in Psychiatry and Psychotherapy
https://trends.org.br/article/doi/10.1590/2237-6089-2018-0066
Trends in Psychiatry and Psychotherapy
Original Article

Brazilian Portuguese version of financial risk-taking and tolerance scales: validity evidence within and between measures

Versão brasileira das escalas de propensão e tolerância ao risco financeiro: evidências de validade intra e entre medidas

Anna Beatriz Howat-Rodrigues; José Henrique Benedetti Piccoli Ferreira; Jerson Laks

http://dx.doi.org/10.1590/2237-6089-2018-0066 Trends Psychiatry Psychother, vol.41, n4, p.318-326, 2019
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Abstract

Abstract Objectives To construct and validate a psychological measure called the Financial Risk-Taking Scale (FRTakS) and to translate, adapt, and validate a psychological measure called the Financial Risk Tolerance Scale (FRTolS) with a Brazilian sample. Exploratory and confirmatory factor analyses were used to assess evidence of the validity of the scales’ internal structures. We also tested the convergent validity between FRTakS and FRTolS. Method After construction (FRTakS) and adaption (FRTolS), the instruments were evaluated by expert judges for the relevance of their items to the scales, followed by pretesting. A cross-sectional study was then conducted using a convenience sample of 834 people who responded to invitations sent to a mailing list or to an online invitation on the Brazilian Securities and Exchange Commission website (Comissão de Valores Mobiliários [CVM]). Results Mean age of participants was 39.27 years (standard deviation [SD] = 10.82), they had high educational level (60.9% post-graduate), were married or living together (60%), and their spending power was 41.36 (SD = 13.27). Exploratory and confirmatory analysis identified two factors in FRTakS (Investment and Spending Money), both with 4 items; and identified a single factor in FRTolS, comprising 7 items. Conclusion Reliability indexes for the goodness of fit of the factor structure were satisfactory. There was a positive and significant correlation between the FRTakS Investment factor and FRTolS, confirming convergent validity. The results suggest the existence of a two-dimensional factor structure for FRTakS, and a one-dimensional factor structure for FRTolS. The instruments also exhibited convergent validity with each other.

Keywords

Risk behavior, weights and measures, psychometrics, qualitative evaluation, psychological tests

Resumo

Resumo Objetivos Construir e validar uma medida psicológica denominada Escala de Propensão ao Risco Financeiro (FRTakS), e também traduzir, adaptar e validar uma medida psicológica denominada Escala de Tolerância ao Risco Financeiro (FRTolS) em uma amostra brasileira. Evidências de validade interna foram avaliadas com base em análise fatorial exploratória e confirmatória. Além disso, verificamos a validade convergente entre FRTakS e FRTolS. Método Após a construção (FRTakS) e adaptação (FRTolS), os instrumentos passaram pela etapa de avaliação por juízes especialistas sobre a relevância dos itens para a escala e estágio de pré-teste. Um estudo transversal foi realizado com uma amostra de conveniência de 834 pessoas que responderam a convites enviados para uma lista de e-mails, ou a convites on-line publicados no site da Comissão de Valores Mobiliários (CVM). Resultados Os participantes tinham idade média de 39,27 anos [desvio padrão (DP) = 10,82], alta escolaridade (60,9% pós-graduação), eram casados ou viviam juntos (60%), e tinham poder de compra de 41,36 (DP = 13,27). A análise exploratória e confirmatória identificou dois fatores para FRTakS, cada um com 4 itens (Investimento e Gastar Dinheiro); e indicou 1 fator para FRTolS composto por 7 itens. Conclusão A estrutura fatorial apresentou boa adequação, com índices de confiabilidade satisfatórios. Foi encontrada uma correlação positiva e significativa entre o fator FRTakS Investimento e a FRTolS, confirmando a validade convergente. Os resultados sugerem a existência de uma estrutura fatorial bidimensional para FRTakS, e uma estrutura fatorial unidimensional para FRTolS. Além disso, os instrumentos mostraram validade convergente entre eles.

Palavras-chave

Assunção de riscos, pesos e medidas, psicometria, análise qualitativa, testes psicológicos

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