Microsoft Word Ed Horwitz Post Dissertation Fina docx

  Variables 
 Dependent Variables 
Zimmerman (1995) suggested that financial well-being comes from a state of being free 
from financial worry. Therefore, indications of increased well-being can be seen in decreased 
financial worry and increased financial satisfaction and confidence. As such, financial well-being 
is highly subjective and most appropriately measured by the perception of the individual. The 
financial well-being measures were chosen from questions utilized by Garman et al. (1999) and 
Joo (1998). A total of six subjective questions were used to assess financial well-being. The 
following questions were asked, using a four-point Likert scale where 1=strongly agree, 2=agree, 
3=disagree, and 4=strongly disagree. The six financial well-being measures were reverse coded 
so that higher scores indicate increased levels of financial satisfaction, confidence, or worry. 
 
1.  Savings Satisfaction: I am satisfied with the amount of money that I am able to 
save. 
2.  Income Worry: I have difficulty living on my income. 
3.  Expense Worry: I worry about being able to pay monthly living expenses. 
4.  Debt Worry: I worry about how much money I owe. 
5.  Retirement Savings Confidence: I feel confident about saving for a comfortable 
retirement. 

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6.  Comfortable Retirement Confidence: I think I will have enough income to live 
comfortably throughout retirement.