Financial Citizenship Perception (FCP) Scale: proposition and validation of a measure

Abstract

PurposeThe purpose of this study is to propose and validate a Financial Citizenship Perception Scale from the perspective of the citizen.Design/methodology/approachAn instrument was applied in Brazil, whose dimensions and items were analyzed using exploratory and confirmatory factor analysis techniques and hierarchical cluster analysis.FindingsThe scale proposed in the study allows for the development of an indicator that defines whether an individual has a high or low level of financial citizenship, being represented by the dimensions of financial inclusion, financial protection and financial literacy.Practical implicationsThe methodology for standardizing the application of the Financial Citizenship Perception Scale is presented to allow researchers, managers and public policy makers to use the indicator to assess citizens' perception of financial citizenship.Originality/valueFinancial citizenship is a recurring theme in the formulation of recommendations, standards and instructions by international organizations and central banks in different countries. However, the literature on the topic still focuses on proposing indicators of financial citizenship obtained from secondary data.