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March 25, 2026Discover Psychology0 citationsOpen Access

Cross-cultural adaptation and validation of the Multidimensional Subjective Financial Well-Being Scale (MSFWBS) for the Mexican adult population

JGJessica GarneauAPAnnick Parent-Lamarche

Key Points

  • This research aims to adapt and validate the MSFWBS to ensure it accurately measures financial well-being in the Mexican context.
  • Adopted international cross-cultural adaptation guidelines for instrument translation.
  • Administered a 25-item MSFWBS to 501 Mexican adults.
  • Conducted exploratory and confirmatory factor analyses on split subsamples.
  • Assessed reliability using McDonald's omega and validity through various statistical indices.
  • Supported the original five-factor structure of the MSFWBS.
  • Demonstrated excellent internal consistency with an omega value of 0.95.
  • Showed strong correlations with life satisfaction (r = 0.71) and negative associations with perceived stress (r = -0.41).
  • Confirmed factorial validity and measurement invariance.

Abstract

Financial well-being is increasingly recognized as a central dimension of overall well-being, yet few culturally adapted instruments exist to measure its subjective aspects in Latin America. This study aimed to adapt and validate the Multidimensional Subjective Financial Well-Being Scale (MSFWBS) for use with the Mexican adult population, ensuring linguistic, cultural, and psychometric equivalence. Following international cross-cultural adaptation guidelines, the 25-item MSFWBS was translated and administered to 501 Mexican adults. Exploratory (EFA) and confirmatory (CFA) factor analyses were performed on split subsamples. Reliability was assessed using McDonald’s omega, while validity was examined through correlations with life satisfaction and perceived stress, latent-level convergent and discriminant validity indices (AVE, CR), measurement invariance, and known-groups comparisons. The original five-factor structure was supported, demonstrating excellent incremental fit (CFI = 0.994; TLI = 0.993) and acceptable absolute fit (RMSEA = 0.071; SRMR = 0.062). Internal consistency was excellent for the total scale (ωₜ = 0.95). Convergent and criterion-related validity were supported through strong correlations with Satisfaction with Life Scale (SWLS) (r = .71, p < .001) and negative associations with Perceived Stress Scale (PSS) (r = –.41, p < .001), as expected. The Mexican version of the MSFWBS demonstrates robust factorial validity, reliability, and cultural relevance. It provides a psychometrically sound instrument for assessing subjective financial well-being in Mexico and supports cross-cultural comparisons in financial psychology.

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Cite This Study

Garneau et al. (2026) studied this question.

synapsesocial.com/papers/69c37ba2b34aaaeb1a67e2f8https://doi.org/10.1007/s44202-026-00670-2
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