Testing the Bifactor Model of the Financially Focused Self-Concept Scale

Financially focused self-concept has been linked to gambling problems among people who gamble. Herein, we examined the bifactor structure of the 20item financially focused self-concept scale (FFS), which includes one global factor and four grouping factors (self-views, feelings, interpersonal relationships, achievement). We examined the convergent and discriminant validity of the 20-item and 4-item FFS. Participants were community members who gamble (N = 393). They completed the 20-item FFS, Perceived Relative Deprivation Scale (PRDS), Problem Gambling Severity Index (PGSI), and reported personal income. The bifactor model provided a good fit to the data, and a better fit relative to a single-factor model. All FFS items loaded strongly on a global factor. The 20-item and 4-item FFS had similar positively moderate correlations with PRDS and PGSI, and no association with personal income. These findings support the robust psychometric properties of the FFS and are the first to support a bifactor model of financially focused self-concept.