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Page 1

Journal of Personal Finance

Tools, Techniques, Strategies, and Research
to Aid

Consumers
and

Professional Financial Advisors

Volume 5, Issue 2

The Official Journal of the International Association of
Registered Financial Consultants

Page 2

©2006, IARFC All rights of reproduction in any form reserved.

Journal of Personal Finance2

CONTENTS

EDITOR’S NOTES .................................................................. 9
John E. Grable, Ph.D., CFP®, RFC

NEWS & NOTES .................................................................. 14

PRACTICE MANAGEMENT

A Further Examination Of The Validity Of The Kansas Marital
Satisfaction Scale: Implications For Financial Consultants .............. 17
John E. Grable, Ph.D., CFP®, RFC
Kansas State University
Sonya Britt, M.S.
Kansas State University
The purpose of this study, using data from a survey of Midwestern married
respondents (N = 293), is to yield additional empirical evidence regarding the
criterion- and construct-related validity of the Kansas Marital Satisfaction
Scale. The KMS was significantly correlated with the Relationship Assess-
ment Scale and with Type-A Personality, Self-Esteem, and Religiosity in this
study. These findings confirm the criterion-related validity of the KMS. A
logistic regression was used to test the construct validity of the KMS.
Results support the construct-related validity of the KMS. Lower KMS
scores were associated with an increased likelihood of thinking a marriage
might be in trouble. Age and employment status also were found to be
negatively related to the thought of marital trouble. Since money management
is a large aspect of most marriages, the findings from this study support the
use of the KMS by financial consultants who believe that their clients may be
exhibiting problematic financial and marital behaviors. Implications for
practitioners are provided to elaborate on this finding.

Page 67

Volume 5, Issue 2 67

R
e
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a
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&
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h
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Huck, S. W., & Cormier, W. H. (1996). Reading Statistics and Research (2nd
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Lown, J. (2004). Women’s preferences for learning about financial planning.
Journal of Personal Finance, 3 (4), 49-58.

Lyons, A. C., Hogarth, J., Schuchardt, J., Smith, T., & Toussaint-Comeau, M.
(2003). Evaluating outcomes of personal financial education.
Consumer Interests Annual, 49.

Lyons, A. C., Palmer, L., Jayaratne, K. S. U., & Scherpf, E. (2005). Are we
making the grade? A national overview of financial education and
program evaluation. University of Illinois Chicago. Working Paper
No. 012.

Medill, C. E. (2003). Challenging the four “truths” of personal social security
accounts: evidence from the world of 401(K) plans. North Carolina
Law Review, 81, 901-976.

Oleson, M. (2004). Exploring the relationship between money attitudes and
Maslow’s hierarchy of needs. International Journal of Consumer
Studies, 28 (1), 83-92.

Pinto, M.B., Marsfield, P., & Parente, D. H. (2004). Relationship of credit
attitude and debt to self-esteem and locus of control in college-age
consumers. Psychological Reports, 94, 1405-1418.

Webster, R. L., & Ellis, T. S. (1996). Men’s and women’s self-confidence in
performing financial analysis. Psychological Reports, 79, 1251-1254.

Yang, B., Spinella, M., & Lester, D. (2004). Credit card use and prefrontal cortex
dysfunction: a study in neuroeconomics. Psychological Reports,
94, 1267-1268.

Xiao, J. J., O’Neill, B. O., Prochaska, J. M., Kerbel, C. M., Brennan, P., &
Bristow, B. J. (2004). A consumer education programme based on the
transtheoretical model of change. International Journal of
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Appendix
Questionnaire Items used to Measure Subjective and Real

Knowledge

Subjective Knowledge

SD D N A SA
I know pretty much about investing. 1 2 3 4 5
I do not feel very knowledgeable about investing. 1 2 3 4 5
Among my circle of friends, I’m one of the
“experts” on investments 1 2 3 4 5
Compared to most other people, I know less
about investing. 1 2 3 4 5

Page 68

Journal of Personal Finance68

©2006, IARFC All rights of reproduction in any form reserved.

I have heard of most of the new investments
that are around. 1 2 3 4 5
When it comes to investing, I really don’t
know a lot. 1 2 3 4 5

Yes, This is a Test!
Please circle the correct response.

A bond coupon gives the holder an option to buy
discount bonds. True False Don’t know

Which of the following has the highest risk: a. US Government bonds
b. Preferred stock
c. Cash
d. Don’t know

What is the 20 year average return on stocks? a. 9.7%
b. 12%
c. 23.4%
d. Don’t know

Interest earned on savings accounts is tax-free. True False Don’t know

When interest rates rise, bond prices: a. rise
b. fall
c. no change
d. Don’t know

Today, cash is backed by: a. treasury bonds
b. faith
c. gold
d. Don’t know

Page 134

©2006, IARFC All rights of reproduction in any form reserved.

Journal of Personal Finance134

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Volume 5, Issue 2 135

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