Table 3.

Measurement model results

Latent variables	Items	Estimates (λ or r)
Financial literacy (FL)	(L1) Day-to-day financial matters	0.76***
	(L2) Good at math	0.55***
	(L3) Financial knowledge	0.71***
	(L4) Financial literacy questions	0.69***
Financial access (FA)	(A1) Checking account	0.70***
	(A2) Saving account	0.74***
	(A3) Investment account	0.78***
	(A4) Retirement plan	0.68***
	(A5) Having credit card	0.77***
Financial behavior (FB)	(B1) Rainy-day fund	0.89***
	(B2) Set long-term financial goal	0.59***
Economic hardship (EH)	(H1) Difficulties covering expense	0.88***
	(H2) Medical difficulties	0.46***
Correlation
FL ↔ FA		0.55***
FL ↔ FB		0.56***
FL ↔ EH		− 0.39***
FA ↔ FB		0.79***
FA ↔ EH		− 0.48***
FB ↔ EH		− 0.61***

λ = item factor loading (standardized) for latent variables, and all factor loadings were significant; r = standardized correlation. Results (n = 24,154) were estimated using weighted least square to correct the categorical nature of indicators. Model fit: χ²₍₅₅₎ = 2274.332, p < .001; CFI = 0.970; TLI = 0.958; RMSEA = 0.041 (90% CI: 0.039–0.042). ***p < .001