Measurement Validation for Money Management Intention Based on the Transtheoretical Model of Behavior Change

This study aims to validate an instrument to measure money management intention based on six processes and three cognitive stages of change according to the transtheoretical model of change. A total of one thousand sixty-three Thai undergraduate students from three public and three private universities in Bangkok and Nakorn Pathom provinces in Thailand were randomly recruited in the various validation steps including confirmatory factor analysis, test-retest reliability method, concurrent validation, convergent validation and discriminant validation. The results confirmed the validity and reliability of the eighteen items based on the six components among the general university students; CFA showed acceptable fit indices; χ2 = 331.65, χ2/df = 2.88, CFI = .91, GFI = .87, RMSEA = .06, scoring separately in each process of change. Moreover, saving from Saving Scale and Machiavellianism from SD3-TH indicated the most robust relationships with all developing measures significantly. Convergent and discriminant validations were met the critical criteria. This validated measure was labeled as MMIQ-TTM. The present study confirms the usefulness of six processes and three stages in measuring money management intention at the early cognitive stage before performing behavioral changes in the future action stages among undergraduate students.