One way to look at financial literacy is to establish the basis for exchanges in economic activities.
The Taylor – Goals, Resources, Activity System Scale (T-GRASS )elicits the goals and resources of participants in economic exchanges. It is based on a model of community health developed by Cornish (2008) and is consistent with the socioecological perspective. The latter is a contextual view extensively applied in prevention and health science. A major advantage of this model is the emphasis on capacity building. The T-GRASS assesses financial capacity demonstrated by personal and shared goals, resources, and activities. Of particular interest is the study of the relationship between well-being and resources. In addition, discrepancies between goals and resources will be examined for their role in financial stress. This is an alternative to the behavioral change model of financial literacy interventions.
The measure has been piloted with 300 Millenials (ages 18 -30), GenXers ( ages 31 – 45) and Baby Boomers (ages 46 – 65). Preliminary descriptive statistics reveal high personal goals and lower resource levels. In addition, while Family, Health, and Home are reported as the areas of life most important to personal well-being, the T-GRASS suggests that family and home are domains where people face resource limitations. Qualtrics managed the research panels for this work and the results of the first analysis will be reviewed during the 2013 – 2014 academic year. The work was made possible by a grant from Thinkfinity.