Developing Items for Measuring Financial Well-being Among Single Mothers in Malaysia: An Exploratory Factor Analysis Procedure

Abstract

This paper explains the steps involved in conducting an Exploratory Factor Analysis (EFA) on the survey questionnaire to ensure its validity and reliability. A cross-sectional study was utilized and data was collected through a multi-stage random sampling method. The pilot study utilized a self-administered questionnaire distributed to single mothers in Malaysia who received “Bantuan Khas Ibu Tunggal” (BKIT) in 2020. The construct is represented by ten items carefully selected from studies. To ensure validity and reliability, Cronbach's Alpha was calculated for the construct and confirmed that it was reliable. This paper provides a detailed explanation of the procedures for conducting the EFA on Financial Well-being construct. The findings indicated that the instrument for the Financial Well-being construct satisfied the criteria for both construct validity and reliability and could therefore be utilized in further research.