Development, evaluation and validation of a financial stress scale for traders working in financial market

Authors

  • Ajeet Saoji NKP Salve Institute of Medical Sciences & RC Nagpur, Maharashtra
  • Prachi Saoji Shri Ramdeobaba College of Engineering & Management, Nagpur, Maharashtra
  • Arun Mitra NKP Salve Institute of Medical Sciences & RC, Nagpur, Maharashtra
  • Shilpa Trilok Hajare NKP Salve Institute of Medical Sciences & RC, Nagpur, Maharashtra

DOI:

https://doi.org/10.47203/IJCH.2019.v31i01.014

Keywords:

Financial Stress, Evaluation, Validation, Non-Communicable Diseases

Abstract

Background: Stress due to financial aspects in life is increasingly common in today's world. It can lead to psychological consequences such as anxiety, depression and can also lead to other non-communicable disorders. Previous scales to measure stress; which are generalized and does not necessarily include the financial aspects of stress. Aims & Objectives The purpose of this research is to develop a valid and reliable instrument that can be used to assess stress among day-traders of stock market. Material & Methods: In a cross-sectional survey a questionnaire was prepared based on in-depth interviews with day-traders of stock market. Construct validity, test-retest reliability and inter-rater reliability were carried out. Cronbach's alpha ( ) was 0.85 for the 11 short-listed items, with item-total correlations of 0.2--0.8. Multidimensional scaling determined 2 dimensions -- work related and non-work related. Result: Results from this first study among day-traders in India indicate that traders are not immune to financial stress, with (78.9%) reporting high work related stress, (7.7%) reporting moderate work related and (13.4%) reporting low work related stress. Conclusion: this study identified a set of psychosocial stressors among day-traders and a stress scale (The Financial Stress Scale) was developed in the South Asian context.

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Published

2019-03-31

How to Cite

1.
Saoji A, Saoji P, Mitra A, Hajare ST. Development, evaluation and validation of a financial stress scale for traders working in financial market. Indian J Community Health [Internet]. 2019 Mar. 31 [cited 2024 Mar. 28];31(1):84-9. Available from: https://www.iapsmupuk.org/journal/index.php/IJCH/article/view/1028

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Original Article