Exploratory Factor Analysis of Financial Services and Products Indicators: The Dimensionality of Financial Access

IF 3.2 3区经济学 Q3 BUSINESS

Journal of Consumer Affairs Pub Date : 2025-06-18 DOI:10.1111/joca.70016

Yingying Zhang, Julie Birkenmaier, Jin Huang

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引用次数: 0

Abstract

This study explores the underlying dimensions of mainstream financial services and products commonly used to measure consumer financial access, whose psychometric properties remain underexplored. Based on 2023 data collected online from a national sample of 1085 respondents, Exploratory Factor Analysis (EFA) was conducted to identify the latent structure of the financial access measure. The analysis identified three distinct factors, accounting for 41% of the total variance: (1) Basic banking services (checking and savings accounts); (2) Advanced financial services (retirement accounts, Certificate of Deposits, investments, disability insurance, life insurance, bank loan, line of credit, financial counseling/coaching, and credit score); and (3) Mobile/online banking services (mobile banking, transfer applications, and debit cards). These findings underscore the academic and practical significance of evaluating financial access using a comprehensive set of financial products and services across these three categories. The results offer a validated framework for improving financial access measurement and informing inclusive financial policies.

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金融服务与产品指标的探索性因子分析：金融准入的维度

本研究探讨了主流金融服务和产品的潜在维度，这些服务和产品通常用于衡量消费者的金融获取，其心理测量属性仍未得到充分探索。基于从全国1085名受访者中收集的2023年在线数据，探索性因子分析（EFA）进行了探索性因子分析（EFA），以确定金融准入措施的潜在结构。分析确定了三个不同的因素，占总方差的41%:(1)基本银行服务（支票和储蓄账户）；(2)高级金融服务（退休账户、存款证、投资、残疾保险、人寿保险、银行贷款、信用额度、财务咨询/辅导、信用评分）；(3)手机/网上银行服务（手机银行、转账应用和借记卡）。这些发现强调了在这三个类别中使用一套全面的金融产品和服务来评估金融获取的学术和现实意义。研究结果为改善融资可及性、衡量和为普惠金融政策提供信息提供了一个经过验证的框架。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Consumer Affairs Multiple-

CiteScore

4.60

自引率

17.90%

发文量

期刊介绍： The ISI impact score of Journal of Consumer Affairs now places it among the leading business journals and one of the top handful of marketing- related publications. The immediacy index score, showing how swiftly the published studies are cited or applied in other publications, places JCA seventh of those same 77 journals. More importantly, in these difficult economic times, JCA is the leading journal whose focus for over four decades has been on the interests of consumers in the marketplace. With the journal"s origins in the consumer movement and consumer protection concerns, the focus for papers in terms of both research questions and implications must involve the consumer"s interest and topics must be addressed from the consumers point of view.