Description

The Economic Locus of Control Scale [ELOCS-40] is a psychometric tool that measures individuals’ sense of control over their financial situation. It focuses on whether people believe their economic well-being depends on their own actions (internal control) or on external factors, such as luck, other people, or the social system (external control).

Data Analysis and Use

The data collected through the ELOCS-40 scale can be analyzed as follows:
Scoring: Individuals rate the statements on a Likert scale, typically ranging from “strongly disagree” to “strongly agree.” Higher scores indicate an internal locus of control, while lower scores indicate an external locus of control.
Statistical Analysis:
Descriptive Statistics: Used to determine the distribution of views on economic control within the population.
Correlation: The relationship between economic locus of control and factors such as income, education, or employment status is examined.
Comparative Analysis: Used to compare different social or economic groups in terms of the locus of control they experience.

Objective

The goal of the Economic Locus of Control Scale [ELOCS-40] is to assess how individuals perceive the control they have over their economic circumstances, which can significantly influence financial decisions, self-esteem, and coping strategies for financial difficulties.

Calibration

The calibration of the tool is based on reliability and validity analysis and includes:
Cross-Cultural Studies: The ELOCS-40 is examined in various cultural contexts to ensure its appropriateness.
Reliability Analysis: Indicators such as Cronbach’s alpha are used to assess the internal consistency of the tool.
Validity Testing: The accuracy of the scale in measuring the sense of economic control is examined.

References

Rotter, J. B. (1966). Generalized expectancies for internal versus external control of reinforcement. Psychological Monographs: General and Applied, 80(1), 1-28.
Furnham, A. (1986). Economic locus of control. Human Relations, 39(1), 29-43.