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About Our Research

Our research focuses on building “financial intelligence” — a deep, data-driven understanding of how people think, feel, and behave with money — and using it to enhance consumer well-being. We analyze large survey, administrative, and text datasets with advanced statistics, machine learning, and AI to study financial stress, risk tolerance, algorithmic decision environments, and access to professional financial help, particularly among vulnerable and rural households.

Across projects, we combine behavioral science, financial planning, and various data analytics to design practical tools and interventions. Working with industry partners, community organizations, and public agencies, we aim to create evidence-based solutions that make financial systems more inclusive, ethical, and supportive of long-term quality of life.

Financial Behavior Associated Scales

APR Financial Stress Scale (24-item) | Open Resource
The APR Financial Stress Scale is a validated, multidimensional measure of financial stress that captures Affective, Physiological, and Relational responses. Developed using expert review and two national samples, this scale supports both research and practice by helping users identify how financial stress shows up emotionally, physically, and in relationships.

Access & download
(Original 24 itmes) Download the scale + documentation (PURR): https://purr.purdue.edu/publications/5024/1

(Shorten Version, 9 items) Download documentation (PURR): https://purr.purdue.edu/publications/5059/1
Read the peer-reviewed paper: “APR Financial Stress Scale” by Heo et al.


Quiz: If you’d like to test your score, click here

https://extension.purdue.edu/hhs/money/programs/investment-risk-tolerance.html (Two options inside: one is for financial risk tolerance; the other is for financial stress)

APR Financial Stress Scale (A–P–R): A Practical, Multidimensional Measure
Financial stress is not just “worry about money.” It can appear as emotional distress, physical symptoms, and relationship strain. The APR Financial Stress Scale was developed to capture this full picture with a clear, evidence-based structure and strong psychometric validation.
What the scale measures
The APR scale includes 24 items across three subscales:
Affective Reactions (A): emotional responses such as anxiety, sadness, and feeling drained
Relational/Interpersonal Behavior (R): stress-related strain in work and close relationships
Physiological Responses (P): physical stress responses (e.g., bodily tension and discomfort)

How to use it (simple steps)
Format: 24 statements rated on a 5-point agreement scale (Strongly Disagree → Strongly Agree).
Time to complete: ~2–3 minutes
Who it is for: researchers, clinicians/financial therapists, educators, and organizations interested in financial well-being screening and evaluation.

Scoring (straightforward)
Total score: Sum all 24 items (higher scores = higher financial stress).
Subscale scores: Sum the 8 items within each domain (A, R, P) to see how stress is manifesting (emotional vs. relational vs. physical).

Why this matters for FinELab
At the Financial Intelligence for Consumer Well-being Lab (FinELab), we build human-centered financial intelligence by combining validated psychological measurement with data-driven methods. The APR scale is a foundational tool for converting real-world stress experiences into actionable insights—supporting better interventions, better services, and better consumer outcomes.

How to cite Heo, W., Cho, S. H., & Lee, P. (2020). APR Financial Stress Scale: Development and Validation of a Multidimensional Measurement. Journal of Financial Therapy, 11(1). https://doi.org/10.4148/1944-9771.1216

Financial Risk Tolerance (FRT) refers to an individual’s willingness to take financial risk when making decisions such as saving, investing, and borrowing. It reflects how comfortable someone is with uncertainty and potential loss in exchange for potential gain.

The 13-item made by Grable & Lytton Measure

On this website, we use the widely used 13-item Grable & Lytton Financial Risk Tolerance Scale. The questionnaire includes items that assess risk attitudes and preferences across common financial situations. Responses are combined to produce an overall FRT score that can be used for research, education, and informed financial decision-making.

Citation: Grable, J., & Lytton, R. H. (1999). Financial risk tolerance revisited: The development of a risk assessment instrument. Financial Services Review, 8(3), 163–181. https://doi.org/10.1016/S1057-0810(99)00041-4

Take the Survey

You can complete the FRT questionnaire here (Either work)

https://extension.purdue.edu/hhs/money/programs/investment-risk-tolerance.html (Two options inside: one is for financial risk tolerance; the other is for financial stress)

https://designer.spreadsheetweb.com/a/optimrisk-scale-1

Led by Hye Jun Park (Ph.D. Candidate), a core member of the Financial Intelligence for Consumer Well-being Lab (FinELab), this ongoing project develops a framework to measure the financial bandwagon effect—the tendency for individuals to change financial attitudes or decisions (e.g., investing, spending, risk-taking) in response to what others appear to be doing. The goal is to capture how social signals, trends, and collective behavior can influence consumer financial choices and well-being.

Update notice
This work is currently under development. We will post updated definitions, measurement items, and research outputs as they become available.

On-going/Completed Research Archive

This ongoing project develops a research dataset to examine financial stress and its associated psychological factors among financial consumers. The dataset captures multidimensional indicators—such as emotional and physical stress responses, perceived financial strain, financial satisfaction, and financial risk tolerance—to better understand how psychological and financial conditions relate to consumer financial behaviors and well-being. The goal is to support rigorous empirical analyses and inform evidence-based interventions for improving financial resilience.

Wave 1, 2018 survey, IRB approved, N = 400, data/documentation/description are available from https://purr.purdue.edu/publications/5008/1

Wave 2, 2019 survey, IRB approved, N = 1,000, data/documentation/description are available from https://purr.purdue.edu/publications/5009/1

Wave 3, 2021 survey, IRB approved, N = 1,000, data/documentation/description are available from https://purr.purdue.edu/publications/5010/1

Wave 4, 2022 survey, IRB approved, N = 1,000, data/documentation/description are available from https://purr.purdue.edu/publications/5011/1

Wave 5, 2023 survey, IRB approved, N = 1,000, data/documentation/description are available from https://purr.purdue.edu/publications/5012/1

This is an ongoing collaborative project with FP Canada, running from September 2025 through February 2026. As of December 2025, Deliverables 1–3 have been completed, and the project will conclude with Deliverable 4 in February 2026.

FP Canada funded Research Archive:

Stage 1: https://purr.purdue.edu/publications/5005/1

Stage 2: https://purr.purdue.edu/publications/5006/1

Stage 3: https://purr.purdue.edu/publications/5018/1

Stage 4 (Final): https://purr.purdue.edu/publications/5041/1