Validating a Multidimensional Financial Literacy Model for Thai Pre-Service Teachers

Abstract

Financial literacy is increasingly recognized as a multidimensional competency essential for both individual well-being and societal development. Despite global progress, validated instruments tailored to teacher education remain scarce, particularly in developing contexts such as Thailand. This study develops and validates a comprehensive financial literacy measurement instrument for Thai pre-service teachers, grounded in the OECD/INFE tripartite framework of knowledge, behavior, and attitude. Using a quantitative design, data were collected from 350 pre-service teachers enrolled in Group 3 institutions designated by Thailand’s Ministry of Higher Education. The instrument underwent expert validation (CVI) and confirmatory factor analysis (CFA) using AMOS. Results demonstrated excellent model fit indices (CFI = 0.96, TLI = 0.94, RMSEA = 0.08, RMR = 0.04), strong factor loadings (0.63–0.91), and robust reliability and validity measures (CR = 0.956, AVE = 0.880). Findings confirm that financial literacy among pre-service teachers is best conceptualized as a multidimensional construct, with behavior and attitude contributing as strongly as knowledge. This validated tool offers theoretical contributions by extending financial literacy measurement into teacher education, practical value by providing an assessment model for curriculum design, and policy relevance by aligning with Thailand’s national teacher standards and OECD benchmarks. The study addresses critical measurement gaps and provides a foundation for comparative and longitudinal research, positioning financial literacy as a core competency in teacher preparation and educational reform.