Confidence in institutional knowledge is measured using 9 follow-up questions to items #1-6, 11, 12, and one question for items #7-10 from the financial literacy measure. The following question is used to assess participants' confidence in their answer to the preceding financial knowledge question:

How confident are you that you answered that question correctly?

Participants are asked to respond using a 4-point rating scale (see table below). Confidence in institutional knowledge ranges from 1 to 4 and is calculated by averaging the 9 individual confidence ratings, with a higher rating indicating greater confidence.

Response choices for each question:

Note: If more than half the ratings are missing, this variable is not calculated.

Reference [not in Pubmed]: Gamble KJ, Boyle P, Yu L, Bennett D. The Causes and Consequences of Financial Fraud Among Older Americans. Boston College Center for Retirement Research WP. 2014;13.