Huston (2010) identified three main barriers to effectively measuring financial literacy.
These barriers include (a) the lack of conceptualization and definition of the financial literacy
construct, (b) the content of the instrument, and (c) interpretation of the instrument used to
measure. Historically, only about 25% of the relevant research clearly identified and connected
the framework for financial literacy that was used (Huston, 2010). Of the 25% that did identify
and elaborate on the construct used, most of the research interchangeably applied the definition
of financial knowledge to financial literacy. The lack of an identified construct for financial
literacy and the inconsistent application of the term greatly limit both comparability and validity
across the limited amount of existing research (Huston, 2010).