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Table 5 Results of the ordered probit regressions applied to each elementary i.

From: The challenge of assessing financial literacy: alternative data analysis methods within the Italian context

  Financial familiarity index (FFI) Financial behavior index (FBI) Financial attitude index (FAI) Financial knowledge index (FKI) Financial planning index (FPI)
I II III I II III I II III I II III I II III
Individual and household characteristics
 Female − 0.472*** (0.088) − 0.404*** (0.063) − 0.358*** (0.108) − 0.007 (0.077) − 0.031 (0.059) − 0.071 (0.107) 0.118 (0.085) 0.087 (0.063) 0.091 (0.106) − 0.542*** (0.083) − 0.641*** (0.062) − 0.650*** (0.103) − 0.173** (0.083) − 0.149** (0.062) 0.029 (0.110)
 Age 0.093*** (0.017) 0.098*** (0.012) 0.083*** (0.014) − 0.011 (0.014) 0.006 (0.012) − 0.007 (0.012) 0.030* (0.017) 0.031*** (0.013) 0.012 (0.014) 0.041*** (0.016) 0.032*** (0.011) 0.022** (0.013) − 0.019 (0.017) 0.004 (0.013) − 0.002 (0.014)
 Age2 − 0.0009*** (0.0001) − 0.0008*** (0.0001) − 0.0008*** (0.0001) − 0.0000 (0.0001) − 0.0001 (0.0001) − 0.0000 (0.0001) − 0.0003* (0.0002) − 0.0003*** (0.0001) − 0.0002 (0.0001) − 0.0004** (0.0001) − 0.0002*** (0.0001) − 0.0002** (0.0001) 0.0002 (0.0002) − 0.000 (0.0001) − 0.0000 (0.0001)
 Nr. household members 0.070 (0.044) − 0.010 (0.030) − 0.044 (0.032) − 0.018 (0.044) − 0.038 (0.027) − 0.021 (0.029) 0.017 (0.044) 0.013 (0.030) 0.027 (0.032) 0.032 (0.045) 0.011 (0.030) 0.051 (0.032) − 0.075 (0.048) − 0.076** (0.032) − 0.058* (0.033)
 Nr. underage children 0.003 (0.060) 0.099** (0.047) − 0.013 (0.052) 0.066 (0.062) 0.099** (0.042) 0.054 (0.046) 0.058 (0.061) 0.051 (0.044) − 0.031 (0.048) 0.018 (0.061) 0.065 (0.045) − 0.003 (0.048) 0.147** (0.061) 0.104** (0.045) 0.067 (0.048)
 Participation in financial decisions 0.245*** (0.071)   0.251*** (0.054) 0.092 (0.066)   0.170*** (0.048) 0.139** (0.073)   0.151*** (0.055) 0.134** (0.067)   0.163*** (0.051) 0.072 (0.068)   0.111** (0.052)
 Married/cohabitant    0.444*** (0.118)    0.184* (0.106)    0.397*** (0.108)    0.205* (0.107)    0.313*** (0.113)
 Female*married/cohabitant    − 0.120 (0.134)    0.035 (0.129)    − 0.038 (0.132)    − 0.008 (0.126)    − 0.297** (0.135)
Education
 Educational level 0.375*** (0.086) 0.400*** (0.047) 0.379*** (0.061) − 0.037 (0.083) 0.149*** (0.045) 0.039 (0.059) 0.131 (0.090) 0.168*** (0.049) 0.124** (0.062) 0.406*** (0.090) 0.399*** (0.048) 0.385*** (0.064) 0.050 (0.087) 0.207*** (0.048) 0.119** (0.061)
 High school type 0.002 (0.070)   0.098* (0.051) 0.125* (0.070)   0.178*** (0.055) 0.154** (0.073)   0.085* (0.051) 0.014 (0.074)   0.068 (0.054) 0.141** (0.072)   0.133** (0.054)
 Vocational school (business)   0.410*** (0.091)    0.107 (0.081)    0.038 (0.092)    0.387*** (0.090)    0.087 (0.086)  
 Parents’ educational level − 0.040 (0.041) 0.060** (0.029) 0.038 (0.031) 0.005 (0.041) − 0.017 (0.029) − 0.030 (0.030) − 0.147*** (0.043) − 0.066** (0.033) − 0.073* (0.033) − 0.011 (0.041) 0.096*** (0.033) 0.075** (0.033) − 0.039 (0.043) 0.025 (0.032) 0.014 (0.033)
Labor force status and income
 Labor force participation 0.128 (0.107) 0.271*** (0.079) 0.195*** (0.081) 0.042 (0.101) 0.081 (0.075) 0.048 (0.077) − 0.176 (0.110) − 0.145* (0.079) − 0.184** (0.082) − 0.112 (0.098) − 0.095 (0.075) − 0.152** (0.076) 0.196* (0.107) 0.247*** (0.077) 0.190** (0.079)
 Family income 0.133*** (0.019)    0.049*** (0.017)    0.028 (0.019)    0.091*** (0.018)    0.089*** (0.019)   
Geographical variables
 Town size − 0.085 (0.060)    − 0.006 (0.055)    − 0.081 (0.061)    0.069 (0.067)    − 0.108 (0.072)   
Northwest 0.286** (0.117)   0.187** (0.088) 0.108 (0.112)   0.099 (0.084) 0.130 (0.121)   0.028 (0.092) 0.228** (0.111)   0.090 (0.084) 0.174 (0.120)   0.229** (0.093)
 Northeast 0.345*** (0.124)   0.236** (0.093) 0.186* (0.114)   0.222** (0.088) 0.162 (0.134)   0.140 (0.101) 0.239** (0.120)   0.180** (0.091) 0.289** (0.119)   0.336*** (0.096)
 South − 0.307*** (0.108)   − 0.423*** (0.085) 0.070 (0.109)   0.080 (0.083) − 0.108 (0.119)   − 0.189** (0.092) − 0.111 (0.108)   − 0.294*** (0.086) 0.025 (0.113)   − 0.039 (0.092)
 Nr. Obs. 719 1247 1247 719 1247 1247 719 1247 1247 719 1247 1247 719 1247 1247
 Pseudo R-sq. 0.151 0.086 0.114 0.014 0.009 0.016 0.030 0.009 0.022 0.076 0.058 0.066 0.050 0.021 0.033
 Wald Chi-sq. 255.28 260.61 296.39 39.41 44.39 73.99 51.07 29.16 64.81 201.04 243.12 288.92 91.28 68.96 104.98
 [p value] 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
 Log Pseudo-L − 793.078 − 1486.64 − 1440.98 − 1.231.241 − 2.195.900 − 2.180.538 − 844.505 − 1.476.702 − 1.457.225 − 1191.22 − 2109.85 − 2092.90 − 869.94 − 1548.69 − 1.528.917
  1. Ordered probit MLE; asymptotically robust SE in parenthesis
  2. Significance levels: *** 1%; ** 5%; * 10%