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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%