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 |