Table 6 Results of an OLS regression applied to the aggregate indicators of financial literacy.
Global financial literacy index | |||
|---|---|---|---|
I | II | III | |
Female | − 0.163*** (0.040) | − 0.197*** (0.032) | − 0.158*** (0.056) |
Age | 0.020*** (0.008) | 0.030*** (0.006) | 0.018*** (0.002) |
Age2 | − 0.0002*** (0.000) | − 0.0003*** (0.000) | − 0.0002*** (0.000) |
Nr. household members | 0.006 (0.023) | − 0.019 (0.016) | − 0.007 (0.016) |
Nr. underage children | 0.047 (0.030) | 0.075*** (0.023) | 0.015 (0.024) |
Participation in fin. decisions | 0.113*** (0.032) | 0.147*** (0.025) | |
Married/cohabitant | 0.265*** (0.059) | ||
Female*married/cohabitant | − 0.077 (0.069) | ||
Educational level | 0.149*** (0.042) | 0.235*** (0.025) | 0.183*** (0.031) |
High school type | 0.076** (0.035) | 0.097*** (0.027) | |
Vocational school (business) | 0.187*** (0.045) | ||
Parents’ educational level | − 0.038* (0.021) | − 0.013 (0.017) | 0.000 (0.016) |
Labor force participation | 0.033 (0.052) | 0.069* (0.041) | 0.021 (0.041) |
Family income | 0.067*** (0.009) | ||
Town size | − 0.033 (0.028) | ||
Northwest | 0.160*** (0.058) | 0.110** (0.046) | |
Northeast | 0.205*** (0.059) | 0.201*** (0.047) | |
South | − 0.070 (0.056) | − 0.134*** (0.045) | |
Constant | − 1.000*** (0.218) | − 0.935*** (0.159) | − 0.896*** (0.165) |
Nr. Obs. | 703 | 1221 | 1221 |
R-sq. | 0.302 | 0.168 | 0.238 |
Model F | 19.36 | 29.07 | 24.36 |
[p-value] | [0.000] | [0.000] | [0.000] |