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Table 6 Results of an OLS regression applied to the aggregate indicators of financial literacy.

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

  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]
  1. OLS regression; asymptotically robust SE in parenthesis
  2. Significance levels: *** 1%; ** 5%; * 10%