Financial Responsibility, Personality Traits and Financial Decision ...

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[28] Wallston, K, B. Wallston, G. Kaplan, and S. Maides, 1976, “Development and Validation of Health Locus of Control (HLC) Scale, ” Journal of Consulting and Clinical Psychology 44, pp. 580-589. 24
Table 1: Summary statistics Total sample (n=1721) Spenders (n=699) Savers (n=566) Mean Stdev Mean Stdev Mean Stdev T-test means A: Household demographics Male respondent (percent) 54.17% 49.84% 52.64664% 0.50 54.0636% 0.50 -0.08 Age of respondent (years) 57.24 13.59 60.40 12.70 54.00 13.80 7.03 Household size (number of persons) 2.40 1.21 2.26 1.12 2.53 1.31 -3.05 Respondent with children (dummy yes=1) 0.30 0.46 0.27 0.44 0.36 0.48 -3.92 Number of childeren in respondent’s household 0.62 1.03 0.47 0.94 0.77 1.12 -4.26 Monthly net income (in euros) 1,845.66 4,648.23 1,751.14 3,589.90 2,096.98 6,850.10 -1.62 B: Skills and Interests Some college education (percent) 39.4% 48.87% 33.90558% 47.37278% 45.75972% 49.86394% -3.22 Good at mathematics (percent) 27.14% 44.49% 25.60801% 43.67791% 30.03534% 45.88171% -2.31 Keeps up with the financial news (percent) 10.51% 30.67% 8.29757% 27.6043% 13.9576% 34.68531% -3.66 Manages the financial administration in the household (percent) 71.47% 45.17% 71.10157% 45.36152% 70.84806% 45.48642% -0.23 Financial literacy score (numbers of questions correct out of six) 4.18 1.19 4.13 1.17 4.31 1.20 -2.73 25 C: Personality and Attitude Religious respondent (percent) 57.6% 49.43% 58.3691% 49.3299% 56.71378% 49.59103% 0.96 Catholic (percent) 28.35% 45.08% 29.89986% 45.8147% 26.67845% 44.267% 0.97 Reformed (percent) 20.42% 40.32% 21.03004% 40.78138% 19.25795% 39.46744% 0.51 Political preference: left wing (percent) 26.79% 44.3% 25.89413% 43.8367% 31.62544% 46.54248% -2.81 Positive economic expectations (percent) 36.64% 48.2% 21.03004% 40.78138% 64.48763% 47.89741% -17.31 Keeps a tight administration 62.88% 48.33% 55.50787% 49.73129% 77.38516% 41.87064% -0.23 Risk taker 9% 28.64% 7.01001% 25.54985% 11.13074% 31.47907% -1.88 Internal locus of financial control 4.42 0.88 4.33 0.89 4.59 0.85 -5.41 Chance construct score 3.39 0.91 3.44 0.90 3.30 0.93 2.73 D: Youth and upbringing Generation born before 1945 (percent) 25.95% 43.85% 34.04864% 47.42121% 18.0212% 38.47039% 5.48 Generation born between 1945-1960 (percent) 39.88% 48.98% 41.48784% 49.30538% 38.16254% 48.62151% 0.31 Generation born between 1960-1975 (percent) 26.07% 43.92% 20.31474% 40.26294% 32.50883% 46.88222% -3.63 Generation born after 1975 (percent) 8.11% 27.3% 4.14878% 19.95584% 11.30742% 31.69636% -3.83 Respondents born into families that were well off (percent) 25.83% 43.78% 23.60515% 42.49583% 29.5053% 45.647% -2.81 Parents of respondents saved for respondent’s education 21.26% 40.93% 18.31187% 38.70408% 26.14841% 43.98317% -3.61 Respondents that received pocket money at the age of 12 53.75% 49.87% 48.78398% 50.021% 60.77739% 48.86785% -4.09
Page 1 and 2: Financial Responsibility, Personali
Page 3 and 4: decisions through their understandi
Page 5 and 6: literacy test are 38% more likely t
Page 7 and 8: for their retirement, and thereby r
Page 9 and 10: In total, the survey consists of 62
Page 11 and 12: e good at mathematics, and merely 1
Page 13 and 14: looked at in detail later, and is o
Page 15 and 16: striking are the low scores that we
Page 17 and 18: these two household demographics re
Page 19 and 20: savers, the only interaction effect
Page 21 and 22: References [1] Berman, A. and T. Ha
Page 23: [19] Modigliani, F., Brumberg,R., 1
Page 27 and 28: Table 3: Robustness test of savings
Page 29 and 30: Table 5: Logit regressions on obser
Page 31 and 32: % Savers 60 50 40 30 20 10 0 Male F
Page 33 and 34: - It is hard to find a good financi
Page 35 and 36: C Financial Literacy Mean Stdev Min
Page 37 and 38: 100% 80% 60% 40% 20% 0% > 1960 1945

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