Financial Responsibility, Personality Traits and Financial Decision ...
Financial Responsibility, Personality Traits and Financial Decision ...
Financial Responsibility, Personality Traits and Financial Decision ...
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Table 4: Logit regressions on self-reported savers<br />
(1) (2) (3) (4) (5)<br />
Household demographics<br />
Age 0.975*** 0.975*** 0.990* 0.990*<br />
(0.00472) (0.00481) (0.00562) (0.00576)<br />
Male respondent (percent) 0.981 0.945 0.982 0.962 0.956<br />
(0.129) (0.128) (0.146) (0.144) (0.145)<br />
Household size 0.834 0.756** 0.784* 0.768* 0.775*<br />
(0.102) (0.100) (0.113) (0.112) (0.114)<br />
Household with children (dummy) 0.942 0.991 0.892 0.938 0.914<br />
(0.260) (0.276) (0.277) (0.295) (0.288)<br />
Number of children 1.368* 1.494** 1.466* 1.501** 1.495*<br />
(0.244) (0.277) (0.299) (0.309) (0.313)<br />
Monthly net income 1.303*** 1.175 1.129 1.090 1.090<br />
(0.131) (0.125) (0.131) (0.129) (0.129)<br />
Skills <strong>and</strong> interests<br />
College Education 1.179 1.201 1.203 1.165<br />
(0.150) (0.167) (0.169) (0.168)<br />
Good at mathematics 1.135 1.074 1.018 1.012<br />
(0.155) (0.159) (0.153) (0.153)<br />
Keeps up with the financial news 1.658*** 1.523** 1.371 1.376<br />
(0.316) (0.320) (0.292) (0.295)<br />
Manages the household financial administration 0.888 0.875 0.867 0.870<br />
(0.129) (0.139) (0.138) (0.140)<br />
<strong>Financial</strong> literacy score of 5 or 6 1.374** 1.550** 1.551** 1.525**<br />
(0.220) (0.271) (0.274) (0.269)<br />
<strong>Personality</strong> <strong>and</strong> attitude<br />
Religious respondent 0.992 0.991 0.997<br />
(0.131) (0.132) (0.133)<br />
Political preference: left wing 1.397** 1.467*** 1.387**<br />
(0.205) (0.218) (0.215)<br />
Positive economic expectations 4.742*** 4.742*** 4.794***<br />
(0.638) (0.644) (0.649)<br />
Respondent keeps a tight administration 2.068*** 2.072*** 2.059***<br />
(0.295) (0.298) (0.298)<br />
Risk taker 0.986 0.955 0.895<br />
(0.214) (0.209) (0.198)<br />
Strong internal locus of financial control 1.361*** 1.356***<br />
(0.104) (0.105)<br />
High score on chance construct 1.024 1.033<br />
(0.0861) (0.0874)<br />
Youth <strong>and</strong> upbringing<br />
Generation born before 1945 0.755<br />
(0.221)<br />
Generation born between 1945-1960 1.030<br />
(0.266)<br />
Generation born between 1960-1975 1.144<br />
(0.298)<br />
Respondents born into families that were considered well off 1.257<br />
(0.194)<br />
Parents of respondents saved for respondents education 1.085<br />
(0.175)<br />
Respondent received pocket money at age of 12 1.075<br />
(0.149)<br />
Constant 0.385 0.869 0.145** 0.0444*** 0.0237***<br />
(0.318) (0.735) (0.136) (0.0461) (0.0243)<br />
Rˆ2-adjusted 0.0319 0.0424 0.1567 0.1659 0.1688<br />
Observations 1,438 1,438 1,438 1,438 1,438<br />
seEform in parentheses<br />
*** p
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