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 5: Logit regressions on observed savers<br />
(1) (2) (3) (4) (5)<br />
Household demographics<br />
Age 1.006 1.005 1.003 1.008<br />
(0.00474) (0.00482) (0.00527) (0.00546)<br />
Male respondent (percent) 0.988 0.945 0.941 0.951 0.978<br />
(0.132) (0.129) (0.131) (0.134) (0.139)<br />
Household size 1.170 1.160 1.132 1.139 1.200<br />
(0.139) (0.148) (0.146) (0.150) (0.159)<br />
Household with children (dummy) 0.380*** 0.396*** 0.413*** 0.426** 0.361***<br />
(0.121) (0.128) (0.135) (0.142) (0.122)<br />
Number of children 0.915 0.906 0.908 0.910 0.829<br />
(0.176) (0.180) (0.183) (0.188) (0.175)<br />
Monthly net income 2.145*** 1.869*** 1.830*** 1.665*** 1.657***<br />
(0.251) (0.233) (0.228) (0.204) (0.204)<br />
Skills <strong>and</strong> interests<br />
College Education 1.104 1.111 1.056 1.035<br />
(0.140) (0.143) (0.138) (0.140)<br />
Good at mathematics 0.960 0.932 0.853 0.841<br />
(0.131) (0.128) (0.120) (0.120)<br />
Keeps up with the financial news 1.710*** 1.500** 1.374 1.464*<br />
(0.327) (0.293) (0.275) (0.296)<br />
Manages the household financial administration 1.152 1.091 1.102 1.111<br />
(0.168) (0.161) (0.165) (0.168)<br />
<strong>Financial</strong> literacy score of 5 or 6 1.466** 1.449** 1.398** 1.382**<br />
(0.233) (0.233) (0.228) (0.227)<br />
<strong>Personality</strong> <strong>and</strong> attitude<br />
Religious respondent (0.146) (0.150) (0.154)<br />
Political preference: left wing 1.023 1.064 0.918<br />
(0.144) (0.152) (0.138)<br />
Positive economic expectations 0.943 0.923 0.883<br />
(0.127) (0.126) (0.121)<br />
Respondent keeps a tight administration 1.428*** 1.389** 1.384**<br />
(0.183) (0.181) (0.182)<br />
Risk taker 1.829*** 1.676** 1.527**<br />
(0.363) (0.337) (0.312)<br />
Strong internal locus of financial control 1.408*** 1.409***<br />
(0.101) (0.103)<br />
High score on chance construct 0.728*** 0.740***<br />
(0.0585) (0.0602)<br />
Youth <strong>and</strong> upbringing<br />
Generation born before 1945 1.832**<br />
(0.546)<br />
Generation born between 1945-1960 2.344***<br />
(0.647)<br />
Generation born between 1960-1975 2.631***<br />
(0.748)<br />
Respondents born into families that were considered well off 0.988<br />
(0.144)<br />
Parents of respondents saved for respondents education 1.525***<br />
(0.235)<br />
Respondent received pocket money at age of 12 1.026<br />
(0.133)<br />
Constant 0.00140*** 0.00319*** 0.00320*** 0.00273*** 0.00185***<br />
(0.00132) (0.00306) (0.00314) (0.00287) (0.00193)<br />
Rˆ2-adjusted 0.0630 0.0727 0.0832 0.105 0.1158<br />
Observations 1,438 1,438 1,438 1,438 1,438<br />
seEform in parentheses<br />
*** p