Financial Responsibility, Personality Traits and Financial Decision ...

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B Locus of financial control question set Please state the level to which you agree with the following statements on a scale from 01 (completely disagree) 02 03 04 05 06 07 (completely agree) B.1 Internal Dimension 1: Saving and careful investments are the most important factors to become rich 2: Whether or not I end up rich depends mostly on my abilities 3: People that handle their financial affairs prudently remain rich in the longer run 4: Generally speaking, it is my own fault if I end up poor 5: I am usually capable of handling my own personal affairs 6: If I get what I want, this usually results from my own hard labor 7: My life results from my own actions B.2 Chance Dimension 8: There is little one can do to protect myself from poverty 9: Ending up rich has nothing to do with luck 10: Regarding money, there is little one can do for yourself once you are poor 11: In my case, saving money is not prudent as financial matters depend on luck 12: Faith is the prime factors that determines whether you end up rich or poor 13: Only by winning lotteries or inheriting money, one can get rich 34
C Financial Literacy Mean Stdev Min Max Financial Literacy Questions Interest rate question 95.08% 21.64% 0 1 Inflation rate question 87.27% 33.35% 0 1 Bond Value question 25.59% 43.65% 0 1 Investment risk question 91.59% 27.76% 0 1 Mortgage question 58.62% 49.27% 0 1 Financial Literacy Measures Respondents that have all 5 questions correct 15.02% 35.73% 0 1 Those who consider themselves as financially literate 19.40% 39.55% 0 1 Those who consider themselves as capable 20.54% 40.41% 0 1 when it comes to money management 35
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 and 24: [19] Modigliani, F., Brumberg,R., 1
Page 25 and 26: Table 1: Summary statistics Total s
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: - It is hard to find a good financi
Page 37 and 38: 100% 80% 60% 40% 20% 0% > 1960 1945

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