Table 2.
Summary Statistics of Key Baseline and Outcome Variables
| Study Sample | LFS 2015 | ||||
|---|---|---|---|---|---|
| Variable Name | Mean | SD | Count | Mean | SD |
| Baseline Variables | |||||
| Gender of household head (1=male) | 0.259 | 0.438 | 1808 | 0.501 | 0.501 |
| Age of household head | 42.35 | 12.91 | 1808 | 48.79 | 13.55 |
| Years of education completed | 15.63 | 2.850 | 1808 | 15.67 | 3.921 |
| Financial literacy (fraction answering two questions correctly) | 0.206 | 0.404 | 1808 | ||
| % answering Q1 correctly | 0.529 | 0.499 | 1808 | ||
| % answering Q2 correctly | 0.371 | 0.483 | 1808 | ||
| Household size | 5.768 | 2.163 | 1808 | 5.350 | 2.112 |
| Migrant duration abroad in years | 3.936 | 5.243 | 1808 | ||
| Log household income (monthly) | 5.745 | 4.398 | 1808 | ||
| Log remittances received in past 12 months | 10.34 | 3.295 | 1808 | ||
| Log household expenses in past 12 months | 9.116 | 0.985 | 1808 | ||
| Asset index | 0 | 1 | 1808 | ||
| Log household savings | 1.547 | 3.48 | 1808 | ||
| Satisfaction with savings (Dummy = 1 if satisfied) | 0.424 | 0.494 | 1808 | ||
| Log of borrowing amount outstanding | 3.069 | 4.399 | 1808 | ||
| Log of loan amounts to others outstanding | 1.920 | 3.739 | 1808 | ||
| Key Outcome Variables | |||||
| Borrowing | |||||
| HH has borrowed from somewhere in past 3 months | 0.309 | 0.462 | 1553 | ||
| Total amount borrowed in past 3 months (PHP) | 4457 | 16627 | 1503 | ||
| Log of amount borrowed in past 3 months | 2.542 | 4.074 | 1503 | ||
| Borrowed from a formal source in past 3 months | 0.373 | 0.484 | 480 | ||
| Borrowed from an informal source in past 3 months | 0.533 | 0.499 | 480 | ||
| Borrowed from other sources in past 3 months | 0.098 | 0.298 | 480 | ||
| Saving | |||||
| Total number of bank accounts | 0.426 | 0.785 | 1386 | ||
| Total savings in past 3 months (PHP) | 3434 | 27074 | 1248 | ||
| Log total savings in past 3 months | 1.624 | 3.328 | 1248 | ||
Note: Formal sources of credit include banks, microfinance lenders, and private lenders while informal sources include immediate and extended family, friends, and neighbors. The respondent noted if credit did not come from any of these sources (other sources). Monetary amounts are quoted in Philippine pesos. In 2015, 1 U.S. dollar was equivalent to 45.45 Philippine pesos, on average. Financial literacy is measured as the fraction of household heads who answer two questions on financial literacy correctly. The first question asked household heads to compute the simple interest they would earn from a bank account deposit after one month, while the second question asked household head to compute compound interest from a deposit and to select the correct answer from five choices. In Online Appendix Table B1, we provide a more detailed description of these baseline variables.