Table 4.
Financial Literacy Regressions
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| All questions
|
Non-stock literacy
|
|||||
| Expected time to widowhood | −0.038** (0.019) | −0.041** (0.019) | −0.043** (0.021) | −0.042** (0.021) | −0.047** (0.022) | −0.047* (0.024) |
| Expected duration of widowhood | 0.044 (0.039) | 0.051 (0.039) | 0.055 (0.042) | 0.042 (0.044) | 0.048 (0.044) | 0.055 (0.047) |
| Woman’s education | 0.060 (0.041) | 0.015 (0.047) | 0.084* (0.047) | 0.021 (0.054) | ||
| Husband’s education | −0.107*** (0.038) | −0.086** (0.042) | −0.137*** (0.043) | −0.113** (0.048) | ||
| Woman’s health | 0.058 (0.079) | 0.034 (0.083) | 0.047 (0.089) | 0.031 (0.094) | ||
| Husband’s health | −0.080 (0.075) | −0.078 (0.077) | −0.015 (0.084) | −0.006 (0.087) | ||
| Wealth decile | −0.017 (0.028) | −0.016 (0.030) | −0.028 (0.032) | −0.028 (0.034) | ||
| Woman’s Number Series | 0.372*** (0.131) | 0.442*** (0.148) | ||||
| Husband’s Number Series | −0.249** (0.118) | −0.235* (0.133) | ||||
| Woman’s Visual Matching | −0.049 (0.119) | −0.092 (0.134) | ||||
| Husband’s Visual Matching | 0.122 (0.118) | 0.006 (0.133) | ||||
| Woman’s Working Memory | 0.033 (0.140) | 0.079 (0.158) | ||||
| Husband’s Working Memory | −0.035 (0.102) | −0.06 (0.115) | ||||
| Woman’s Matrix Reasoning | −0.178 (0.126) | −0.143 (0.143) | ||||
| Husband’s Matrix Reasoning | −0.007 (0.134) | 0.003 (0.151) | ||||
| Constant | −0.395 (0.373) | 0.435 (0.740) | 0.908 (0.947) | −0.244 (0.422) | 0.591 (0.834) | 1.15 (1.070) |
| R2 | 0.020 | 0.066 | 0.138 | 0.020 | 0.073 | 0.146 |
| F | 2.226 | 2.193 | 2.073 | 2.300 | 2.447 | 2.227 |
| Observations | 224 | 224 | 211 | 224 | 224 | 211 |
Notes:
*
p<0.1
**
p<0.05
***
p<0.01.
OLS regressions with dependent variable: wife-husband difference in normalized financial sophistication score.
Data sources: CogEcon and CogUSA.