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. Author manuscript; available in PMC: 2019 Jul 24.
Published in final edited form as: Soc Forces. 2011 Sep 1;90(1):1–16. doi: 10.1093/sf/90.1.1

Table 3:

Factors Predicting “Don’t Know” Answers to Three Financial Literacy Questions

Answered “Don’t Know” to Stocks Question Answered “Don’t Know” to Interest Rate Question Answered “Don’t Know” to Inflation Question
Age in years 1.015*
(.00575)		 1.049***
(.0102)		 1.035***
(.00951)
Female 1.221
(.127)		 1.303
(.244)		 1.365
(.248)
Blacka 1.240
(.182)		 1.953**
(.429)		 1.444
(.322)
Other racea 1.478
(.320)		 1.989*
(.658)		 2.123*
(.654)
Years of education .883***
(.0157)		 .873***
(.0231)		 .847***
(.0210)
Household income in $10,000s .997
(.0185)		 .955
(.0557)		 .962
(.0420)
Household wealth in $100,000s .951***
(.0130)		 .983
(.0223)		 1.002
(.00457)
Whether respondent has pension from employer .644**
(.0977)		 .729
(.240)		 .562
(.188)
Retired .859
(.102)		 .869
(.171)		 .924
(.175)
Separated/ Divorcedb .894
(.157)		 1.991**
(.527)		 2.104**
(.539)
Widowedb 1.394*
(.227)		 1.761*
(.417)		 1.909**
(.437)
Never marriedb 1.355
(.458)		 .926
(.586)		 1.676
(.871)
Chi-Square 204.3 157.3 160.8
Observations 2,117 2,117 2,117

Notes: Exponentiated coefficients; Standard errors in parentheses

*

p < .05

**

p < .01

***

p < .001;

a

compared to white

b

compared to married individuals.

Source: HRS 2004/Module 8