Table 2.
Marginal Effects from Probit Models: Having an Emergency Fund
| I | II | III | IV | |
|---|---|---|---|---|
| 2009 Study | ||||
| Objective financial know | 0.017*** | 0.009** | 0.006 | 0.004 |
| Subjective financial know | 0.077*** | 0.065*** | 0.063*** | |
| Financial confidence | 0.027*** | 0.024*** | ||
| Savings account ownership | 0.284*** | |||
| Wald Chi Square | 416.38*** | 90.24*** | 517.76*** | |
| Tjurs R2 | 0.208 | 0.232 | 0.237 | 0.262 |
| N | 25,765 | 25,479 | 25,313 | 25,094 |
| 2012 Study | ||||
| Objective financial know | 0.015*** | 0.008* | 0.006 | 0.001 |
| Subjective financial know | 0.066*** | 0.050*** | 0.048*** | |
| Financial confidence | 0.034*** | 0.031*** | ||
| Savings account ownership | 0.248*** | |||
| Wald Chi Square | 247.97*** | 99.07*** | 372.61*** | |
| Tjurs R2 | 0.246 | 0.261 | 0.266 | 0.286 |
| N | 23,282 | 22,980 | 22,885 | 22,696 |
| 2015 Study | ||||
| Objective financial know | 0.027*** | 0.022** | 0.017*** | 0.013*** |
| Subjective financial know | 0.077*** | .054*** | 0.056*** | |
| Financial confidence | .051*** | 0.046*** | ||
| Savings account ownership | 0.287*** | |||
| Wald Chi Square | 361.18*** | 185.34*** | 574.28*** | |
| Tjurs R2 | 0.209 | 0.228 | 0.238 | 0.265 |
| N | 25,195 | 24,906 | 24,841 | 24,646 |
| 2018 Study | ||||
| Objective financial know | 0.024*** | 0.018*** | 0.012*** | 0.009** |
| Subjective financial know | 0.081*** | 0.061*** | 0.058*** | |
| Financial confidence | 0.046*** | 0.043*** | ||
| Savings account ownership | 0.275*** | |||
| Wald Chi Square | 444.54*** | 176.04*** | 537.96*** | |
| Tjurs R2 | 0.237 | 0.261 | 0.270 | 0.298 |
| N | 24,664 | 24,337 | 24,264 | 23,972 |
Models included a nationally representative sampling weight. Marginal effects are calculated at sample means
* p < .05; ** p < .01; *** p < .001