Table 5:
Average Household EA Score and Household Wealth: Robustness
| Dep. Var: Log Wealth | [1] | [2] | [3] | [4] | [5] | [6] |
|---|---|---|---|---|---|---|
| FR EA Score | 0.083*** (0.025) | 0.070*** (0.025) | ||||
| Non FR EA Score | 0.023 (0.023) | 0.019 (0.022) | ||||
| Avg. EA Score | 0.079*** (0.018) | 0.057*** (0.018) | 0.071*** (0.025) | 0.044* (0.023) | ||
| Log Income (SSA) | 0.211*** (0.056) | 0.284*** (0.029) | 0.197*** (0.038) | |||
| Log Income (HRS) | 0.221*** (0.030) | |||||
| Obs. | 1927 | 1870 | 18925 | 17563 | 3993 | 3833 |
| R2 | 0.476 | 0.507 | 0.358 | 0.387 | 0.454 | 0.512 |
| Include Non-Retired HH | X | X | ||||
| Standard Controls | X | X | X | X | X | X |
| Principal Comp. | X | X | X | X | X | X |
| Full Educ. Controls | X | X | X | X | X | X |
Notes: This table provides estimates from three different robustness checks. In each case, log household wealth is the dependent variable and we only show results analogous to estimates in Columns [5] (with the full set of education controls) and [7] (full set of education controls and log income) of Table 4. Columns [1] and [2] provide estimates from models where we condition on two EA scores per household, that of the financial respondent (FR) and of the non financial respondent (NFR). Columns [3] and [4] provide estimates from models where we have increased the sample to include non-retired households. Columns [5] and [6] provide estimates of models that include two measures of income, the SSA lifetime income measure used in our main analyses, along with the HRS measure of contemporaneous household income. Significance stars ***, **, and * indicate statistical significance at the 0.01, 0.05, and 0.10 levels, respectively. Standard errors are clustered at the family level.