Table 3.
Linear regression models explaining financial well-being with the anticipation of the impact of COVID-19, financial ignorance, financial literacy, and sociodemographic variables.
| UK (1) | Sweden (2) | UK (3) | Sweden (4) | |
|---|---|---|---|---|
| Future econ. situation: household | 0.266⁎⁎⁎ | 0.337⁎⁎⁎ | 0.199⁎⁎⁎ | 0.189⁎⁎⁎ |
| (0.039) | (0.038) | (0.033) | (0.031) | |
| Future econ. situation: country | −0.079 | −0.016 | −0.012 | 0.030 |
| (0.057) | (0.065) | (0.050) | (0.051) | |
| Future econ. situation: world | −0.032 | −0.019 | −0.011 | 0.054 |
| (0.054) | (0.061) | (0.046) | (0.048) | |
| Financial ignorance | −0.601⁎⁎⁎ | −0.617⁎⁎⁎ | ||
| (0.043) | (0.039) | |||
| Financial literacy | 0.039 | 0.065⁎⁎⁎ | ||
| (0.028) | (0.024) | |||
| Income | 0.145⁎⁎⁎ | 0.099⁎⁎⁎ | ||
| (0.021) | (0.014) | |||
| Female | −0.174⁎⁎⁎ | −0.268⁎⁎⁎ | ||
| (0.047) | (0.045) | |||
| Age | 0.004 | 0.004⁎⁎⁎ | ||
| (0.002) | (0.001) | |||
| College or further education | −0.044 | 0.216⁎⁎ | ||
| (0.070) | (0.093) | |||
| Bachelor’s degree | −0.088 | 0.302⁎⁎⁎ | ||
| (0.067) | (0.100) | |||
| Master’s degree or higher | −0.052 | 0.324⁎⁎⁎ | ||
| (0.080) | (0.095) | |||
| Constant | 2.956⁎⁎⁎ | 3.363⁎⁎⁎ | 3.893⁎⁎⁎ | 3.786⁎⁎⁎ |
| (0.045) | (0.043) | (0.148) | (0.168) | |
| Observations | 1000 | 1021 | 999 | 1021 |
| R-squared | 0.051 | 0.080 | 0.356 | 0.427 |
Note: Outcome variable: financial well-being. Financial ignorance takes values between 1 (low financial ignorance) and 5 (high financial ignorance); Financial literacy takes values between 0 (low fin. literacy) and 3 (high fin. literacy); Income is an ordinal variable. In the UK, Income represents individual’s income, where the lowest category is “£1000 or less” and the highest category is “more than £4000”. In Sweden, Income represents household income where the lowest category is “less than 15000 SEK” and the highest category is “55 000 SEK or more”. Reference category for education is secondary education. Robust standard errors in parentheses.
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