Table 10.
Multinomial probit model regression results, financial education as the main explanatory variable.
| Variables | Occasional smoker | Regular smoker | Occasional smoker | Regular smoker | Occasional smoker | Regular smoker | Occasional smoker | Regular smoker |
|---|---|---|---|---|---|---|---|---|
| Model 5.1 | Model 5.2 | Model 5.3 | Model 5.4 | Model 5.5 | Model 5.6 | Model 5.7 | Model 5.8 | |
| Financial education | 0.0365 | −0.215** | 0.0392 | −0.178* | 0.0464 | −0.186* | 0.0426 | −0.198** |
| (0.128) | (0.0996) | (0.128) | (0.100) | (0.128) | (0.101) | (0.128) | (0.101) | |
| Male | 0.619*** | 1.436*** | 0.597*** | 1.328*** | 0.590*** | 1.313*** | 0.573*** | 1.288*** |
| (0.0967) | (0.0744) | (0.105) | (0.0791) | (0.105) | (0.0792) | (0.106) | (0.0797) | |
| Age | 0.00902 | 0.112*** | 0.00534 | 0.0958*** | 0.00639 | 0.101*** | 0.00224 | 0.0936*** |
| (0.0265) | (0.0221) | (0.0265) | (0.0221) | (0.0265) | (0.0221) | (0.0267) | (0.0222) | |
| Age squared | −0.000218 | −0.00129*** | −0.000175 | −0.00112*** | −0.000191 | −0.00116*** | −0.000160 | −0.00111*** |
| (0.000271) | (0.000222) | (0.000271) | (0.000222) | (0.000270) | (0.000223) | (0.000271) | (0.000224) | |
| University degree | −0.232** | −0.439*** | −0.242** | −0.421*** | −0.230** | −0.382*** | −0.213* | −0.354*** |
| (0.112) | (0.0836) | (0.113) | (0.0840) | (0.112) | (0.0846) | (0.113) | (0.0850) | |
| Marriage | 0.0211 | −0.121 | 0.0149 | −0.0977 | 0.0187 | −0.0885 | 0.0681 | 0.00139 |
| (0.175) | (0.152) | (0.177) | (0.151) | (0.176) | (0.152) | (0.178) | (0.155) | |
| Divorce | 0.469* | 0.580*** | 0.454 | 0.598*** | 0.444 | 0.585*** | 0.461* | 0.611*** |
| (0.280) | (0.219) | (0.280) | (0.219) | (0.280) | (0.220) | (0.280) | (0.221) | |
| Household member | 0.0464 | −0.00413 | 0.0416 | −0.0114 | 0.0404 | −0.0148 | 0.0351 | −0.0255 |
| (0.0383) | (0.0283) | (0.0382) | (0.0286) | (0.0383) | (0.0286) | (0.0384) | (0.0287) | |
| Children | −0.260 | 0.0835 | −0.257 | 0.0725 | −0.249 | 0.0812 | −0.237 | 0.106 |
| (0.175) | (0.151) | (0.176) | (0.151) | (0.177) | (0.152) | (0.177) | (0.153) | |
| Unemployed | −0.312 | −0.0624 | −0.299 | 0.0108 | −0.299 | 0.0167 | −0.350 | −0.0826 |
| (0.328) | (0.230) | (0.329) | (0.227) | (0.330) | (0.227) | (0.336) | (0.231) | |
| Log of household income | −0.140 | −0.170** | −0.139 | −0.182*** | −0.136 | −0.174*** | −0.105 | −0.121* |
| (0.0921) | (0.0662) | (0.0924) | (0.0669) | (0.0925) | (0.0670) | (0.0931) | (0.0684) | |
| Log of household assets | −0.0660 | −0.129*** | −0.0564 | −0.0991** | −0.0540 | −0.0895** | −0.0440 | −0.0697* |
| (0.0536) | (0.0410) | (0.0540) | (0.0413) | (0.0543) | (0.0414) | (0.0546) | (0.0417) | |
| Regular exercise | −0.156 | −0.390*** | −0.150 | −0.379*** | −0.128 | −0.336*** | ||
| (0.0975) | (0.0754) | (0.0977) | (0.0755) | (0.0981) | (0.0761) | |||
| Current drinker | 0.162 | 0.326*** | 0.166* | 0.324*** | 0.169* | 0.330*** | ||
| (0.101) | (0.0747) | (0.100) | (0.0749) | (0.101) | (0.0752) | |||
| Frequent gambler | −0.189 | 0.391*** | −0.193 | 0.360*** | −0.200 | 0.346*** | ||
| (0.175) | (0.109) | (0.175) | (0.109) | (0.175) | (0.110) | |||
| Myopic view of the future | 0.223* | 0.262*** | 0.211* | 0.239** | ||||
| (0.125) | (0.0968) | (0.125) | (0.0973) | |||||
| Level of risk preference | 0.102 | 0.750*** | 0.111 | 0.764*** | ||||
| (0.249) | (0.184) | (0.249) | (0.186) | |||||
| Current level of happiness | −0.559** | −1.005*** | ||||||
| (0.271) | (0.203) | |||||||
| Anxiety about health | −0.00679 | −0.00260 | ||||||
| (0.0953) | (0.0721) | |||||||
| Constant | 1.212 | 0.799 | 1.120 | 0.830 | 0.932 | −0.00556 | 0.754 | −0.332 |
| (1.353) | (1.031) | (1.354) | (1.040) | (1.366) | (1.054) | (1.365) | (1.058) | |
| Observations | 3,706 | 3,706 | 3,706 | 3,706 | 3,706 | 3,706 | 3,706 | 3,706 |
| Log likelihood | −2435 | −2435 | −2404 | −2404 | −2391 | −2391 | −2379 | −2379 |
| Chi2 statistics | 485.3 | 485.3 | 535.9 | 535.9 | 554.2 | 554.2 | 563.6 | 563.6 |
| p-value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Robust standard errors in parentheses,
***
p < 0.01,
**
p < 0.05,
*
p < 0.1.