Table 3.
Heterogeneity Analysis of the Impact of Financial Literacy by Wealth, Age and Financial Positions
| Panel A: Heterogeneity analysis by non-housing wealth level | |||||||||
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| Dep. Var. = Help from profl/other non family advisors (0/1) | |||||||||
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| Non-housing Wealth<Median | Non-housing Wealth>Median | ||||||||
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| (1) Probit | (2) IVProbit | (3) Probit | (4) IVProbit | ||||||
| FinLit score | 0.059 | 0.034 | ** | 0.045 | 0.043 | ** | |||
| (0.483) | (0.001) | (0.133) | (0.004) | ||||||
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| N | 136 | 136 | 308 | 308 | |||||
| Pseudo R-sq/Log likelihood | 0.549 | −188.9 | 0.186 | −486.5 | |||||
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| Panel B: Heterogeneity analysis by age group | |||||||||
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| Help from profl/other non family advisors (0/1) | |||||||||
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| below Age 65 | Age 65–74 | Age 75+ | |||||||
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| (1) Probit | (2) IVProbit | (3) Probit | (4) IVProbit | (5) Probit | (6) IVProbit | ||||
| FinLit score | 0.054 | 0.057 | * | 0.001 | 0.012 | ** | 0.090 | 0.056 | ** |
| (0.178) | (0.016) | (0.645) | (0.000) | (0.182) | (0.000) | ||||
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| N | 223 | 223 | 91 | 88 | 130 | 122 | |||
| Pseudo R-sq/Log likelihood | 0.328 | −328.9 | 0.621 | −102.9 | 0.349 | −204.5 | |||
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| Panel C: Heterogeneity analysis by respondents’ financial positions | |||||||||
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| Dep. Var. = Help from profl/other non family advisors (0/1) | |||||||||
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| High complexity = 1 | High complexity = 0 | ||||||||
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| (1) Probit | (2) IVProbit | (3) Probit | (4) IVProbit | ||||||
| FinLit score | 0.081 | * | 0.125 | ** | 0.028 | 0.024 | ** | ||
| (0.025) | (0.000) | (0.385) | (0.000) | ||||||
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| N | 80 | 77 | 364 | 364 | |||||
| Pseudo R-sq/Log likelihood | 0.281 | −118.9 | 0.351 | −558.1 | |||||
This table replicates the results of Table 2, columns 5–6, by non-housing wealth (Panel A), age groups (Panel B), and respondents’ financial positions (Panel C). Estimated marginal effects of control variables are omitted for brevity. See Appendix 1 for variable definitions. Regressors include missing data controls. p-values for the estimated coefficients’ Z-statistics based on clustered standard errors at the household level are reported in parentheses. * and ** represent statistical significance at 5% and 1% level, respectively.