Appendix Table A3.
The First-Stage Regression of Financial Literacy on the Instrumental Variable
| FinLit score | ||
|---|---|---|
|
| ||
| Economics class | 0.220 | ** |
| (0.047) | ||
| Age | −0.008 | ** |
| (0.003) | ||
| Male | 0.283 | ** |
| (0.042) | ||
| White | 0.204 | ** |
| (0.049) | ||
| Hispanic | −0.075 | |
| (0.070) | ||
| Married | 0.084 | |
| (0.045) | ||
| Education (yrs) | 0.041 | ** |
| (0.009) | ||
| Good health | 0.159 | ** |
| (0.052) | ||
| Non-housing wealth (/100k, 2014$) | 0.011 | ** |
| (0.004) | ||
| Housing wealth (/100k, 2014$) | 0.001 | * |
| (0.000) | ||
| Live near to children | −0.044 | |
| (0.045) | ||
| Frequent contact with children | −0.060 | |
| (0.044) | ||
| Own stock | 0.145 | * |
| (0.057) | ||
| Has DC | 0.073 | |
| (0.049) | ||
| Has DB | −0.017 | |
| (0.051) | ||
| Covered by fed. Govt HI | −0.058 | |
| (0.058) | ||
| Covered by priv. HI | 0.122 | * |
| (0.053) | ||
| Covered by ER HI | −0.131 | |
| (0.097) | ||
| Has life insurance | 0.034 | |
| (0.045) | ||
| Has long-term insurance | 0.112 | |
| (0.069) | ||
|
| ||
| Intercept | 1.461 | ** |
| (0.193) | ||
|
| ||
| N | 1,614 | |
| R-sq | 0.204 | |
|
| ||
| F-test, H0: beta(Economics class)=0 | 21.54 | |
| P value | 0.000 | |
This table presents coefficient estimates from the first-stage OLS regressions of FinLit scores on the instrumental variable, Economics class, along with all other controls. Variables are described in Appendix 1. Regressors include missing data controls; standard errors are reported in parentheses and clustered at the household level. * and ** represent statistical significance at 5% and 1% level, respectively.