TABLE 3.
The impact of financial literacy on financial behavior.
| Variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
|
|
|||||||
| BA | SM | VM | SMI | CHI | PP | CC | |
| Panel A: Current effect | |||||||
| FL | 0.0250*** (7.3033) |
0.0214*** (7.3730) |
0.0260*** (8.6132) |
0.0042* (1.7044) |
0.0104*** (3.8582) |
0.0084** (2.3510) |
0.0224*** (6.5417) |
| GENDER | 0.0086 (1.3946) |
−0.0160*** (−3.1202) |
−0.0228*** (−4.1154) |
−0.0022 (−0.5094) |
−0.0276*** (−5.8284) |
−0.0439*** (−6.7138) |
−0.0283*** (−4.5511) |
| AGE | −0.0030** (−2.4311) |
0.0098*** (8.7111) |
0.0096*** (8.3553) |
0.0052*** (5.8506) |
0.0163*** (11.1588) |
0.0177*** (14.0363) |
0.0040** (2.5622) |
| AGE2 | 0.0000** (2.2963) |
−0.0001*** (−8.5055) |
−0.0001*** (−8.1827) |
−0.0000*** (−2.9159) |
−0.0002*** (−11.9971) |
−0.0001*** (−8.4202) |
−0.0001*** (−4.7243) |
| EDU | 0.0192*** (9.9787) |
0.0345*** (22.8244) |
0.0402*** (25.7364) |
0.0081*** (5.7152) |
0.0099*** (7.0389) |
0.0471*** (22.0239) |
0.0434*** (25.6604) |
| MAR | −0.0213*** (−2.6034) |
0.0126* (1.6674) |
0.0078 (0.9684) |
0.0019 (0.3020) |
−0.0244*** (−3.2936) |
0.0235*** (2.8753) |
0.0122 (1.3159) |
| HEALTH | −0.0018 (−0.3437) |
−0.0092** (−2.0678) |
−0.0127*** (−2.6566) |
−0.0125*** (−3.1939) |
0.0004 (0.0979) |
−0.0043 (−0.7679) |
0.0041 (0.7353) |
| FL | 0.0033 (0.4650) |
−0.0453*** (−6.8382) |
−0.0482*** (−6.9302) |
0.0256*** (5.0769) |
−0.0083 (−1.3247) |
0.0397*** (5.2141) |
0.0117 (1.5084) |
| OLD | 0.0058 (1.4544) |
−0.0047 (−1.3146) |
−0.0029 (−0.7661) |
−0.0007 (−0.2537) |
−0.0020 (−0.5976) |
0.0103** (2.4938) |
−0.0158*** (−3.8018) |
| CHILD | −0.0101*** (−2.8194) |
−0.0128*** (−3.5205) |
−0.0176*** (−4.4348) |
0.0036 (1.2371) |
−0.0085** (−2.5730) |
−0.0140*** (−3.6116) |
0.0169*** (4.1105) |
| FS | −0.0048** (−2.1596) |
0.0015 (0.7427) |
0.0017 (0.8060) |
−0.0053*** (−3.6538) |
−0.0015 (−0.8696) |
−0.0073*** (−2.9888) |
0.0027 (1.1900) |
| RL | −0.0102 (−1.0844) |
0.0937*** (14.4795) |
0.0914*** (13.2775) |
−0.0065 (−1.0817) |
0.0070 (1.0747) |
0.0072 (0.8437) |
0.0262*** (3.1191) |
| RA | −0.0032 (−0.5100) |
−0.0505*** (−9.5069) |
−0.0551*** (−9.8938) |
0.0009 (0.2326) |
−0.0142*** (−2.8322) |
0.0094 (1.5173) |
−0.0611*** (−9.7532) |
| HO | 0.0570*** (5.1118) |
0.0250*** (3.0016) |
0.0249*** (2.6725) |
−0.0261*** (−4.0272) |
−0.0034 (−0.4144) |
−0.0341*** (−3.4652) |
0.0283*** (2.7379) |
| OH | −0.1522*** (−13.2082) |
−0.1247*** (−11.7437) |
−0.1416*** (−12.7305) |
0.0252*** (3.4769) |
−0.0431*** (−4.6807) |
0.0087 (0.7784) |
−0.1413*** (−12.0164) |
| TA | 0.0572*** (24.7530) |
0.0639*** (24.5514) |
0.0746*** (27.4203) |
0.0026 (1.5428) |
0.0390*** (17.3675) |
0.0158*** (6.3655) |
0.0754*** (28.1949) |
| TI | 0.0152*** (14.0838) |
0.0125*** (7.9373) |
0.0148*** (8.9239) |
0.0061*** (8.5078) |
0.0065*** (5.0091) |
0.0181*** (16.1182) |
0.0152*** (8.9275) |
| Province dummy | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 20,577 | 20,577 | 20,577 | 20,577 | 20,577 | 20,577 | 20,577 |
| Pseudo R2 | 0.1282 | 0.2687 | 0.2703 | 0.0526 | 0.1098 | 0.1303 | 0.2435 |
| Panel B: Long−term effect | |||||||
| FL | 0.0056** (2.0433) |
0.0177*** (5.2473) |
0.0233*** (6.7959) |
0.0010 (0.3872) |
0.0180*** (5.8490) |
0.0422*** (12.7653) |
0.0171*** (4.1683) |
| GENDER | −0.0002 (−0.0484) |
−0.0180*** (−3.0725) |
−0.0256*** (−4.2358) |
−0.0007 (−0.1365) |
−0.0191*** (−3.4971) |
−0.0222*** (−3.3209) |
−0.0199** (−2.4751) |
| AGE | −0.0009 (−0.8451) |
0.0052*** (3.6470) |
0.0050*** (3.3090) |
0.0041*** (4.3828) |
0.0075*** (5.0889) |
0.0081*** (5.7208) |
−0.0006 (−0.2829) |
| AGE2 | 0.0000 (0.1846) |
−0.0001*** (−3.5816) |
−0.0000*** (−3.1885) |
−0.0000*** (−3.4083) |
−0.0001*** (−5.6717) |
−0.0000** (−2.2699) |
−0.0000 (−1.5872) |
| EDU | 0.0133*** (7.7188) |
0.0288*** (17.8818) |
0.0341*** (19.7065) |
0.0074*** (5.0488) |
0.0120*** (7.2802) |
0.0402*** (17.5464) |
0.0438*** (20.0228) |
| MAR | 0.0090 (1.4192) |
0.0052 (0.6070) |
0.0033 (0.3680) |
0.0123* (1.8813) |
−0.0079 (−0.9476) |
0.0138 (1.5362) |
−0.0005 (−0.0423) |
| HEALTH | 0.0026 (0.6298) |
0.0030 (0.6015) |
0.0044 (0.8237) |
−0.0073* (−1.7726) |
−0.0038 (−0.7845) |
0.0009 (0.1627) |
0.0117* (1.7140) |
| FL | 0.0030 (0.6060) |
−0.0393*** (−5.2439) |
−0.0450*** (−5.7142) |
0.0033 (0.6096) |
0.0139* (1.8983) |
0.0005 (0.0702) |
0.0220** (2.3555) |
| OLD | −0.0009 (−0.3016) |
−0.0094** (−2.5532) |
−0.0086** (−2.1812) |
0.0007 (0.2464) |
−0.0000 (−0.0016) |
0.0285*** (6.7746) |
−0.0260*** (−5.1502) |
| CHILD | 0.0064** (2.2638) |
−0.0165*** (−4.1006) |
−0.0179*** (−4.1903) |
−0.0045 (−1.6197) |
0.0052 (1.5235) |
−0.0127*** (−3.4850) |
0.0128*** (2.5879) |
| FS | −0.0016 (−1.0925) |
0.0006 (0.2753) |
0.0001 (0.0646) |
0.0023 (1.4738) |
0.0007 (0.3487) |
−0.0054** (−2.2875) |
0.0048* (1.7562) |
| RL | 0.0092 (1.1594) |
0.0621*** (8.1442) |
0.0653*** (8.0663) |
−0.0108 (−1.5490) |
0.0181** (2.4044) |
0.0019 (0.2121) |
0.0213* (1.8723) |
| RA | −0.0025 (−0.5352) |
−0.0358*** (−6.3062) |
−0.0341*** (−5.8246) |
0.0024 (0.4967) |
−0.0101* (−1.7574) |
0.0116* (1.8571) |
−0.0467*** (−6.1550) |
| HO | 0.0025 (0.2516) |
0.0018 (0.1728) |
0.0125 (1.0870) |
−0.0172** (−2.0232) |
0.0311*** (3.1985) |
−0.0222** (−2.2274) |
0.0492*** (3.4668) |
| OH | −0.0139 (−1.5990) |
−0.0882*** (−7.0959) |
−0.1036*** (−7.8899) |
0.0140 (1.6187) |
−0.0254** (−2.2522) |
0.0006 (0.0492) |
−0.1119*** (−7.3804) |
| TA | 0.0100*** (5.8611) |
0.0453*** (15.0108) |
0.0545*** (17.4893) |
0.0030 (1.6280) |
0.0230*** (9.2693) |
0.0068*** (2.7537) |
0.0602*** (18.0693) |
| TI | 0.0056*** (7.1597) |
0.0086*** (4.6869) |
0.0087*** (4.5535) |
0.0014 (1.5155) |
0.0015 (1.1092) |
0.0050*** (4.3685) |
0.0122*** (5.8347) |
| Province dummy | 13,869 | 13,869 | 13,869 | 13,869 | 13,799 | 14,782 | 13,869 |
| N | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Pseudo R2 | 0.0785 | 0.2265 | 0.2343 | 0.0225 | 0.0843 | 0.1305 | 0.1942 |
| Panel C: Dynamic effect | |||||||
| FL | 0.0573*** (3.7732) |
0.0019** (2.0441) |
0.0020** (2.1075) |
−0.0132 (−0.7394) |
0.0303* (1.8719) |
0.1181*** (7.9442) |
0.0038** (2.2508) |
| GENDER | −0.0085 (−0.2988) |
−0.0008 (−0.0214) |
0.0142 (0.4174) |
−0.0135 (−0.3988) |
0.0488 (1.5103) |
0.0510* (1.8880) |
0.0476 (1.6195) |
| AGE | 0.0098* (1.6628) |
−0.0031 (−0.4322) |
−0.0011 (−0.1624) |
−0.0135* (−1.8579) |
−0.0168*** (−2.9020) |
−0.0337*** (−5.8797) |
−0.0057 (−1.0292) |
| AGE2 | −0.0001** (−1.9953) |
0.0000 (0.4614) |
0.0000 (0.1289) |
0.0001 (0.9775) |
0.0002*** (3.8282) |
0.0003*** (4.9660) |
0.0000 (0.7583) |
| EDU | −0.0236*** (−3.0091) |
−0.0263** (−2.3593) |
−0.0334*** (−3.2841) |
−0.0059 (−0.6035) |
0.0067 (0.7203) |
−0.0197** (−2.5018) |
0.0026 (0.2985) |
| MAR | 0.0663 (1.6088) |
−0.0398 (−0.8307) |
−0.0317 (−0.7146) |
0.0654 (1.2757) |
0.0619 (1.4983) |
−0.0592 (−1.5631) |
−0.0344 (−0.8766) |
| HEALTH | −0.0073 (−0.3023) |
0.0678** (2.5061) |
0.0847*** (3.3260) |
0.0075 (0.2733) |
−0.0329 (−1.2259) |
−0.0032 (−0.1371) |
0.0432* (1.8762) |
| FL | −0.0061 (−0.1837) |
0.0120 (0.3363) |
−0.0151 (−0.4464) |
−0.1011*** (−2.7904) |
0.0457 (1.3891) |
−0.0916*** (−2.8858) |
0.0090 (0.3072) |
| OLD | −0.0284 (−1.6444) |
−0.0156 (−0.7814) |
−0.0085 (−0.4645) |
0.0019 (0.0988) |
0.0194 (1.1068) |
0.0571*** (3.4691) |
−0.0293* (−1.7631) |
| CHILD | 0.0549*** (3.3485) |
−0.0020 (−0.1269) |
0.0059 (0.3801) |
−0.0324 (−1.6059) |
0.0649*** (3.7218) |
0.0069 (0.3879) |
−0.0056 (−0.3604) |
| FS | 0.0021 (0.2307) |
−0.0053 (−0.5362) |
−0.0046 (−0.4944) |
0.0331*** (3.2954) |
0.0079 (0.8480) |
0.0057 (0.6306) |
0.0057 (0.6153) |
| RL | 0.0307 (0.8067) |
−0.2557*** (−4.4462) |
−0.1735*** (−3.3584) |
0.0260 (0.5111) |
0.0532 (1.0721) |
−0.0068 (−0.1769) |
−0.0468 (−1.0644) |
| RA | −0.0115 (−0.3998) |
0.0455 (1.3826) |
0.0548* (1.7566) |
0.0222 (0.6975) |
0.0307 (0.9938) |
−0.0066 (−0.2386) |
0.0154 (0.5517) |
| HO | −0.1913*** (−3.8732) |
−0.0893 (−1.4845) |
−0.0211 (−0.3567) |
0.0474 (0.7088) |
0.1347** (2.1533) |
−0.0493 (−0.9359) |
−0.0126 (−0.2373) |
| OH | 0.4748*** (9.1763) |
0.1756*** (2.9467) |
0.1436** (2.3733) |
−0.0616 (−0.8942) |
0.0958* (1.9356) |
−0.0366 (−0.6783) |
0.0403 (0.8896) |
| TA | −0.1662*** (−14.9147) |
−0.0787*** (−6.7650) |
−0.0674*** (−6.0683) |
0.0050 (0.3822) |
−0.0514*** (−4.9855) |
−0.0267** (−2.5636) |
−0.0317*** (−3.4332) |
| TI | −0.0336*** (−5.2540) |
−0.0180*** (−2.6936) |
−0.0208*** (−3.2864) |
−0.0217*** (−2.8665) |
−0.0159*** (−2.6871) |
−0.0557*** (−9.3590) |
−0.0042 (−0.8159) |
| Province dummy | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| N | 13,869 | 13,869 | 13,869 | 13,869 | 13,799 | 13,799 | 13,869 |
| Pseudo R2 | 0.0606 | 0.0168 | 0.0158 | 0.0049 | 0.0087 | 0.0241 | 0.0045 |
This table presents regression results for the impact of financial literacy on financial behavior. The dependent variable is shown above each column. Standard errors are single-clustered by community level and Z-statistics, which are shown in parentheses. Variable definitions are presented in Supplementary Table 1. *, **, and *** indicate significance at the 10, 5, and 1% levels, respectively.