Table 11.

Heterogeneity analysis: different households characteristics and regional location.

(A) dependent variable: poverty
	Under the age of sixty	Age 60 and over	The low of debt level	The high of debt level	Eastern region	Central and western region
	(1)	(2)	(3)	(4)	(5)	(6)
Financial literacy	−0.1726**	−0.0825	−0.1478***	−0.0937	−0.1513***	−0.1128***
	(0.0214)	(0.0225)	(0.0187)	(0.0329)	(0.0164)	(0.0095)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Province fixed effect	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,835	2,041	5,614	5,262	2,847	8,029
(B) dependent variable: vulnerability
	Under the age of sixty	Age 60 and over	The low debt level	The high debt level	Eastern region	Central and western region
	(7)	(8)	(9)	(10)	(11)	(12)
Financial literacy	−0.3426***	−0.1822***	−0.3601***	−0.2124	−0.3248***	−0.2315***
	(0.0295)	(0.0133)	(0.0282)	(0.1226)	(0.0328)	(0.0213)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Province fixed effect	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,835	2,041	5,614	5,262	2,847	8,029

**, and *** denote significant at 5% and 1% levels, respectively. The standard error of clustering at the provincial level is in parentheses.