Table 4.

Benchmark regression: household financial literacy and relative poverty.

Variables	Poverty (1)	Poverty (2)	Vulnerability (3)	Vulnerability (4)
Financial literacy	−0.1537***	−0.1308**	−0.4630***	−0.2831***
	(0.0299)	(0.0179)	(0.0395)	(0.0235)
LN (Income)	–	−0.0172***	–	−0.1843***
		(0.0025)	–	(0.0095)
LN (Net asset)	–	−0.0059*	–	−0.0108***
	–	(0.0014)	–	(0.0037)
LN (Network)	–	−0.0038***	–	−0.0017**
	–	(0.0029)	–	(0.0015)
Gender	0.0073**	0.0068**	0.0164**	0.0147**
	(0.0037)	(0.0032)	(0.0240)	(0.0215)
Age	0.0001	0.0001	0.0025***	0.0016***
	(0.0002)	(0.0002)	(0.0014)	(0.0012)
Edu	−0.0019***	−0.0015***	−0.0010***	−0.0008***
	(0.0054)	(0.0048)	(0.0019)	(0.0018)
Marriage	−0.0037**	−0.0026**	−0.0040**	−0.0027**
	(0.0043)	(0.0037)	(0.0042)	(0.0033)
Scale	0.0045***	0.0037***	0.1842***	0.1761***
	(0.0017)	(0.0017)	(0.0047)	(0.0046)
Health	−0.0084***	−0.0082***	−0.0173***	−0.0172***
	(0.0016)	(0.0015)	(0.0036)	(0.0036)
Raise	0.0168**	0.0139**	0.0285**	0.0279**
	(0.0174)	(0.0162)	(0.0483)	(0.0475)
Agricultural	0.0073***	0.0072***	0.3824***	0.3819***
	(0.0017)	(0.0016)	(0.0315)	(0.0310)
Non-agriculture	−0.0138***	−0.0136***	−0.0895***	−0.0892***
	(0.0174)	(0.0174)	(0.0064)	(0.0063)
Economic	−0.1498***	−0.1475***	−0.2176***	−0.2168***
	(0.0048)	(0.0046)	(0.0102)	(0.0009)
Province fixed effect	Yes	Yes	Yes	Yes
Observations	10,846	10,846	10,846	10,846

*, **, and *** denote significant at 10, 5, and 1% levels, respectively. The standard errors are reported in parentheses.