TABLE 1.
Difficulty Paying | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
---|---|---|---|---|---|---|---|---|
Mortgage Loan | Consumer Debt | Basic Goods and Services | Lack of savings | |||||
Female | −0.0510** | −0.0438* | 0.0268 | 0.0092 | −0.0361 | −0.0525 | 0.0565*** | 0.0450** |
(0.0256) | (0.0264) | (0.0237) | (0.0235) | (0.0501) | (0.0510) | (0.0215) | (0.0216) | |
Age | −0.0018** | −0.0016* | −0.0030*** | −0.0026*** | −0.0076*** | −0.0072*** | −0.0050*** | −0.0048*** |
(0.0008) | (0.0008) | (0.0008) | (0.0008) | (0.0016) | (0.0016) | (0.0007) | (0.0007) | |
Migrant | 0.0822 | 0.0910* | 0.0236 | 0.0294 | 0.1110 | 0.0879 | 0.0705* | 0.0437 |
(0.0524) | (0.0499) | (0.0486) | (0.0485) | (0.0991) | (0.1050) | (0.0395) | (0.0402) | |
Children in household | 0.0683** | 0.0873*** | 0.0755*** | 0.0860*** | 0.1700*** | 0.2030*** | 0.0788*** | 0.0916*** |
(0.0288) | (0.0294) | (0.0257) | (0.0255) | (0.0582) | (0.0583) | (0.0235) | (0.0234) | |
Household head | −0.0225 | −0.0069 | −0.0014 | 0.0039 | 0.0094 | 0.0120 | 0.0327 | 0.0309 |
(0.0269) | (0.0276) | (0.0251) | (0.0251) | (0.0535) | (0.0538) | (0.0228) | (0.0230) | |
ln (1 + Income pre-pandemic) | −0.0221*** | −0.0918*** | −0.0308*** | −0.1640*** | −0.0850*** | −0.3810*** | −0.0286*** | −0.1380*** |
(0.0067) | (0.0166) | (0.0053) | (0.0141) | (0.0133) | (0.0315) | (0.0049) | (0.0145) | |
Unemployment | 0.2440*** | 0.2300*** | 0.6010*** | 0.0539** | ||||
(0.0360) | (0.0283) | (0.0666) | (0.0258) | |||||
Family member unemployment | 0.2270*** | 0.1740*** | 0.4930*** | 0.0873*** | ||||
(0.0333) | (0.0271) | (0.0614) | (0.0244) | |||||
Income drop | 0.2140*** | 0.2710*** | 0.5080*** | 0.0803*** | ||||
(0.0277) | (0.0232) | (0.0524) | (0.0216) | |||||
Observations | 1,201 | 1,182 | 1,736 | 1,705 | 1,919 | 1,881 | 1,947 | 1,908 |
R-squared | 0.149 | 0.120 | 0.149 | 0.191 | 0.191 | 0.185 | 0.125 | 0.152 |
Education level | YES | YES | YES | YES | YES | YES | YES | YES |
Region fixed effects | YES | YES | YES | YES | YES | YES | YES | YES |
Note: This table reports estimates from a linear probability model (LPM) of the probability of experiencing a range of financial problems against the independent variables. The measures of financial distress include an indicator variable for difficulty paying mortgage loans and an indicator variable for difficulty paying consumer debt. We also construct a measure from 0 to 4 regarding whether the individual has problems paying for basic goods and services: 1) basic goods, 2) medicine, 3) rent, and/or 4) school. Finally, we use an indicator variable for lack of savings, that is equal to 1 if the number of months the respondent believes that basic expenses can be afforded with savings if the main income source is lost is below the sample median. All regressions control for education and region dummy variables. Heteroskedasticity-robust standard errors are in parentheses. ***, **, and * indicate significance at the 1%, 5%, and 10% levels, respectively.