Table 2.
Ordered logit estimation results.
| Variable | Estimate | Std. error | Value of p | |
|---|---|---|---|---|
| Age categories | 18–24 | Base | ||
| 25–34 | 0.0784 | 0.1481 | 0.597 | |
| 35–44 | −0.0866 | 0.1618 | 0.592 | |
| 45–54 | −0.1458 | 0.1607 | 0.364 | |
| 55–61 | −0.3737** | 0.1719 | 0.030 | |
| 62–69 | −0.5379*** | 0.1802 | 0.003 | |
| 70–74 | −0.8015*** | 0.2073 | 0.000 | |
| >74 | −0.7398*** | 0.2138 | 0.001 | |
| Gender | Male | Base | ||
| Female | −0.0740 | 0.0600 | 0.217 | |
| Education | Less than high school | Base | ||
| High school degree/GED | 0.0022 | 0.1278 | 0.986 | |
| Some college/Associate degree | 0.2769** | 0.1312 | 0.035 | |
| Bachelor’s degree | 0.2499* | 0.1410 | 0.076 | |
| Graduate/Professional degree | 0.3589** | 0.1485 | 0.016 | |
| Household size | 1 | Base | ||
| 2 | 0.0112 | 0.0946 | 0.906 | |
| 3 | 0.1666 | 0.1106 | 0.132 | |
| 4 | 0.2327** | 0.1186 | 0.050 | |
| > 4 | 0.2688** | 0.1245 | 0.031 | |
| Partnership status | Married | Base | ||
| Widowed | 0.0429 | 0.1480 | 0.772 | |
| Divorced/Separated | 0.1687 | 0.1035 | 0.103 | |
| Never married | 0.0116 | 0.1070 | 0.913 | |
| Living with partner | 0.0198 | 0.1340 | 0.882 | |
| Ethnicity | White | Base | ||
| Black, non-Hispanic | 0.5194*** | 0.0972 | 0.000 | |
| Other, non-Hispanic | 0.3297** | 0.1291 | 0.011 | |
| Hispanic | 0.0668 | 0.0873 | 0.444 | |
| Income | < $20,000 | Base | ||
| $20,000–$29,999 | −0.3686*** | 0.1391 | 0.008 | |
| $30,000–$39,999 | −0.4934*** | 0.1303 | 0.000 | |
| $40,000–$49,999 | −0.5460*** | 0.1569 | 0.000 | |
| $50,000–$59,999 | −0.6542*** | 0.1432 | 0.000 | |
| $60,000–$74,999 | −0.7622*** | 0.1295 | 0.000 | |
| $75,000–$99,999 | −0.7785*** | 0.1285 | 0.000 | |
| $100,000–$149,999 | −0.8847*** | 0.1306 | 0.000 | |
| >$150,000 | −1.1409*** | 0.1479 | 0.000 | |
| Income volatility | Roughly the same each month | Base | ||
| Roughly the same most months, with some unusual high or low | 0.3609*** | 0.0670 | 0.000 | |
| Often varies quite a bit from 1 month to the next | 0.7860*** | 0.1215 | 0.000 | |
| Health status | Poor | Base | ||
| Fair | −0.3157 | 0.2238 | 0.158 | |
| Good | −0.6414*** | 0.2176 | 0.003 | |
| Very good | −0.8471*** | 0.2193 | 0.000 | |
| Excellent | −1.2815*** | 0.2376 | 0.000 | |
| Housing status | I own | Base | ||
| I rent | 0.3860*** | 0.0785 | 0.000 | |
| I do not currently own or rent | 0.0246 | 0.1297 | 0.850 | |
| Employment | Self-employed | Base | ||
| Work full-time | 0.0672 | 0.1196 | 0.575 | |
| Work part-time | 0.0322 | 0.1506 | 0.831 | |
| Homemaker | −0.1283 | 0.1627 | 0.430 | |
| Full-time student | 0.3410* | 0.2008 | 0.089 | |
| Permanently sick, disabled, or unable to work | 0.0509 | 0.1939 | 0.793 | |
| Unemployed or temporarily laid off | 0.4895** | 0.2040 | 0.016 | |
| Retired | −0.3500** | 0.1408 | 0.013 | |
| Saving habits | Strongly disagree | Base | ||
| Disagree | −0.4104** | 0.2006 | 0.041 | |
| Disagree slightly | −0.5847*** | 0.1955 | 0.003 | |
| Agree slightly | −0.9976*** | 0.1913 | 0.000 | |
| Agree | −1.5094*** | 0.1948 | 0.000 | |
| Strongly agree | −2.1286*** | 0.2011 | 0.000 | |
| Financial knowledge | 1 to very low | Base | ||
| 2 | −0.4245 | 0.3388 | 0.210 | |
| 3 | −0.0632 | 0.2740 | 0.817 | |
| 4 | −0.4242 | 0.2624 | 0.106 | |
| 5 | −0.7850*** | 0.2625 | 0.003 | |
| 6 | −0.9867*** | 0.2737 | 0.000 | |
| 7 to very high | −1.0340*** | 0.3168 | 0.000 |
(*)10% significance level (**)5% significance level (***)1% significance level; se: estimate’s standard error. Own elaboration.