Table 5:

Saving Regret, Financial Planning, Financial Literacy, and Probability Numeracy

			Saving Regret (After Revision)
	N	In percent	Mean	Std.Error	T-test
Financial Planning Horizon
I don’t plan	70	4.4	0.680	0.071	ns
Next few months	234	14.7	0.648	0.034	ref
Next year	155	9.7	0.640	0.040	ns
Next few years	299	18.8	0.593	0.029	ns
Next 5–10 years	260	16.3	0.565	0.029	ns
Longer than 10 years	189	11.9	0.508	0.034	***
Missing	384	24.1	0.552	0.025	**
Financial Literacy
0 correct answers	69	4.3	0.747	0.068	ref
1 correct answer	132	8.3	0.737	0.045	ns
2 correct answers	268	16.9	0.687	0.030	ns
3 correct answers	452	28.4	0.556	0.020	***
Missing	669	42.1	0.517	0.020	***
Probability Numeracy
0 or 1 correct answers	146	9.2	0.505	0.045	ref.
2 correct answers	272	17.1	0.659	0.03	***
3 correct answers	491	30.9	0.581	0.021	ns
4 correct answers	147	9.2	0.461	0.033	ns
Missing	534	33.6	0.607	0.024	**

Note: We report the mean of saving regret and the standard error of the mean, pooling respondents across the two question formats for saving regret (unframed and framed). The t-test refers to a t-test of the indicated category vs. the reference category (ref). ns= not significant

^*p<0.05

^**p<0.01

^***p<0.001

Financial planning, financial literacy and probability numeracy were merged from other ALP surveys. That is why we have missing values for individuals who did not participate in both survey waves. Data are weighted.