Table 7 Probit model regression results with financial literacy and financial education as the main explanatory variables

Financial literacy

0.0036

-0.0106

-0.0116

-0.0229

(0.0902)

(0.0905)

(0.0905)

(0.0909)

Financial education

0.0238

0.0204

0.0197

0.0234

(0.0756)

(0.0756)

(0.0757)

(0.0759)

Male

-0.3266***

-0.2350***

-0.2357***

-0.2299***

(0.0614)

(0.0687)

(0.0687)

(0.0688)

Age

0.0273***

0.0271***

0.0273***

0.0280***

(0.0047)

(0.0047)

(0.0047)

(0.0047)

University degree

-0.0070

-0.0299

-0.0311

-0.0384

(0.0715)

(0.0723)

(0.0723)

(0.0725)

Marriage

0.3605***

0.3507***

0.3515***

0.3217**

(0.1249)

(0.1261)

(0.1261)

(0.1270)

Divorce

0.1847

0.2289

0.2313

0.2020

(0.1773)

(0.1794)

(0.1795)

(0.1800)

Household size

-0.0101

-0.0106

-0.0107

-0.0082

(0.0247)

(0.0249)

(0.0249)

(0.0249)

Children

-0.1428

-0.1574

-0.1574

-0.1591

(0.1058)

(0.1069)

(0.1070)

(0.1074)

Unemployed

0.3369*

0.3246*

0.3289*

0.3585**

(0.1814)

(0.1805)

(0.1808)

(0.1826)

Log of household income

-0.0366

-0.0342

-0.0349

-0.0578

(0.0545)

(0.0549)

(0.0549)

(0.0562)

Log of household assets

0.1226***

0.1105***

0.1097***

0.1024***

(0.0315)

(0.0318)

(0.0319)

(0.0321)

Current smoker

-0.2947***

-0.2938***

-0.2784***

(0.0752)

(0.0752)

(0.0755)

Current drinker

-0.0098

-0.0109

-0.0128

(0.0614)

(0.0614)

(0.0616)

Frequent gambler

-0.0860

-0.0852

-0.0846

(0.0984)

(0.0983)

(0.0983)

Myopic view of the future

-0.0405

-0.0375

(0.0780)

(0.0780)

Current level of happiness

0.3336*

(0.1742)

Anxiety about health

-0.0522

(0.0597)

Poor health status

0.1627

(0.2220)

Constant

-3.3068***

-3.0732***

-3.0486***

-2.7837***

(0.8561)

(0.8623)

(0.8640)

(0.8750)

Observations

2,208

2,208

2,208

2,208

Log likelihood

-1316

-1308

-1308

-1305

Chi2 statistics

122.4

135.7

136.4

144.7

p-value

0

0

0

0