Average Marginal Effects from Probit
| Model 1 (Voluntary Savings) | Model 2 (Knows Retirement Needs) | |||
|---|---|---|---|---|
| Variable (Reference Group) | AME | SE | AME | SE |
| Government pension reliance (Relies on other source for retirement income) | -0.195*** | 0.022 | -.119*** | 0.023 |
| Objective financial knowledge score | -0.0002 | 0.001 | 0.006*** | 0.001 |
| Subjective financial knowledge (Not very knowledgeable) | ||||
| Fairly knowledgeable | 0..064** | 0.024 | 0.151*** | 0.027 |
| Knowledgeable | 0..091*** | 0.025 | 0.313*** | 0.029 |
| Very knowledgeable | 0.069* | 0.033 | 0.408*** | 0.035 |
| Demographics | ||||
| Age (18-24) | ||||
| 25-34 | 0.072 | 0.047 | 0.028 | 0.052 |
| 35-44 | 0.108** | 0.048 | 0.073 | 0.052 |
| 45-54 | 0.112** | 0.047 | 0.128* | 0.052 |
| 55-64 | 0.141*** | 0.049 | 0.242*** | 0.055 |
| 65 and up | 0.152** | 0.058 | 0.245*** | 0.066 |
| Sex (Male) | 0.031 | 0.017 | -0.027 | 0.018 |
| Born in Canada (No) | 0.033 | 0.020 | 0.001 | 0.022 |
| Indigenous (No) | 0.008 | 0.031 | 0.013 | 0.039 |
| Marital status (Married) | ||||
| Living with partner | -0.042 | 0.024 | -0.014 | 0.026 |
| Separated | -0.014 | 0.041 | 0.067 | 0.048 |
| Divorced | -0.007 | 0.032 | -0.024 | 0.042 |
| Widowed | 0.100* | 0.048 | 0.116 | 0.071 |
| Single | 0.038 | 0.023 | 0.025 | 0.028 |
| Financially dependent children (0) | ||||
| One or more | -0.027 | 0.019 | -0.028 | 0.020 |
| Socioeconomics | ||||
| Household income ($0 to less than $20,000) | ||||
| $20,000 to less than $40,000 | 0.029 | 0.050 | 0.044 | 0.048 |
| $40,000 to less than $60,000 | 0.104* | 0.051 | 0.061 | 0.049 |
| $60,000 to less than $80,000 | 0.213*** | 0.051 | 0.104* | 0.050 |
| $80,000 to less than $100,000 | 0.188** | 0.056 | 0.133* | 0.054 |
| $100,000 to less than $150,000 | 0.265*** | 0.053 | 0.164** | 0.053 |
| $150,000 to less than $200,000 | 0.313*** | 0.056 | 0.260*** | 0.056 |
| $200,000 or more | 0.307*** | 0.057 | 0.308*** | 0.058 |
| Education (Less than high school) | ||||
| High school diploma or equivalent | 0.038 | 0.042 | 0.009 | 0.045 |
| Some college or university without diploma | 0.004 | 0.045 | 0.048 | 0.051 |
| College diploma or certificate | 0.018 | 0.042 | 0.006 | 0.046 |
| University undergraduate degree | 0.050 | 0.042 | -0.011 | 0.045 |
| University graduate degree | 0.048 | 0.043 | -0.017 | 0.047 |
| Employment (Full-time) | ||||
| Part-time | -0.087** | 0.026 | 0.019 | 0.030 |
| Self-employed | -0.162*** | 0.027 | -0.008 | 0.026 |
| Not working | -0.204*** | 0.030 | -0.023 | 0.031 |
| Homeownership (Owns home) | ||||
| Does not own home | 0.038* | 0.020 | 0.038 | 0.023 |
| Student Loans (Has student loans) | ||||
| Does not have student loans | -0.072** | 0.026 | -0.034 | 0.031 |
Descriptive Statistics
| Variable 1 | Mean | Std Dev |
|---|---|---|
| Primary retirement income source | ||
| Not government | 0.668 | 0.471 |
| Government | 0.332 | 0.471 |
| Objective financial knowledge score | 20.415 | 6.834 |
| Subjective financial knowledge | ||
| Not very knowledgeable | 0.192 | 0.394 |
| Fairly knowledgeable | 0.434 | 0.496 |
| Knowledgeable | 0.266 | 0.442 |
| Very knowledgeable | 0.107 | 0.310 |
| Demographics | ||
| Age | ||
| 18-24 | 0.079 | 0.270 |
| 25-34 | 0.189 | 0.392 |
| 35-44 | 0.209 | 0.407 |
| 45-54 | 0.268 | 0.443 |
| 55-64 | 0.205 | 0.404 |
| 65 and up | 0.050 | 0.217 |
| Sex | ||
| Male | 0.524 | 0.499 |
| Female | 0.476 | 0.499 |
| Born outside Canada | 0.195 | 0.396 |
| Born in Canada | 0.805 | 0.396 |
| Non-Indigenous | 0.927 | 0.260 |
| Indigenous | 0.073 | 0.260 |
| Marital status | ||
| Married | 0.462 | 0.499 |
| Living with partner | 0.134 | 0.341 |
| Separated | 0.026 | 0.158 |
| Divorced | 0.053 | 0.224 |
| Widowed | 0.015 | 0.123 |
| Single | 0.310 | 0.463 |
| Financially dependent children | ||
| No children | 0.613 | 0.487 |
| At least one child | 0.387 | 0.487 |
| Socioeconomics | ||
| Household income | ||
| $0 to less than $20,000 | 0.139 | 0.346 |
| $20,000 to less than $40,000 | 0.137 | 0.344 |
| $40,000 to less than $60,000 | 0.141 | 0.348 |
| $60,000 to less than $80,000 | 0.117 | 0.321 |
| $80,000 to less than $100,000 | 0.117 | 0.322 |
| $100,000 to less than $150,000 | 0.189 | 0.391 |
| $150,000 to less than $200,000 | 0.088 | 0.283 |
| $200,000 or more | 0.073 | 0.261 |
| Education | ||
| Less than high school | 0.048 | 0.215 |
| High school diploma or equivalent | 0.198 | 0.398 |
| Some college or university without diploma | 0.100 | 0.300 |
| College diploma or certificate | 0.222 | 0.416 |
| University undergraduate degree | 0.232 | 0.422 |
| University graduate degree | 0.200 | 0.400 |
| Employment | ||
| Full-time | 0.523 | 0.500 |
| Part-time | 0.131 | 0.337 |
| Self-employed | 0.160 | 0.366 |
| Not working | 0.187 | 0.390 |
| Homeownership | ||
| Owns home | 0.347 | 0.476 |
| Does not own home | 0.653 | 0.476 |
| Student loans | ||
| Has student loans | 0.880 | 0.325 |
| Does not have student loans | 0.120 | 0.325 |