Marginal Effects of the Logistic Regression on AFS use with interaction between objective financial literacy and financial hardship_
| Variables | |
|---|---|
| Objective financial literacy | −0.0337*** (0.0018) |
| Subjective financial literacy | 0.0146*** (0.0016) |
| Financial hardship (Reference: Not at all difficult) | |
| Very difficult | 0.0843*** (0.0129) |
| Somewhat difficult | 0.0393*** (0.0087) |
| Interaction terms | |
| Objective Financial Literacy*Very Difficult | 0.0725*** (0.0248) |
| Objective Financial Literacy*Somewhat Difficult | 0.0694*** (0.0152) |
| Credit card behaviour | −0.0473*** (0.0012) |
| Married | 0.0101** (0.0042) |
| Female | −0.0465*** (0.0040) |
| Education (Reference: High school or less) | |
| Some College | −0.0150*** (0.0055) |
| Associate’s degree | −0.0356*** (0.0068) |
| Bachelor’s degree | −0.0574*** (0.0058) |
| Post graduate degree | −0.0530*** (0.0072) |
| Age (Reference: 18–24) | |
| 25–34 | −0.0366*** (0.0099) |
| 35–44 | −0.0692*** (0.0100) |
| 45–54 | −0.1311*** (0.0100) |
| 55–64 | −0.1710*** (0.0103) |
| 65+ | −0.2023*** (0.0115) |
| Household Income (Reference: 150k or more) | |
| <15k | 0.0349*** (0.0114) |
| 15k–25k | 0.0713*** (0.0109) |
| 25k–35k | 0.0555*** (0.0100) |
| 35k–50k | 0.0423*** (0.0091) |
| 50k–75k | 0.0203** (0.0083) |
| 75k–100k | 0.0087 (0.0084) |
| 100k–150k | 0.0076 (0.0084) |
| Employment (Reference: Work full-time) | |
| Self employed | 0.0109 (0.0072) |
| Work part-time | −0.0038 (0.0070) |
| Homemaker | −0.0142* (0.0078) |
| Full-time student | −0.0400*** (0.0108) |
| Sick/disabled/unable to work | 0.0440*** (0.0104) |
| Unemployed | −0.0242*** (0.0089) |
| Retired | −0.0074 (0.0082) |
| Have emergency fund | −0.0032 (0.0044) |
| Risk tolerance | 0.0153*** (0.0008) |
| White | −0.0427*** (0.0044) |
| Year | 0.0104*** (0.0012) |
Marginal Effects of the Logistic Regression on AFS use with interaction between subjective financial literacy and financial hardship_
| Variables | |
|---|---|
| Objective financial literacy | −0.0275*** (0.0013) |
| Subjective financial literacy | 0.0098*** (0.0026) |
| Financial hardship (Reference: Not at all difficult) | |
| Very difficult | 0.0295 (0.0221) |
| Somewhat difficult | 0.0547*** (0.0182) |
| Interaction terms | |
| Subjective Financial Literacy*Very Difficult | 0.0176*** (0.0041) |
| Subjective Financial Literacy*Somewhat Difficult | 0.0032 (0.0034) |
| Credit card behaviour | −0.0475*** (0.0012) |
| Married | 0.0104** (0.0042) |
| Female | −0.0467*** (0.0040) |
| Education (Reference: High school or less) | |
| Some College | −0.0157*** (0.0055) |
| Associate’s degree | −0.0353*** (0.0068) |
| Bachelor’s degree | −0.0569*** (0.0058) |
| Post graduate degree | −0.0529*** (0.0072) |
| Age (Reference: 18–24) | |
| 25–34 | −0.0369*** (0.0099) |
| 35–44 | −0.0692*** (0.0100) |
| 45–54 | −0.1305*** (0.0100) |
| 55–64 | −0.1708*** (0.0103) |
| 65+ | −0.2014*** (0.0116) |
| Household Income (Reference: 150k or more) | |
| <15k | 0.0368*** (0.0114) |
| 15k–25k | 0.0738*** (0.0108) |
| 25k–35k | 0.0578*** (0.0100) |
| 35k–50k | 0.0444*** (0.0090) |
| 50k–75k | 0.0225** (0.0082) |
| 75k–100k | 0.0098 (0.0084) |
| 100k–150k | 0.0085 (0.0083) |
| Employment (Reference: Work full-time) | |
| Self employed | 0.0115 (0.0073) |
| Work part-time | −0.0039 (0.0070) |
| Homemaker | −0.0143* (0.0078) |
| Full-time student | −0.0401*** (0.0107) |
| Sick/disabled/unable to work | 0.0443*** (0.0105) |
| Unemployed | −0.0236*** (0.0089) |
| Retired | −0.0082 (0.0082) |
| Have emergency fund | −0.0045 (0.0044) |
| Risk tolerance | 0.0153*** (0.0008) |
| White | −0.0427*** (0.0044) |
| Year | 0.0104*** (0.0012) |
Marginal Effects of the Hierarchical Logistic Regression on AFS use_
| Variables | Model I | Model II | Model III |
|---|---|---|---|
| Objective financial literacy | −0.0378*** (0.0013) | −0.0333*** (0.0013) | −0.0276*** (0.0013) |
| Subjective financial literacy | 0.0122*** (0.0017) | 0.0145*** (0.0017) | 0.01491*** (0.0016) |
| Financial hardship (Reference: Not at all difficult) | |||
| Very difficult | 0.2435*** (0.0093) | 0.1317*** (0.0085) | |
| Somewhat difficult | 0.1263*** (0.0049) | 0.0769*** (0.0048) | |
| Credit card behaviour | −0.0475*** (0.0012) | ||
| Married | 0.0131*** (0.0044) | 0.0113** (0.0043) | 0.0101** (0.0042) |
| Female | −0.0428*** (0.0042) | −0.0450*** (0.0041) | −0.0464*** (0.0040) |
| Education (Reference: High school or less) | |||
| Some College | −0.0026 (0.0059) | −0.0099 (0.0058) | −0.0153** (0.0055) |
| Associate’s degree | −0.0379*** (0.0073) | −0.0378*** (0.0071) | −0.0353*** (0.0068) |
| Bachelor’s degree | −0.0715*** (0.0061) | −0.0688*** (0.0060) | −0.0573*** (0.0058) |
| Post graduate degree | −0.0646*** (0.0075) | −0.0675*** (0.0073) | −0.0530*** (0.0072) |
| Age (Reference: 18–24) | |||
| 25–34 | 0.0000 (0.0106) | −0.0115 (0.0102) | −0.0367*** (0.0099) |
| 35–44 | −0.0412*** (0.0107) | −0.0472*** (0.0103) | −0.0694*** (0.0101) |
| 45–54 | −0.1240*** (0.0106) | −0.1186*** (0.0102) | −0.1312*** (0.0100) |
| 55–64 | −0.1837*** (0.0108) | −0.1701*** (0.0105) | −0.1715*** (0.0104) |
| 65+ | −0.2239*** (0.0117) | −0.2076*** (0.0115) | −0.2025*** (0.0116) |
| Household Income (Reference: 150k or more) | |||
| <15k | 0.0767*** (0.0117) | 0.0233* (0.0113) | 0.0361** (0.0114) |
| 15k–25k | 0.1312*** (0.0112) | 0.0758*** (0.0110) | 0.0739*** (0.0108) |
| 25k–35k | 0.1048*** (0.0102) | 0.0619*** (0.0102) | 0.0582*** (0.0100) |
| 35k–50k | 0.0797*** (0.0089) | 0.0503*** (0.0092) | 0.0450*** (0.0090) |
| 50k–75k | 0.0469*** (0.0080) | 0.0267*** (0.0084) | 0.0231*** (0.0082) |
| 75k–100k | 0.0369*** (0.0081) | 0.0177* (0.0085) | 0.0111 (0.0083) |
| 100k–150k | 0.0198** (0.0080) | 0.0132 (0.0085) | 0.0091 (0.0083) |
| Employment (Reference: Work full-time) | |||
| Self employed | 0.0236*** (0.0078) | 0.0119 (0.0075) | 0.0114 (0.0072) |
| Work part-time | −0.0094 (0.0075) | −0.0102 (0.0072) | −0.0039 (0.0070) |
| Homemaker | −0.0266*** (0.0081) | −0.0219** (0.0080) | −0.0143* (0.0078) |
| Full-time student | −0.0608*** (0.0107) | −0.0546*** (0.0107) | −0.0397*** (0.0108) |
| Sick/disabled/unable to work | 0.0690*** (0.0118) | 0.0487*** (0.0111) | 0.0444*** (0.0105) |
| Unemployed | −0.0143 (0.0098) | −0.0296*** (0.0091) | −0.0240*** (0.0089) |
| Retired | −0.0280*** (0.0085) | −0.0194* (0.0084) | −0.0083 (0.0082) |
| Have emergency fund | −0.0967*** (0.0045) | −0.0468*** (0.0045) | −0.0040 (0.0044) |
| Risk tolerance | 0.0200*** (0.0008) | 0.0181*** (0.0008) | 0.0153*** (0.0008) |
| White | −0.0534*** (0.0047) | −0.0504*** (0.0046) | −0.0428*** (0.0044) |
| Year | 0.0103*** (0.0013) | 0.0117*** (0.0013) | 0.0105*** (0.0012) |
Descriptive Statistics
| Variables | Mean (SD) |
|---|---|
| Dependent variables | |
| AFS use | 0.2246 (0.4173) |
| Key Variables | |
| Objective financial literacy | 3.4687 (1.5909) |
| Subjective financial literacy | 5.3147 (1.1919) |
| Credit card behaviour | 4.4372 (1.6884) |
| Financial hardship | |
| Not at all difficult | 0.0763 (0.2654) |
| Very difficult | 0.3051 (0.4604) |
| Somewhat difficult | 0.6185 (0.4857) |
| Control Variables | |
| Married | 0.5822 (0.4932) |
| Female | 0.5233 (0.4994) |
| Education | |
| High school or less | 0.2101 (0.4074) |
| Some College | 0.2517 (0.4340) |
| Associate’s degree | 0.1119 (0.3153) |
| Bachelor’s degree | 0.2744 (0.4462) |
| Post graduate degree | 0.1515 (0.3586) |
| Age | |
| 18–24 | 0.0683 (0.2523) |
| 25–34 | 0.1548 (0.3618) |
| 35–44 | 0.1614 (0.3679) |
| 45–54 | 0.1711 (0.3766) |
| 55–64 | 0.1971 (0.3978) |
| 65+ | 0.2469 (0.4312) |
| Household Income | |
| <15k | 0.0534 (0.2250) |
| 15k–25k | 0.0753 (0.2640) |
| 25k–35k | 0.0940 (0.2918) |
| 35k–50k | 0.1439 (0.3510) |
| 50k–75k | 0.2156 (0.4112) |
| 75k–100k | 0.1646 (0.3708) |
| 100k–150k | 0.1603 (0.3669) |
| 150k or more | 0.0924 (0.2896) |
| Employment | |
| Self employed | 0.0729 (0.2600) |
| Work full-time | 0.4378 (0.4961) |
| Work part-time | 0.0780 (0.2683) |
| Homemaker | 0.0591 (0.2359) |
| Full-time student | 0.0204 (0.1413) |
| Sick/disabled/unable to work | 0.0329 (0.1785) |
| Unemployed | 0.0353 (0.1846) |
| Retired | 0.2631 (0.4403) |
| Have emergency fund | 0.6295 (0.4829) |
| Risk tolerance | 5.1818 (2.6123 |
| White | 0.7724 (0.4192) |