Variable | Definition |
---|---|
female | dummy variable for gender: 0 indicating |
indigenous | dummy variable for self-identification of being indigenous Australian: 0 indicating |
above20 | dummy variable for being 20 years old or above: 0 indicating |
non_English | dummy variable for speaking a language other than English at home: 0 indicating |
paid_work | dummy variable for doing paid work: 0 indicating |
study_biz | dummy variable for studying business at university: 0 indicating |
self_rate_avg | the average self-rating on the level of understanding of eight aspects of financial literacy (i.e., |
test_overall | the total number of correct answers to a panel of 14 quizzes on various aspects of financial literacy |
rescaled_test_overall | Rescaled test_overall to a range between 1 and 5: rescaled_test_overall = 4 x test_overall / 14 + 1 |
overconfidence | overconfidence in financial literacy: overconfidence = self_rate_avg - rescaled_test_overall |
Constructs | Questions | Source |
---|---|---|
Budgeting, saving, managing debt | 1. Compound interest | |
2. Inflation | ||
3. Budgeting | ||
4. Borrowing | ||
5. Credit card debt | ||
Investing | 6. Risky assets | |
7. Long period returns | ||
Superannuation, retirement planning, and insurance knowledge | 8. Performance indicator | |
9. Concessional tax rate | ||
10. Life insurance need | ||
11. Car insurance | ||
Taxation knowledge | 12. Assessable income | |
13. Tax payable | ||
14. Negative gearing |
Variable | N | M | Mdn | SD | Skew | Kurt | Min | Max | Q1 | Q3 |
---|---|---|---|---|---|---|---|---|---|---|
self_rate_avg | 363 | 2.68 | 2.50 | .79 | .62 | .19 | 1.00 | 5.00 | 2.13 | 3.13 |
test_overall | 316 | 6.70 | 7.00 | 2.75 | .02 | -.49 | .00 | 13.00 | 5.00 | 9.00 |
Overconfidence | 316 | -.23 | -.25 | .80 | .35 | .15 | -2.32 | 2.09 | -.79 | .23 |
B | β | t | p | |
---|---|---|---|---|
Constant | -.504 | - | -4.090 | <.001 |
female | .139 | .071 | 1.230 | .220 |
Indigenous | -.063 | -.013 | -.222 | .824 |
above20 | -.073 | -.045 | -.792 | .429 |
non-English | .466 | .184 | 3.193 | .002 |
paid_work | .187 | .111 | 1.897 | .059 |
study_biz | .080 | .035 | .612 | .541 |
Unconstrained model | Constrained model | |||||||
---|---|---|---|---|---|---|---|---|
self_rate_avg | rescaled_test_overall | self_rate_avg | rescaled_test_overall | |||||
female | -.454 | <.001 | -.594 | <.001 | -.526 | <.001 | -.526 | <.001 |
indigenous | .347 | .193 | .409 | .117 | .379 | .090 | .379 | .090 |
above20 | .195 | .024 | .268 | .002 | .233 | .001 | .233 | .001 |
non_English | .299 | .030 | -.168 | .214 | .268 | .052 | -.139 | .304 |
study_biz | .057 | .644 | -.023 | .849 | .016 | .880 | .016 | .880 |
paid_work | .241 | .009 | .055 | .550 | .145 | .064 | .145 | .064 |
constant | 2.748 | <.001 | 3.251 | <.001 | 2.86 | <.001 | 3.14 | <.001 |
35.37(6) | <.001 | 46.28(6) | <.001 | 55.22(6) | <.001 | 50.67(6) | <.001 | |
R-squared | .105 | .133 | .099 | .128 | ||||
residuals |
.441, <.001 | .432, <.001 | ||||||
joint constraints test: |
n.a. | 7.09(5),.214 |
Demographics | Frequency | Per cent % (n=302) |
---|---|---|
Female | 238 | 79 |
Indigenous | 8 | 3 |
20 yrs and above | 133 | 44 |
Non-English at home | 33 | 11 |
Paid work | 203 | 67 |
Studying business | 42 | 14 |
Living at home | 170 | 56 |