Age | 0.001 |
0.000 |
Female | −0.029 |
0.004 |
Education level | ||
Secondary | 0.001 | 0.005 |
Tertiary or more | −0.016 | 0.010 |
Income quantile | ||
Second 20% | −0.001 | 0.007 |
Middle 20% | 0.004 | 0.007 |
Fourth 20% | −0.002 | 0.007 |
Richest 20% | 0.020 |
0.007 |
fin_literacy | 0.00038 |
0.000 |
easy_lang | 0.005 | 0.005 |
lang_div | −0.003 | 0.009 |
Lgdp | 0.017 |
0.002 |
Inflation | −0.006 |
0.000 |
bank_zscore | 0.001 |
0.000 |
Number of observations | 35,150 | |
Mean dependent variable | 0.213 | |
Standard deviation of the dependent variable | 0.409 | |
Pseudo R-squared | 0.013 | |
Chi-square | 490.479 | |
0.000 |
Age | −0.012 |
0.001 | 0.012 |
0.000 | 0.006 |
0.000 |
Female | 0.487 |
0.037 | 0.147 |
0.015 | −0.155 |
0.014 |
Education level | ||||||
Secondary | −1.067 |
0.050 | −0.348 |
0.020 | 0.284 |
0.019 |
Tertiary or more | −2.292 |
0.063 | −0.867 |
0.025 | 0.863 |
0.028 |
Income quantile | ||||||
Second 20% | −0.367 |
0.063 | −0.149 |
0.025 | 0.091 |
0.022 |
Middle 20% | −0.651 |
0.062 | −0.276 |
0.025 | 0.170 |
0.022 |
Fourth 20% | −1.006 |
0.061 | −0.380 |
0.025 | 0.278 |
0.023 |
Richest 20% | −1.539 |
0.061 | −0.561 |
0.024 | 0.474 |
0.024 |
easy_lang | 0.724 |
0.053 | −0.026 | 0.022 | −0.160 |
0.019 |
fin_literacy | −0.031 |
0.002 | −0.034 |
0.001 | 0.012 |
0.001 |
Lgdp | −0.526 |
0.032 | −0.156 |
0.013 | 0.265 |
0.014 |
Inflation | 0.081 |
0.006 | −0.009 |
0.002 | −0.019 |
0.002 |
bank_zscore | 0.047 |
0.002 | 0.004 |
0.001 | −0.012 |
0.001 |
bank_trust | −0.921 |
0.052 | 0.093 |
0.021 | 0.297 |
0.014 |
_cons | 12.288 |
0.238 | 3.929 |
0.095 | ||
Number of observations | 41,455 | 41,455 | 41,455 | |||
Hausman–Wu test: | Wald test: |
|||||
Weak instruments test: |
credit_info | 0.018 |
0.005 | −0.100 |
0.046 | −0.003 | 0.018 |
fin_literacy | 0.002 |
0.001 | −0.036 |
0.011 | −0.026 |
0.004 |
lang_div | 0.068 | 0.476 | −0.059 | 0.399 | −0.096 | 0.156 |
bank_zscore | −0.003 |
0.001 | 0.021 |
0.012 | −0.001 | 0.005 |
Lgdp | 0.157 |
0.015 | −1.029 |
0.123 | −0.177 |
0.048 |
Inflation | 0.000 | 0.004 | 0.000 | 0.029 | −0.014 | 0.012 |
easy_lang | −0.023 | 0.029 | 0.296 | 0.244 | 0.186 |
0.095 |
_cons | −0.941 |
0.110 | 13.51 |
0.923 | 4.03 |
0.360 |
Number of observations | 120 | 120 | 120 | |||
Mean dependent variable | 0.611 | 2.719 | 1.455 | |||
Standard deviation of the dependent variable | 0.294 | 2.213 | 0.704 | |||
R-squared | 0.79 | 0.74 | 0.58 | |||
F-test | 60.05 | 45.26 | 24.65 | |||
0.000 | 0.000 | 0.000 | ||||
RESET test | 0.047 | 0.1356 | 0.0041 | |||
Breusch–Pagan test | 0.0345 | 0.0272 | 0.2180 | |||
Jarque–Bera test | 0.0646 | 0.923 | 0.7997 |
Access score | Measure of willingness to own one or many financial products. Lower values indicate higher willingness. | 2017 | Own calculations, Global Findex Database 2017 |
Use score | Measure of willingness to use one or many financial products in the past 12 months. Lower values indicate higher willingness. | 2017 | |
inclusion_inst | Percentage of population over the age of 15 having an account at a formal financial institution. | 2017 | Global Findex Database 2017 |
fin_literacy | Percentage of adults who are financially literate. | 2015 |
|
bank_trust | Percentage of adults who have a “great deal” or “quite a lot” of trust towards banks. | 2017–2020 | World Values Survey (wave 7) |
credit_info | Index measures the availability and quality of credit information. Scores range from 0 to 8, with higher values indicating better access to information. | 2017 | World Bank |
bank_zscore | Bank's Z-score; probability of country's banking system default. | 2017 | |
Lgdp | Logarithm of gross domestic product per capita, current USD. | 2017 | |
Iflation | Inflation rate, consumer prices (annual, %). | 2016 |
|
lang_div | Language diversity; probability of two people – randomly chosen from the population – to have different mother tongues. | 2017 | SIL |
easy_lang | Binary variable; takes 1 if banks are required by law to provide parts of information in plain and/or local language and 0 in other cases. | 2017 | Financial Inclusion Consumer Protection Survey |
Female | Binary variable; takes 1 if respondent is female and 0 if male. | 2017 | Global Findex Database 2017 |
Age | Respondent's age. | 2017 | |
Education level | Respondent's highest level of education; 1= completed primary or less, 2= secondary, 3 = completed tertiary or more. | 2017 | |
Income quantile | Indicates the income quantile to which given respondent belongs. | 2017 |
Age | −0.016 |
0.000 | −0.014 |
0.000 | 0.012 |
0.000 | 0.012 |
0.000 | 0.002 |
0.000 | 0.002 |
0.000 |
Female | 0.434 |
0.033 | 0.465 |
0.034 | 0.151 |
0.015 | 0.154 |
0.015 | −0.042 |
0.004 | −0.046 |
0.004 |
Education level | ||||||||||||
Secondary | −1.341 |
0.044 | −1.268 |
0.044 | −0.358 |
0.019 | −0.328 |
0.019 | 0.132 |
0.005 | 0.119 |
0.005 |
Tertiary or more | −2.411 |
0.056 | −2.285 |
0.056 | −0.924 |
0.025 | −0.860 |
0.025 | 0.279 |
0.007 | 0.268 |
0.006 |
Income quantile | ||||||||||||
Second 20% | −0.340 |
0.057 | −0.405 |
0.056 | −0.150 |
0.025 | −0.150 |
0.025 | 0.033 |
0.007 | 0.034 |
0.006 |
Middle 20% | −0.707 |
0.056 | −0.722 |
0.056 | −0.268 |
0.025 | −0.274 |
0.025 | 0.061 |
0.007 | 0.064 |
0.006 |
Fourth 20% | −1.057 |
0.056 | −1.089 |
0.055 | −0.360 |
0.025 | −0.377 |
0.024 | 0.094 |
0.007 | 0.099 |
0.006 |
Richest 20% | −1.633 |
0.055 | −1.676 |
0.054 | −0.536 |
0.024 | −0.557 |
0.024 | 0.157 |
0.006 | 0.162 |
0.006 |
bank_zscore | 0.036 |
0.002 | 0.035 |
0.002 | 0.003 |
0.000 | 0.004 |
0.001 | −0.008 |
0.000 | −0.002 |
0.000 |
Lgdp | −1.289 |
0.018 | −0.729 |
0.026 | −0.425 |
0.008 | −0.129 |
0.012 | 0.155 |
0.002 | 0.101 |
0.003 |
Inflation | −0.013 |
0.004 | 0.016 |
0.004 | −0.010 |
0.002 | −0.002 | 0.002 | 0.003 |
0.000 | 0.000 | 0.000 |
credit_info | −0.136 |
0.010 | 0.021 |
0.005 | 0.015 |
0.001 | ||||||
_cons | 16.216 |
0.168 | 13.502 |
0.208 | 5.394 |
0.075 | 3.883 |
0.092 | ||||
Number of observations | 41 455 | 41 455 | 41 455 | 41 455 | 41 455 | 41 455 | ||||||
Adjusted R-squared | 0.2695 | 0.2850 | 0.1668 | 0.1942 | 0.2521 | 0.2682 | ||||||
F-statistic or LR chi2 for probit | 1275.31 | 1102.48 | 691.25 | 667.06 | 13088 | 13923.93 |
Age | −0.014 |
0.000 | −0.013 |
0.000 | 0.012 |
0.000 | 0.012 |
0.000 | 0.002 |
0.000 | 0.002 |
0.000 |
Female | 0.474 |
0.021 | 0.474 |
0.021 | 0.181 |
0.009 | 0.164 |
0.009 | −0.045 |
0.002 | −0.043 |
0.002 |
Education level | ||||||||||||
Secondary | −1.637 |
0.026 | −1.574 |
0.026 | −0.295 |
0.012 | −0.306 |
0.012 | 0.157 |
0.003 | 0.146 |
0.003 |
Tertiary or more | −2.603 |
0.035 | −2.500 |
0.035 | −0.903 |
0.016 | −0.898 |
0.016 | 0.312 |
0.004 | 0.301 |
0.004 |
Income quantile | ||||||||||||
Second 20% | −0.433 |
0.035 | −0.426 |
0.035 | −0.143 |
0.016 | −0.142 |
0.016 | 0.034 |
0.004 | 0.034 |
0.004 |
Middle 20% | −0.681 |
0.035 | −0.665 |
0.035 | −0.227 |
0.016 | −0.227 |
0.016 | 0.056 |
0.004 | 0.056 |
0.004 |
Fourth 20% | −1.001 |
0.034 | −0.998 |
0.034 | −0.325 |
0.016 | −0.323 |
0.015 | 0.090 |
0.004 | 0.090 |
0.004 |
Richest 20% | −1.598 |
0.034 | −1.578 |
0.034 | −0.465 |
0.015 | −0.464 |
0.015 | 0.151 |
0.004 | 0.149 |
0.004 |
bank_zscore | 0.031 |
0.001 | 0.025 |
0.001 | 0.006 |
0.001 | 0.002 |
0.000 | −0.002 |
0.000 | −0.002 |
0.000 |
Lgdp | −1.006 |
0.009 | −0.725 |
0.012 | −0.296 |
0.004 | −0.134 |
0.005 | 0.123 |
0.001 | 0.097 |
0.001 |
Inflation | −0.004 |
0.003 | 0.016 |
0.003 | −0.017 |
0.001 | −0.013 |
0.001 | 0.002 |
0.000 | 0.000 |
0.000 |
credit_info | −0.067 |
0.005 | 0.006 |
0.002 | 0.007 |
0.001 | ||||||
_cons | 12.906 |
0.083 | 12.905 |
0.083 | 4.092 |
0.037 | 3.633 |
0.038 | ||||
Number of observations | 110 660 | 106 021 | 110 660 | 106 021 | 110 660 | 106 021 | ||||||
Adjusted R-squared | 0.2958 | 0.3110 | 0.1412 | 0.1845 | 0.2901 | 0.3071 | ||||||
F-statistic or LR chi2 for probit | 4226.15 | 3418.81 | 1654.39 | 174.29 | 42084.85 | 42171.33 |
fin3 | if has debit card: card in own name |
fin7 | has credit card |
fin24 | possibility of coming up with emergency funds |
Account | has an account |
fin5 | used mobile phone or internet to access account at a financial institution |
fin6 | used mobile phone or internet to check account balance |
fin8 | if has credit card: used card in past 12 months |
fin4 | if has debit card: used card in past 12 months |
Borrowed | borrowed in the past year |
Saved | saved in the past year |