Financial literacy, behavioral traits, and ePayment adoption and usage in Japan

Financial Innovation

Table 1 Descriptive statistics

	Mean	SD
Financial literacy score	14.15	6.87
e-money adopter	35.78	47.94
AppMoney adopter	7.97	27.09
ePayment adopter	37.96	48.53
Risk aversion	77.30	41.89
Herd behavior	16.72	37.32
Limited acceptance (of stores)	23.16	42.19
Long time for settlement	8.73	28.23
Private information not adequately secure	18.54	38.87
Lack of tools to prevent overuse	10.48	30.63
Fully satisfied with cash	24.49	43.01
Male	49.45	50.00
Age group
Age < 30 (%)	15.03	35.74
Age ≥ 30 and < 40	16.04	36.69
Age ≥ 40 and < 50	19.10	39.31
Age ≥ 50 and < 60	16.12	36.77
Age ≥ 60 and < 70	19.24	39.42
Age ≥ 70	14.48	35.19
Education
Primary/secondary/others	2.90	16.78
High school	32.41	46.81
Specialized college	11.24	31.59
Junior college/technical college	11.33	31.69
University	38.20	48.59
Graduate school	3.92	19.41
Income (Yen)
No income	3.18	17.56
< 2.5 ml	15.68	36.36
≥ 2.5 ml and < 5 ml	28.32	45.06
≥ 5 ml and < 7.5 ml	17.32	37.84
≥ 7.5 ml and < 10 ml	9.84	29.79
≥ 10 ml and < 15 ml	5.38	22.56
≥ 15 ml	1.91	13.68
Don't know/don’t say	18.37	38.73