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

Long, Trinh Quang; Morgan, Peter J.; Yoshino, Naoyuki

doi:10.1186/s40854-023-00504-3

Financial Innovation

Table 3 Financial literacy, behavioral traits, and ePayment adoption: OLS estimation

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

	Using e-money	Using mobile payment apps	Using either e-money or mobile payment apps
	(1)	(2)	(3)
Financial literacy	0.053***	0.012***	0.059***
Financial literacy	[0.004]	[0.002]	[0.004]
Risk aversion	− 0.029***	− 0.034***	− 0.037***
Risk aversion	[0.008]	[0.005]	[0.008]
Herd behavior	0.003	0.017***	0.008
Herd behavior	[0.008]	[0.005]	[0.008]
Limited acceptance (at stores)	− 0.008	− 0.010**	− 0.008
Limited acceptance (at stores)	[0.008]	[0.004]	[0.008]
Long time for settlement	− 0.017	− 0.013**	− 0.016
Long time for settlement	[0.011]	[0.006]	[0.011]
Private information not adequately secure	− 0.041***	− 0.061***	− 0.058***
Private information not adequately secure	[0.008]	[0.004]	[0.008]
Lack of tools to prevent overuse	− 0.037***	− 0.019***	− 0.039***
Lack of tools to prevent overuse	[0.010]	[0.005]	[0.010]
Fully satisfied with cash	− 0.078***	− 0.042***	− 0.091***
Fully satisfied with cash	[0.008]	[0.004]	[0.008]
Male	− 0.046***	0.020***	− 0.039***
Male	[0.008]	[0.004]	[0.008]
Age group (reference group: ≤ 30 years old)
30–40 years old	0.041***	0.001	0.033***
30–40 years old	[0.011]	[0.008]	[0.012]
40–50 years old	0.050***	− 0.029***	0.032***
40–50 years old	[0.011]	[0.007]	[0.012]
50–60 years old	0.070***	− 0.048***	0.043***
50–60 years old	[0.012]	[0.007]	[0.012]
60–70 years old	0.041***	− 0.063***	0.012
60–70 years old	[0.012]	[0.007]	[0.012]
≥ 70 years old	− 0.026**	− 0.076***	− 0.060***
≥ 70 years old	[0.013]	[0.007]	[0.013]
Education (reference group: primary and junior high school)
High school	− 0.006	− 0.000	− 0.003
High school	[0.016]	[0.008]	[0.016]
Specialized college	0.012	− 0.008	0.011
Specialized college	[0.018]	[0.009]	[0.018]
Junior college/technical college	0.022	− 0.002	0.022
Junior college/technical college	[0.018]	[0.009]	[0.018]
University	0.043***	− 0.002	0.039**
University	[0.016]	[0.009]	[0.017]
Graduate school	0.081***	0.002	0.080***
Graduate school	[0.022]	[0.013]	[0.023]
Income (JPY) (reference group: no income)
< 2.5 ml	0.067***	0.020**	0.074***
< 2.5 ml	[0.016]	[0.008]	[0.017]
≥ 2.5 ml and < 5 ml	0.073***	0.021**	0.081***
≥ 2.5 ml and < 5 ml	[0.017]	[0.008]	[0.017]
≥ 5 ml and < 7.5 ml	0.088***	0.027***	0.095***
≥ 5 ml and < 7.5 ml	[0.018]	[0.009]	[0.018]
≥ 7.5 ml and < 10 ml	0.097***	0.037***	0.109***
≥ 7.5 ml and < 10 ml	[0.019]	[0.010]	[0.019]
≥ 10 ml and < 15 ml	0.116***	0.052***	0.124***
≥ 10 ml and < 15 ml	[0.021]	[0.012]	[0.021]
≥ 15 ml	0.134***	0.065***	0.144***
≥ 15 ml	[0.028]	[0.017]	[0.028]
Don't report income	0.048***	0.021***	0.053***
Don't report income	[0.016]	[0.008]	[0.017]
Occupation dummies	Yes	Yes	Yes
Frequency of news acquired dummies	Yes	Yes	Yes
Prefectural dummies	Yes	Yes	Yes
Intercept	0.271***	0.098***	0.309***
Intercept	[0.029]	[0.015]	[0.029]
N	24,516	24,516	24,516

*, **, *** Indicate significance at the 10%, 5%, and 1% levels, respectively. Standard errors are in brackets

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