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 5 Financial literacy, behavioral traits and frequency of ePayment usage: ordered probit estimation

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

	E-money				Mobile payment apps
	Almost every day	Once a week	Once a month	Never	Almost every day	Once a week	Once a month	Never
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
Financial literacy	0.028***	0.031***	0.004***	− 0.064***	0.003***	0.006***	0.007***	− 0.015***
Financial literacy	[0.002]	[0.002]	[0.000]	[0.003]	[0.001]	[0.001]	[0.001]	[0.003]
Risk aversion	− 0.013***	− 0.014***	− 0.002***	0.029***	− 0.008***	− 0.015***	− 0.018***	0.041***
Risk aversion	[0.003]	[0.003]	[0.000]	[0.007]	[0.001]	[0.002]	[0.002]	[0.005]
Herd behavior	0.003	0.003	0.000	− 0.007	0.004***	0.007***	0.009***	− 0.019***
Herd behavior	[0.003]	[0.004]	[0.000]	[0.007]	[0.001]	[0.002]	[0.003]	[0.006]
Limited acceptance (at stores)	− 0.006**	− 0.007**	− 0.001**	0.015**	− 0.001	− 0.002	− 0.003	0.006
Limited acceptance (at stores)	[0.003]	[0.003]	[0.000]	[0.006]	[0.001]	[0.002]	[0.002]	[0.005]
Long time for settlement	− 0.008*	− 0.009*	− 0.001*	0.018*	− 0.003**	− 0.007**	− 0.008**	0.018**
Long time for settlement	[0.004]	[0.005]	[0.001]	[0.010]	[0.001]	[0.003]	[0.004]	[0.008]
Private information not adequately secure	− 0.019***	− 0.021***	− 0.003***	0.044***	− 0.021***	− 0.042***	− 0.051***	0.114***
Private information not adequately secure	[0.003]	[0.003]	[0.000]	[0.007]	[0.002]	[0.003]	[0.003]	[0.007]
Lack of tools to prevent overuse	− 0.011***	− 0.013***	− 0.002***	0.026***	− 0.001	− 0.002	− 0.002	0.004
Lack of tools to prevent overuse	[0.004]	[0.004]	[0.001]	[0.009]	[0.001]	[0.003]	[0.003]	[0.007]
Fully satisfied with cash	− 0.047***	− 0.052***	− 0.007***	0.106***	− 0.011***	− 0.023***	− 0.028***	0.062***
Fully satisfied with cash	[0.004]	[0.004]	[0.001]	[0.008]	[0.001]	[0.002]	[0.003]	[0.006]
Male	− 0.020***	− 0.022***	− 0.003***	0.044***	0.001	0.003	0.003	− 0.007
Male	[0.003]	[0.003]	[0.000]	[0.007]	[0.001]	[0.002]	[0.002]	[0.005]
Age group (reference group: ≤ 30)
30–40 years old	0.012**	0.014**	0.002**	− 0.027**	− 0.003	− 0.006	− 0.006	0.015
30–40 years old	[0.005]	[0.006]	[0.001]	[0.011]	[0.002]	[0.004]	[0.004]	[0.010]
40–50 years old	0.017***	0.019***	0.003***	− 0.038***	− 0.015***	− 0.027***	− 0.029***	0.071***
40–50 years old	[0.005]	[0.005]	[0.001]	[0.011]	[0.002]	[0.004]	[0.004]	[0.010]
50–60 years old	0.026***	0.028***	0.003***	− 0.056***	− 0.021***	− 0.041***	− 0.047***	0.110***
50–60 years old	[0.005]	[0.006]	[0.001]	[0.011]	[0.002]	[0.004]	[0.004]	[0.010]
60–70 years old	0.011**	0.012**	0.002**	− 0.025**	− 0.027***	− 0.056***	− 0.068***	0.151***
60–70 years old	[0.005]	[0.006]	[0.001]	[0.011]	[0.002]	[0.004]	[0.004]	[0.010]
≥ 70 years old	− 0.016***	− 0.021***	− 0.005***	0.041***	− 0.032***	− 0.072***	− 0.097***	0.200***
≥ 70 years old	[0.005]	[0.006]	[0.001]	[0.013]	[0.002]	[0.004]	[0.005]	[0.009]
Education (reference group: primary and junior high school)
High school	0.009	0.012	0.003	− 0.024	− 0.001	− 0.002	− 0.003	0.006
High school	[0.007]	[0.010]	[0.002]	[0.019]	[0.003]	[0.005]	[0.006]	[0.014]
Specialized college	0.016**	0.020**	0.004*	− 0.040**	− 0.004	− 0.008	− 0.010	0.022
Specialized college	[0.007]	[0.010]	[0.002]	[0.020]	[0.003]	[0.006]	[0.006]	[0.015]
Junior college/technical college	0.021***	0.026***	0.005**	− 0.053***	− 0.004	− 0.008	− 0.009	0.020
Junior college/technical college	[0.008]	[0.010]	[0.002]	[0.020]	[0.003]	[0.006]	[0.007]	[0.015]
University	0.030***	0.036***	0.006***	− 0.072***	− 0.004	− 0.008	− 0.009	0.021
University	[0.007]	[0.010]	[0.002]	[0.019]	[0.003]	[0.005]	[0.006]	[0.014]
Graduate school	0.048***	0.053***	0.006***	− 0.108***	− 0.004	− 0.008	− 0.010	0.023
Graduate school	[0.010]	[0.011]	[0.002]	[0.022]	[0.003]	[0.006]	[0.008]	[0.017]
Income (JPY) (reference group: no income)
< 2.5 ml	0.027***	0.036***	0.008***	− 0.071***	0.004**	0.009**	0.012**	− 0.025**
< 2.5 ml	[0.006]	[0.009]	[0.003]	[0.018]	[0.002]	[0.004]	[0.006]	[0.012]
≥ 2.5 ml and < 5 ml	0.030***	0.038***	0.008***	− 0.076***	0.006***	0.014***	0.018***	− 0.037***
≥ 2.5 ml and < 5 ml	[0.006]	[0.009]	[0.003]	[0.018]	[0.002]	[0.005]	[0.006]	[0.013]
≥ 5 ml and < 7.5 ml	0.034***	0.044***	0.009***	− 0.087***	0.007***	0.015***	0.019***	− 0.041***
≥ 5 ml and < 7.5 ml	[0.007]	[0.009]	[0.003]	[0.019]	[0.002]	[0.005]	[0.006]	[0.013]
≥ 7.5 ml and < 10 ml	0.040***	0.049***	0.009***	− 0.098***	0.009***	0.020***	0.025***	− 0.054***
≥ 7.5 ml and < 10 ml	[0.007]	[0.010]	[0.003]	[0.019]	[0.002]	[0.005]	[0.007]	[0.014]
≥ 10 ml and < 15 ml	0.042***	0.051***	0.010***	− 0.103***	0.013***	0.026***	0.033***	− 0.072***
≥ 10 ml and < 15 ml	[0.008]	[0.010]	[0.003]	[0.021]	[0.003]	[0.006]	[0.007]	[0.016]
≥ 15 ml	0.053***	0.062***	0.010***	− 0.125***	0.019***	0.036***	0.043***	− 0.098***
≥ 15 ml	[0.011]	[0.013]	[0.003]	[0.025]	[0.005]	[0.008]	[0.009]	[0.022]
Don't report income	0.019***	0.026***	0.006**	− 0.050***	0.004**	0.010**	0.013**	− 0.028**
Don't report income	[0.006]	[0.009]	[0.003]	[0.018]	[0.002]	[0.005]	[0.006]	[0.013]
Occupation dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Frequency of news acquired dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Prefectural dummies	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
N	24,516	24,516	24,516	24,516	24,516	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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