Table 8 First stage estimation results

IV: Average financial literacy

0.069***

− 0.073***

0.098***

− 0.006

[0.009]

[0.014]

[0.008]

[0.004]

IV: Awareness of changes adult age

0.617***

1.058***

0.618***

0.113***

[0.014]

[0.027]

[0.014]

[0.007]

IV: Average financial literacy * Risk aversion

0.036***

0.289***

[0.006]

[0.008]

IV: Average financial literacy * Herd behavior

− 0.009

0.121***

[0.006]

[0.006]

Risk aversion

− 0.747***

− 3.849***

− 0.234***

− 0.041***

[0.081]

[0.113]

[0.012]

[0.006]

Herd behavior

− 0.183***

− 0.232***

− 0.065

− 1.888***

[0.014]

[0.025]

[0.089]

[0.089]

Limited acceptance (of stores)

0.133***

0.194***

0.132***

0.020***

[0.012]

[0.021]

[0.012]

[0.006]

Long time to settle payment

− 0.171***

− 0.256***

− 0.170***

− 0.015*

[0.018]

[0.032]

[0.018]

[0.009]

Not adequately secure private information

0.228***

0.387***

0.227***

0.023***

[0.012]

[0.022]

[0.012]

[0.006]

Lack of tools to prevent overuse

0.070***

0.129***

0.069***

0.034***

[0.015]

[0.028]

[0.015]

[0.007]

Fully satisfied with cash

− 0.218***

− 0.384***

− 0.219***

− 0.014**

[0.015]

[0.028]

[0.015]

[0.007]

Male

0.058***

0.088***

0.062***

0.011*

[0.013]

[0.024]

[0.013]

[0.006]

Age group (reference group: ≤ 30)

 30–40 years

− 0.036

− 0.056

− 0.033

− 0.012

[0.025]

[0.047]

[0.025]

[0.013]

 40–50

− 0.043

− 0.065

− 0.041

− 0.012

[0.030]

[0.056]

[0.031]

[0.016]

 50–60

− 0.055

− 0.029

− 0.052

− 0.019

[0.040]

[0.073]

[0.040]

[0.020]

 60–70

− 0.062

− 0.025

− 0.058

− 0.013

[0.046]

[0.086]

[0.046]

[0.023]

 ≥ 70

− 0.068

− 0.029

− 0.065

− 0.022

[0.048]

[0.088]

[0.048]

[0.023]

Education (reference group: primary and junior high school)

 High school

0.229***

0.415***

0.229***

0.026

[0.029]

[0.057]

[0.029]

[0.016]

 Specialized college

0.214***

0.449***

0.214***

0.024

[0.031]

[0.062]

[0.031]

[0.017]

 Junior college/tech college

0.303***

0.567***

0.305***

0.025

[0.032]

[0.062]

[0.032]

[0.017]

 University

0.487***

0.822***

0.486***

0.070***

[0.029]

[0.058]

[0.029]

[0.016]

 Graduate school

0.662***

0.989***

0.664***

0.074***

[0.038]

[0.073]

[0.038]

[0.020]

Income (JPY) (reference group: no income)

 < 2.5 ml

0.186***

0.247***

0.187***

0.023

[0.032]

[0.062]

[0.032]

[0.018]

 ≥ 2.5 ml and < 5 ml

0.281***

0.433***

0.279***

0.045**

[0.033]

[0.063]

[0.032]

[0.018]

 ≥ 5 ml and < 7.5 ml

0.374***

0.575***

0.372***

0.062***

[0.034]

[0.065]

[0.034]

[0.018]

 ≥ 7.5 ml and < 10 ml

0.428***

0.647***

0.425***

0.065***

[0.035]

[0.068]

[0.035]

[0.019]

 ≥ 10 ml and < 15 ml

0.417***

0.579***

0.414***

0.054***

[0.038]

[0.072]

[0.038]

[0.021]

 ≥ 15 ml

0.357***

0.527***

0.354***

0.046*

[0.050]

[0.089]

[0.050]

[0.024]

 Don't report income

0.002

− 0.088

0.000

0.008

[0.033]

[0.063]

[0.032]

[0.018]

Other covariates

Yes

Yes

Yes

Yes

Intercept

− 1.725***

− 0.953***

− 2.150***

− 0.048

[0.112]

[0.184]

[0.095]

[0.045]

N

24,516

24,516

24,516

24,516