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 7 Heterogeneous effects of financial literacy on ePayment usage by behavioral traits (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)
Panel A:
Financial literacy	0.051***	0.056***	0.007***	− 0.115***	0.010***	0.019***	0.024***	− 0.053***
Financial literacy	[0.007]	[0.007]	[0.001]	[0.015]	[0.002]	[0.004]	[0.005]	[0.011]
Financial literacy * Risk aversion	0.011**	0.012**	0.002**	− 0.024**	− 0.001	− 0.003	− 0.004	0.008
Financial literacy * Risk aversion	[0.005]	[0.006]	[0.001]	[0.012]	[0.002]	[0.003]	[0.004]	[0.009]
Risk aversion	− 0.008**	− 0.009**	− 0.001**	0.019**	− 0.006***	− 0.011***	− 0.014***	0.031***
Risk aversion	[0.004]	[0.004]	[0.001]	[0.008]	[0.001]	[0.002]	[0.003]	[0.006]
Herd behavior	0.009***	0.010***	0.001***	− 0.021***	0.005***	0.009***	0.011***	− 0.025***
Herd behavior	[0.003]	[0.004]	[0.000]	[0.008]	[0.001]	[0.002]	[0.003]	[0.006]
Other covariates	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Panel B:
Financial literacy	0.062***	0.068***	0.009***	− 0.138***	0.008***	0.017***	0.021***	− 0.046***
Financial literacy	[0.005]	[0.006]	[0.001]	[0.012]	[0.002]	[0.003]	[0.004]	[0.009]
Financial literacy * Herd behavior	− 0.009	− 0.009	− 0.001	0.019	0.000	0.001	0.001	− 0.002
Financial literacy * Herd behavior	[0.005]	[0.006]	[0.001]	[0.012]	[0.002]	[0.003]	[0.004]	[0.009]
Herd behavior	0.008**	0.009**	0.001**	− 0.019**	0.005***	0.009***	0.011***	− 0.025***
Herd behavior	[0.003]	[0.004]	[0.000]	[0.008]	[0.001]	[0.002]	[0.003]	[0.006]
Risk aversion	− 0.013***	− 0.014***	− 0.002***	0.029***	− 0.006***	− 0.012***	− 0.015***	0.033***
Risk aversion	[0.003]	[0.003]	[0.000]	[0.007]	[0.001]	[0.002]	[0.003]	[0.006]
Other covariates	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes

*, **, *** Indicate significance at the 10%, 5%, and 1% levels, respectively. Standard errors are in brackets. Our regressions also control for occupation, frequency of acquiring news, and prefectural dummies

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