From: Financial literacy, behavioral traits, and ePayment adoption and usage in Japan
 | (1) | (2) | (3) | (4) |
---|---|---|---|---|
Financial literacy | Finacial literacy * Risk Aversion | Financial literacy | Finacial literacy * Herd behavior | |
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*** | Â | Â |
[0.006] | [0.008] | Â | Â | |
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 |