Behavioural Characteristics and Financial Distress

Table 6: Description of Independent Variables

Variable Name	Description
Male	Dummy variable taking a value of 1 if the individual is male, and 0 otherwise.
Age Age Squared Married	Age of individual. Square of individual’s age. Dummy variable taking a value of 1 if the individual is married, and 0 otherwise.
W/D/S	Dummy variable taking a value of 1 if the individual is widowed, divorced or separated, and 0 otherwise.
1 Child	Dummy variable taking a value of 1 if the individual has one dependent child living in household, and 0 otherwise.
2 Children	Dummy variable taking a value of 1 if the individual has two dependent children living in household, and 0 otherwise.
3+ Children	Dummy variable taking a value of 1 if the individual has three or more dependent children living in household, and 0 otherwise.
UK	Dummy variable taking a value of 1 if the individual is from UK survey, and 0 otherwise.
Employed	Dummy variable taking a value of 1 if the individual is employed, and 0 otherwise.
Retired	Dummy variable taking a value of 1 if the individual is retired, and 0 otherwise.
Inactive	Dummy variable taking a value of 1 if the individual is inactive, and 0 otherwise.
College	Dummy variable taking a value of 1 if the individual has a college education, and 0 otherwise.
Log Income Debt Impulsive	Log of household income. Dummy variable taking a value of 1 if the individual has debt outstanding. Dummy variable taking a value of 1 if the individual is impulsive, and 0 otherwise.
Organised	Dummy variable taking a value of 1 if the individual is organised with their money, and 0 otherwise.
Live Today	Dummy variable taking a value of 1 if the individual tends to live for today and let tomorrow take care of itself, and 0 otherwise.
Literate:4	Dummy variable taking a value of 1 if the individual gets 4 questions on financial literacy correct, and 0 otherwise, (UK survey only).
Literate:5	Dummy variable taking a value of 1 if the individual gets 5 questions on financial literacy correct, and 0 otherwise, (UK survey only).
Literate:6	Dummy variable taking a value of 1 if the individual gets all 6 questions on financial literacy correct, and 0 otherwise, (UK survey only).

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