Behavioural Characteristics and Financial Distress

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).