Behavioural Characteristics and Financial Distress



Table 7: Probit Results OfFinancial Distress (Dependent Variable: ‘Struggle to Keep Up’)

__________Pooled

Sample____

Irish Sample

____UK Sample____

(1)

(2)

(3)

(4)

(5)

(6)

Marginal

Std.

Marginal

Std.

Marginal

Std.

Marginal

Std.

Marginal

Std.

Marginal

Std.

Impact

Error

Impact

Error

Impact

Error

Impact

Error

Impact

Error

Impact_____

Error

Male

0.00

0.01

0.00

0.01

0.00

0.01

0.00

0.01

-0.02

0.03

0.00

0.01

Age

0.02***

0.00

0.02***

0.00

0.02***

0.00

0.02***

0.00

0.01***

0.01

0.02***

0.00

Age sq. 2

-0.02***

0.00

-0.02***

0.00

-0.02***

0.00

-0.02***

0.00

-0.02***

0.00

-0.02***

0.00

Married 2

-0.06***

0.02

-0.05***

0.02

-0.05***

0.02

-0.05**

0.02

-0.02

0.04

-0.05***

0.02

W∕D∕S 2

0.06***

0.02

0.07***

0.02

0.07***

0.02

0.07***

0.02

0.18***

0.05

0.04*

0.03

1 Child 2

0.08***

0.02

0.08***

0.02

0.08***

0.02

0.09***

0.02

0.07

0.05

0.09***

0.02

2 Children 2

Q ɪɪ***

0.02

Q ɪɪ***

0.02

Q ɪɪ***

0.02

Q ɪɪ***

0.02

0.11**

0.05

Q ɪɪ***

0.02

3+ Children 2

0.15***

0.03

0.15***

0.03

0.15***

0.03

0.15***

0.03

0.08

0.06

Qιγ***

0.04

UK

-0.03**

0.02

-0.03*

0.02

-0.03**

0.02

-0.03*

0.02

Employed 2

-0.18***

0.03

-0 17***

0.03

-0.18***

0.03

-0 17***

0.03

-0.25***

0.06

-0.13***

0.03

Retired 2

-0.14***

0.03

-0.13***

0.03

-0.13***

0.03

-0.12***

0.03

-0.15**

0.07

-0.09***

0.04

Inactive 2

-0.06**

0.03

-0.05*

0.03

-0.05*

0.03

-0.04

0.03

-0.13**

0.06

-0.01

0.03

College

-0.09***

0.02

-0.09***

0.02

-0.08***

0.02

-0.07***

0.02

-0.06*

0.03

-0.07***

0.02

Log Income

-0.05***

0.01

-0.05***

0.01

-0.05***

0.01

-0.04***

0.01

-0.06***

0.02

-0.03***

0.01

Debt

0.12***

0.01

Q ɪɪ***

0.01

Q ɪɪ***

0.01

Q ɪɪ***

0.01

0.13***

0.03

0.12***

0.02

Impulsive

Q ιγ***

0.02

0.16***

0.02

0.13***

0.02

0.13***

0.03

QJ4***

0.02

Organised

-0.07***

0.01

-0.06***

0.01

-0.07**

0.03

-0.06***

0.01

Live Today

0.10***

0.01

0.06**

0.03

0.10***

0.02

Literate: 42

0.00

0.03

Literate: 52

-0.08***

0.02

Literate: 62

-0.09***

0.02

N

6,518

6,510

6,501

6,484

1,413

5,043

LR chi2

892.46

1014.56

1046.30

1100.70

228.13

904.68

Prob chi2

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

Pseudo R2

0.1035

0.1179

0.1217

0.1284

0.1211

0.1359

Notes: 1 Marginal Impact for Age sq. is scaled up by 100; 2 Omitted categories for dummy variables are: ‘Single’,‘No Children’, ‘Unemployed’ and
‘3 or less financial literacy questions answered correctly’.

*** Significant at 1% level; ** Significant at 5% level; * Significant at 10% level.

Note that the log-likelihood and pseudo-/?2 in columns 5 and 6 are not comparable with the previous columns in this table.



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