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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