Table 9: Probit Results of Financial Distress (Dependent Variable: ‘Run Out of Money’
or ‘Arrears’)
|
(1) |
(2) |
(3) |
(4) | |
|
Dependent |
Run Out of |
Run Out of |
Arrears |
Arrears |
|
Variable |
Money |
Money | ||
|
Marginal Std. |
Marginal Std. |
Marginal Std. |
Marginal Std. | |
|
Impact Error |
Impact Error |
Impact Error |
Impact Error | |
|
Male |
0.00 0.01 |
0.00 0.01 |
0.01 0.01 |
0.03*** 0.01 |
|
Age |
0.01** 0.00 |
0.01*** 0.00 |
0.01*** 0.00 |
0.01*** 0.00 |
|
Age sq.1 |
-0.01*** 0.00 |
-0.02*** 0.00 |
-0.01*** 0.00 |
-0.01*** 0.00 |
|
Married2 |
-0.04*** 0.02 |
-0.02 0.02 |
-0.02** 0.01 |
-0.03** 0.01 |
|
W/D/S 2 |
0.04* 0.02 |
0.04* 0.02 |
0.08*** 0.02 |
0.07*** 0.02 |
|
1 Child 2 |
0.03 0.02 |
0.03 0.02 |
0.02 0.01 |
0.03* 0.02 |
|
2 Children 2 |
0.02 0.02 |
0.01 0.02 |
0.01 0.01 |
0.00 0.01 |
|
3+ Children 2 |
0.08*** 0.03 |
0.06* 0.03 |
0.06*** 0.02 |
0.05*** 0.02 |
|
UK |
0.05*** 0.01 |
0.03*** 0.01 | ||
|
Employed 2 |
-0.13*** 0.02 |
-0.11*** 0.03 |
-0.07*** 0.02 |
-0.07*** 0.02 |
|
Retired 2 |
-0.15*** 0.03 |
-0.13*** 0.03 |
-0.05*** 0.02 |
-0.06** 0.02 |
|
Inactive 2 |
-0.07*** 0.02 |
-0.04 0.03 |
-0.03* 0.01 |
-0.02 0.02 |
|
College |
-0.07*** 0.01 |
-0.04*** 0.02 |
-0.04*** 0.01 |
-0.03** 0.01 |
|
Log Income |
-0.06*** 0.01 |
-0.05*** 0.01 |
-0.01** 0.01 |
-0.01 0.01 |
|
Debt |
0.06*** 0.01 |
0.07*** 0.01 |
0.02** 0.01 |
-0.02*** 0.01 |
|
Impulsive |
0.12*** 0.02 |
0.13*** 0.02 |
0.05*** 0.01 |
0.06*** 0.01 |
|
Organised |
-0.09*** 0.01 |
-0.09*** 0.01 |
-0.03*** 0.01 |
-0.03*** 0.01 |
|
Live Today |
0.12*** 0.01 |
0.13*** 0.01 |
0.06*** 0.01 |
0.06*** 0.01 |
|
Literate: 42 |
-0.01 0.02 |
-0.01 0.02 | ||
|
Literate: 52 |
-0.09*** 0.02 |
-0.04*** 0.01 | ||
|
Literate: 62 |
-0.10*** 0.02 |
-0.06*** 0.01 | ||
|
N |
6,509 |
5,043 |
6,514 |
5,043 |
|
LR chi2 |
1383.30 |
1147.32 |
687.55 |
567.98 |
|
Prob chi2 |
0.0000 |
0.0000 |
0.0000 |
0.0000 |
|
Pseudo R2 |
0.1744 |
0.1838 |
0.1253 |
0.1304 |
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.
26
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