Results of the regression including the interaction term of year and region
| Base line model | With interaction term (year and region) | |
|---|---|---|
| Variables | Coefficient | Coefficient |
| Age | −0.030*** | −0.030*** |
| (0.004) | (0.004) | |
| Bank trust – yes | 0.304** | 0.318** |
| (0.123) | (0.124) | |
| High school | 0.966*** | 0.979*** |
| (0.363) | (0.362) | |
| Tertiary education | 1.823*** | 1.838*** |
| (0.381) | (0.380) | |
| Coloured | −0.442** | −0.425** |
| (0.172) | (0.172) | |
| Asian | −0.798*** | −0.763*** |
| (0.238) | (0.246) | |
| White | −0.389** | −0.394** |
| (0.159) | (0.159) | |
| Female | −0.143 | −0.135 |
| (0.0970) | (0.0982) | |
| Rural | −0.0511 | −0.127 |
| (0.160) | (0.165) | |
| R1–R1,999 | 1.232*** | 1.257*** |
| (0.259) | (0.259) | |
| R2,000–R5,999 | 2.558*** | 2.579*** |
| (0.256) | (0.260) | |
| R6,000 and above | 3.009*** | 3.027*** |
| (0.272) | (0.275) | |
| LSM 3–4 | −0.827* | −0.819* |
| (0.490) | (0.488) | |
| LSM 5–6 | −0.146 | −0.194 |
| (0.455) | (0.456) | |
| LSM 7–8 | 0.379 | 0.306 |
| (0.471) | (0.472) | |
| LSM 9–10 | 0.722 | 0.653 |
| (0.488) | (0.494) | |
| Married | 0.0945 | 0.0936 |
| (0.109) | (0.110) | |
| 2010 year | 2.437*** | 2.523*** |
| (0.211) | (0.648) | |
| 2012 year | 2.404*** | 2.791*** |
| (0.200) | (0.626) | |
| 2016 year | 2.427*** | 2.509*** |
| (0.190) | (0.629) | |
| Eastern Cape | 0.322 | |
| (0.805) | ||
| Northern Cape | 1.495* | |
| (0.815) | ||
| Free State | 0.516 | |
| (0.779) | ||
| Kwa-Zulu Natal | 0.742 | |
| (0.725) | ||
| North West | 0.539 | |
| (0.800) | ||
| Gauteng | 0.349 | |
| (0.675) | ||
| Mpumalanga | 0.442 | |
| (0.903) | ||
| Limpopo | 0.685 | |
| (0.900) | ||
| 2006*Western Cape | 0 | |
| (0) | ||
| 2006*Eastern Cape | 0 | |
| (0) | ||
| 2006*Northern Cape | 0 | |
| (0) | ||
| 2006*Free State | 0 | |
| (0) | ||
| 2006*Kwa-Zulu Natal | 0 | |
| (0) | ||
| 2006*North West | 0 | |
| (0) | ||
| 2006*Gauteng | 0 | |
| (0) | ||
| 2006*Mpumalanga | 0 | |
| (0) | ||
| 2006*Limpopo | 0 | |
| (0) | ||
| 2010*Western Cape | 0 | |
| (0) | ||
| 2010*Eastern Cape | −0.365 | |
| (0.952) | ||
| 2010*Northern Cape | −1.388 | |
| (0.983) | ||
| 2010*Free State | −0.439 | |
| (0.884) | ||
| 2010*Kwa-Zulu Natal | −0.516 | |
| (0.817) | ||
| 2010*North West | −0.308 | |
| (0.912) | ||
| 2010*Gauteng | 0.0824 | |
| (0.749) | ||
| 2010*Mpumalanga | 0.577 | |
| (0.988) | ||
| 2010*Limpopo | −0.0316 | |
| (0.979) | ||
| 2012*Western Cape | 0 | |
| (0) | ||
| 2012*Eastern Cape | −0.717 | |
| (0.873) | ||
| 2012*Northern Cape | −2.338** | |
| (0.947) | ||
| 2012*Free State | −1.548* | |
| (0.858) | ||
| 2012*Kwa-Zulu Natal | −1.577* | |
| (0.813) | ||
| 2012*North West | −2.476*** | |
| (0.902) | ||
| 2012*Gauteng | 0.0821 | |
| (0.718) | ||
| 2012*Mpumalanga | 0.112 | |
| (0.967) | ||
| 2012*Limpopo | −0.239 | |
| (0.949) | ||
| 2016*Western Cape | 0 | |
| (0) | ||
| 2016*Eastern Cape | −0.276 | |
| (0.854) | ||
| 2016*Northern Cape | −2.578*** | |
| (0.947) | ||
| 2016*Free State | −0.965 | |
| (0.850) | ||
| 2016*Kwa-Zulu Natal | −0.242 | |
| (0.763) | ||
| 2016*North West | −0.364 | |
| (0.859) | ||
| 2016*Gauteng | 0.327 | |
| (0.712) | ||
| 2016*Mpumalanga | −0.158 | |
| (0.952) | ||
| 2016*Limpopo | −0.743 | |
| (0.947) | ||
| Constant | −6.834*** | −7.026*** |
| (0.569) | (0.806) | |
| Observations | 11,762 | 11,762 |
| Region FE | Yes | Yes |
| Year FE | Yes | Yes |
| Base line model | With interaction term (year and region) | |
|---|---|---|
| Variables | Coefficient | Coefficient |
| Age | −0.030*** | −0.030*** |
| (0.004) | (0.004) | |
| Bank trust – yes | 0.304** | 0.318** |
| (0.123) | (0.124) | |
| High school | 0.966*** | 0.979*** |
| (0.363) | (0.362) | |
| Tertiary education | 1.823*** | 1.838*** |
| (0.381) | (0.380) | |
| Coloured | −0.442** | −0.425** |
| (0.172) | (0.172) | |
| Asian | −0.798*** | −0.763*** |
| (0.238) | (0.246) | |
| White | −0.389** | −0.394** |
| (0.159) | (0.159) | |
| Female | −0.143 | −0.135 |
| (0.0970) | (0.0982) | |
| Rural | −0.0511 | −0.127 |
| (0.160) | (0.165) | |
| R1–R1,999 | 1.232*** | 1.257*** |
| (0.259) | (0.259) | |
| R2,000–R5,999 | 2.558*** | 2.579*** |
| (0.256) | (0.260) | |
| R6,000 and above | 3.009*** | 3.027*** |
| (0.272) | (0.275) | |
| LSM 3–4 | −0.827* | −0.819* |
| (0.490) | (0.488) | |
| LSM 5–6 | −0.146 | −0.194 |
| (0.455) | (0.456) | |
| LSM 7–8 | 0.379 | 0.306 |
| (0.471) | (0.472) | |
| LSM 9–10 | 0.722 | 0.653 |
| (0.488) | (0.494) | |
| Married | 0.0945 | 0.0936 |
| (0.109) | (0.110) | |
| 2010 year | 2.437*** | 2.523*** |
| (0.211) | (0.648) | |
| 2012 year | 2.404*** | 2.791*** |
| (0.200) | (0.626) | |
| 2016 year | 2.427*** | 2.509*** |
| (0.190) | (0.629) | |
| Eastern Cape | 0.322 | |
| (0.805) | ||
| Northern Cape | 1.495* | |
| (0.815) | ||
| Free State | 0.516 | |
| (0.779) | ||
| Kwa-Zulu Natal | 0.742 | |
| (0.725) | ||
| North West | 0.539 | |
| (0.800) | ||
| Gauteng | 0.349 | |
| (0.675) | ||
| Mpumalanga | 0.442 | |
| (0.903) | ||
| Limpopo | 0.685 | |
| (0.900) | ||
| 2006*Western Cape | 0 | |
| (0) | ||
| 2006*Eastern Cape | 0 | |
| (0) | ||
| 2006*Northern Cape | 0 | |
| (0) | ||
| 2006*Free State | 0 | |
| (0) | ||
| 2006*Kwa-Zulu Natal | 0 | |
| (0) | ||
| 2006*North West | 0 | |
| (0) | ||
| 2006*Gauteng | 0 | |
| (0) | ||
| 2006*Mpumalanga | 0 | |
| (0) | ||
| 2006*Limpopo | 0 | |
| (0) | ||
| 2010*Western Cape | 0 | |
| (0) | ||
| 2010*Eastern Cape | −0.365 | |
| (0.952) | ||
| 2010*Northern Cape | −1.388 | |
| (0.983) | ||
| 2010*Free State | −0.439 | |
| (0.884) | ||
| 2010*Kwa-Zulu Natal | −0.516 | |
| (0.817) | ||
| 2010*North West | −0.308 | |
| (0.912) | ||
| 2010*Gauteng | 0.0824 | |
| (0.749) | ||
| 2010*Mpumalanga | 0.577 | |
| (0.988) | ||
| 2010*Limpopo | −0.0316 | |
| (0.979) | ||
| 2012*Western Cape | 0 | |
| (0) | ||
| 2012*Eastern Cape | −0.717 | |
| (0.873) | ||
| 2012*Northern Cape | −2.338** | |
| (0.947) | ||
| 2012*Free State | −1.548* | |
| (0.858) | ||
| 2012*Kwa-Zulu Natal | −1.577* | |
| (0.813) | ||
| 2012*North West | −2.476*** | |
| (0.902) | ||
| 2012*Gauteng | 0.0821 | |
| (0.718) | ||
| 2012*Mpumalanga | 0.112 | |
| (0.967) | ||
| 2012*Limpopo | −0.239 | |
| (0.949) | ||
| 2016*Western Cape | 0 | |
| (0) | ||
| 2016*Eastern Cape | −0.276 | |
| (0.854) | ||
| 2016*Northern Cape | −2.578*** | |
| (0.947) | ||
| 2016*Free State | −0.965 | |
| (0.850) | ||
| 2016*Kwa-Zulu Natal | −0.242 | |
| (0.763) | ||
| 2016*North West | −0.364 | |
| (0.859) | ||
| 2016*Gauteng | 0.327 | |
| (0.712) | ||
| 2016*Mpumalanga | −0.158 | |
| (0.952) | ||
| 2016*Limpopo | −0.743 | |
| (0.947) | ||
| Constant | −6.834*** | −7.026*** |
| (0.569) | (0.806) | |
| Observations | 11,762 | 11,762 |
| Region FE | Yes | Yes |
| Year FE | Yes | Yes |
Note(s): Robust standard errors are reported in parentheses. *, **, and *** denote significance at the 10%, 5% and 1% level, respectively. Reference categories: No trust in banks, primary school education, Black, male, urban, no income, LSM 1–2, unmarried, Western Cape
Source(s): Authors’ own work