Table 5. Financial motivations Dependent...

Table 5.

Financial motivations

	Dependent variable
Independent variable	SI	Stocks	Funds	Corp. bonds	Gov. bonds
Savings	0.103 (0.069)	0.016 (0.059)	0.025 (0.026)	−0.034 (0.059)	0.030 (0.069)
No cash	0.086 (0.068)	0.054 (0.059)	0.045* (0.027)	−0.069 (0.059)	−0.072 (0.069)
Diversification	0.180*** (0.067)	0.121** (0.058)	0.029 (0.025)	0.062 (0.059)	0.045 (0.067)
Life goals	0.133* (0.069)	0.031 (0.060)	0.044* (0.027)	0.029 (0.060)	0.019 (0.069)
Accumulate wealth	0.083 (0.075)	0.178*** (0.068)	0.012 (0.028)	0.008 (0.065)	−0.046 (0.075)
Preserve capital	0.114* (0.065)	0.119** (0.056)	0.068*** (0.026)	−0.060 (0.056)	0.081 (0.065)
Legacy	0.107 (0.069)	0.007 (0.059)	0.045* (0.026)	0.012 (0.060)	0.084 (0.070)
Profits	0.051 (0.066)	0.063 (0.056)	0.075*** (0.026)	−0.036 (0.056)	0.036 (0.066)
LT horizon	0.107*** (0.033)	0.035 (0.032)	0.030* (0.017)	−0.051 (0.031)	0.005 (0.036)
AIC	936.2	920.1	334.7	837.9	1072.7
BIC	1020.5	1004.4	419.1	922.2	1157.1
RMSE	0.44	0.43	0.22	0.40	0.48

	Dependent variable
Independent variable	SI	Stocks	Funds	Corp. bonds	Gov. bonds
Savings	0.103 (0.069)	0.016 (0.059)	0.025 (0.026)	−0.034 (0.059)	0.030 (0.069)
No cash	0.086 (0.068)	0.054 (0.059)	0.045* (0.027)	−0.069 (0.059)	−0.072 (0.069)
Diversification	0.180*** (0.067)	0.121** (0.058)	0.029 (0.025)	0.062 (0.059)	0.045 (0.067)
Life goals	0.133* (0.069)	0.031 (0.060)	0.044* (0.027)	0.029 (0.060)	0.019 (0.069)
Accumulate wealth	0.083 (0.075)	0.178*** (0.068)	0.012 (0.028)	0.008 (0.065)	−0.046 (0.075)
Preserve capital	0.114* (0.065)	0.119** (0.056)	0.068*** (0.026)	−0.060 (0.056)	0.081 (0.065)
Legacy	0.107 (0.069)	0.007 (0.059)	0.045* (0.026)	0.012 (0.060)	0.084 (0.070)
Profits	0.051 (0.066)	0.063 (0.056)	0.075*** (0.026)	−0.036 (0.056)	0.036 (0.066)
LT horizon	0.107*** (0.033)	0.035 (0.032)	0.030* (0.017)	−0.051 (0.031)	0.005 (0.036)
AIC	936.2	920.1	334.7	837.9	1072.7
BIC	1020.5	1004.4	419.1	922.2	1157.1
RMSE	0.44	0.43	0.22	0.40	0.48

Note(s):

The table shows average marginal effects (AMEs) from logistic regression. Control variables include age, gender, level of responsibility for household financial decisions, geographic origin and educational attainment. Full tables with control variables are available upon request. Statistical significance levels: p < 0.1 (*), p < 0.05 (**), p < 0.01 (***)

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