Variables description and analytical model
| Dependent variable | ||
| Financial stress for each age FSage | Continuous variable equal to the average financial stress indicator values corresponding to all people at a certain age. It ranges from 0.0 (absence of stress) to 100.0 (maximum level of financial stress). FSage ϵ [0, 100]; age ϵ [18, 83] | CFPB (2017a), Netemeyer et al. (2018) |
| Independent variables | ||
| Age | Ordinal variable that fluctuates between 18 and 83. The latter value includes people aged 83–97. age ϵ [18, 83] | Author's proposal |
| Age2 | Ordinal variable resulting from age*age, which ranges between 324 and 6,889. age2 ϵ [324, 6,889] | |
| Control variables | ||
| Sex | Dichotomous variable equal to 1 for women and 0 for men. Sex ϵ [0, 1] | Author's proposal |
| Marital status (MS) | Dichotomous variable equal to 1 for married or living with a partner and 0 for any other case. MS ϵ [0, 1] | |
| Dependents (Dep) | Ordinal variable indicating the number of economic dependents; it fluctuates between 0 and 6 (for people with six or more dependents). Dep ϵ [0, 6] | |
| Education (Educ) | Ordinal variable that refers to the years of education. It ranges from 0 to 20+. Educ ϵ [0, 20] | |
| Region (R1 … R6) | Set of binary variables such that R1+R2+R3+R4+R5+R6 = 1 | |
| Financial stress for each age FSage | Continuous variable equal to the average financial stress indicator values corresponding to all people at a certain age. It ranges from 0.0 (absence of stress) to 100.0 (maximum level of financial stress). FSage ϵ [0, 100]; | |
| Ordinal variable that fluctuates between 18 and 83. The latter value includes people aged 83–97. | Author's proposal | |
| Ordinal variable resulting from | ||
| Dichotomous variable equal to 1 for women and 0 for men. | Author's proposal | |
| Marital status ( | Dichotomous variable equal to 1 for married or living with a partner and 0 for any other case. | |
| Dependents ( | Ordinal variable indicating the number of economic dependents; it fluctuates between 0 and 6 (for people with six or more dependents). | |
| Education ( | Ordinal variable that refers to the years of education. It ranges from 0 to 20+. | |
| Region ( | Set of binary variables such that | |
Source(s): Author's elaboration based on the sources indicated in the table
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