Table 4 Probit regression results...

Table 4

Probit regression results

	Coefficients		Odds ratio	Marginal effects
	Estimate	z-value	Odds	Marginal effect	z-value
Financial literacy	0.2756*** (0.3154)	−11.451	1.3173	0.0048** (0.001)	3.1200
Education: (primary)
Secondary	0.2820 (0.2466)	1.144	1.3258	0.0046 (0.0039)	1.2005
Certificate/diploma	0.7221** (0.2489)	2.901	2.0589	0.0233* (0.0127)	1.834
Undergrad	1.0477** (0.2737)	3.828	2.8511	0.0624* (0.0334)	1.8640
Postgrad	1.4403*** (0.2635)	5.465	4.2223	0.1292* (0.0533)	2.424
Other	0.6671*** (0.4907)	1.359	1.9486	0.0269 (0.0357)	0.755
Race (Black)
Coloured	−0.0023 (0.1448)	−0.016	0.9976	−0.0000 (0.0025)	−0.0161
Asian/Indian	0.6224** (0.2220)	2.803	1.8633	0.0235 (0.0147)	1.5942
White	0.4509*** (0.1244)	3.623	1.5697	0.0131* (0.0058)	2.2593
Other	−2.4324 (99.0751)	−0.025	0.0878	−0.0062*** (0.0011)	−5.3583
Self-employed (NO)
YES	−0.1062 (0.3140)	−0.338	0.8992	−0.0016 (0.0042)	0.6989
Age	0.0171*** (0.0042)	4.037	1.0172	0.0003*** (0.000)	3.7185
Net income	0.0000 (0.000)	0.025	1.0000	0.0000 (0.000)	0.025
Constant	−3.6125*** (0.3154)	−11.451	0.0357

	Coefficients		Odds ratio	Marginal effects
	Estimate	z-value	Odds	Marginal effect	z-value
Financial literacy	0.2756*** (0.3154)	−11.451	1.3173	0.0048** (0.001)	3.1200
Education: (primary)
Secondary	0.2820 (0.2466)	1.144	1.3258	0.0046 (0.0039)	1.2005
Certificate/diploma	0.7221** (0.2489)	2.901	2.0589	0.0233* (0.0127)	1.834
Undergrad	1.0477** (0.2737)	3.828	2.8511	0.0624* (0.0334)	1.8640
Postgrad	1.4403*** (0.2635)	5.465	4.2223	0.1292* (0.0533)	2.424
Other	0.6671*** (0.4907)	1.359	1.9486	0.0269 (0.0357)	0.755
Race (Black)
Coloured	−0.0023 (0.1448)	−0.016	0.9976	−0.0000 (0.0025)	−0.0161
Asian/Indian	0.6224** (0.2220)	2.803	1.8633	0.0235 (0.0147)	1.5942
White	0.4509*** (0.1244)	3.623	1.5697	0.0131* (0.0058)	2.2593
Other	−2.4324 (99.0751)	−0.025	0.0878	−0.0062*** (0.0011)	−5.3583
Self-employed (NO)
YES	−0.1062 (0.3140)	−0.338	0.8992	−0.0016 (0.0042)	0.6989
Age	0.0171*** (0.0042)	4.037	1.0172	0.0003*** (0.000)	3.7185
Net income	0.0000 (0.000)	0.025	1.0000	0.0000 (0.000)	0.025
Constant	−3.6125*** (0.3154)	−11.451	0.0357

Note(s): In the first column, the reference category of nominal variables is shown in brackets. In the second and fifth columns, standard errors are shown in parentheses. ***, ** and * denote statistical significance at the 0.1%, 1% and 5% levels, respectively

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