Table 9

Regression estimates between DFI index and determinants

VariablesDFI index (1)DFI index (2)DFI index (3)DFI index (4)
LifeCycle: 18–25 years old−0.135−0.326***−0.322***−0.369***
(0.114)(0.107)(0.105)(0.0983)
LifeCycle: 26–35 years old−0.389***−0.440***−0.420***−0.524***
(0.112)(0.105)(0.103)(0.0967)
LifeCycle: 36–49 years old−0.656***−0.562***−0.641***−0.821***
(0.118)(0.113)(0.111)(0.104)
LifeCycle: 50–64 years old−1.207***−0.954***−1.068***−1.298***
(0.148)(0.142)(0.140)(0.131)
LifeCycle: Over 65 years old−0.501−0.396−0.323−0.433
(0.459)(0.425)(0.418)(0.390)
Female−0.557***−0.541***−0.458***−0.402***
(0.0711)(0.0662)(0.0654)(0.0611)
Is in the workforce?0.706***0.552***0.532***0.457***
(0.106)(0.0985)(0.0969)(0.0904)
Secondary school completed 1.499***1.311***1.018***
 (0.103)(0.103)(0.0968)
Tertiary education or more completed 2.666***2.267***2.030***
 (0.108)(0.112)(0.105)
Income level: Quin2  0.1410.153
  (0.149)(0.139)
Income level: Quin3  0.345**0.398***
  (0.145)(0.135)
Income level: Quin4  0.790***0.783***
  (0.135)(0.126)
Income level: Quin5  1.127***1.093***
  (0.133)(0.124)
Country category: 2   −0.809***
   (0.0843)
Country category: 1   0.981***
   (0.0717)
Constant0.0813−1.435***−1.928***−1.840***
(0.139)(0.159)(0.186)(0.177)
Observations3,9523,9203,9203,920
R-squared0.0640.1960.2240.326

Note(s): Standard errors are in parentheses ***p < 0.01, **p < 0.05, *p < 0.1

Column (1) shows the results of a regression between the index and life cycle, gender and employment, while columns (2), (3) and (4) exhibit the same probit model with other control variables, namely education, income level and country category, being included in the model in that order. The country category groups countries according to fintech market penetration in each nation

Source(s): Authors’ elaboration
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