Factors affecting knowledge about the adult guardianship and civil trust systems: evidence from Japan

Figures & data

Table 1. Descriptive statistics

Variable	Obs.	Mean	Std. Dev.	Min	Max
Adult guardianship knowledge	1411	0.264	0.441	0	1
Civil trust knowledge	1411	0.145	0.070	0	1
Gender	1411	0.544	0.498	0	1
Age	1411	73.733	6.422	65	100
Spouse	1411	0.759	0.428	0	1
Child	1411	0.917	0.276	0	1
Living alone	1411	0.130	0.336	0	1
Education	1411	14.013	2.664	10.5	21
Financial literacy	1411	0.5680	0.373	0	1
Income	1411	432.176	339.910	100	2000
Asset	1411	1989.369	2339.663	250	10,000
Home ownership	1411	0.885	0.319	0	1
Moneytrust	1411	0.877	0.329	0	1

Table 2. Definition of the variables

Variable	Definition
Dependent variable
Adult guardianship knowledge	1 = I understand and can explain about adult the guardianship system to other people. 0 = otherwise
Civil trust knowledge	1 = I understand and can explain about the adult civil trust system to other people. 0 = otherwise
Independent variables
Gender	1 = male, 0 = female
Age	Respondents who are 65 years of age or above are considered in the study.
Spouse	1 = married, 0 = otherwise
Child	1 = Living with child(ren), 0 = otherwise
Living alone	1 = Living alone, 0 = otherwise
Education	Years of education
Financial literacy	Financial literacy is measured by three questions related to basic financial calculation skills, understanding of the implication of inflation and knowledge about financial instruments. The questions asked to measure financial literacy is as follows: Suppose you put 1 million yen into a savings account with a guaranteed interest rate of 2% per year. If no further deposits or withdrawals are made, how much would be in the account after 1 year, once the interest payment is made? Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account? Please indicate whether you think the following statements are true or false. “Buying a single company’s stock usually provides a safer return than a stock mutual fund.”
Income	Household income of the respondents
Assets	Balance of financial assets (savings, stocks, bonds, insurance, etc.) of the entire household
Home ownership	1 = own, 0 = otherwise
Moneytrust	1 = I have a trusted person to which I can leave the managing of my money. 0 = otherwise

Table 3. Generalized structural equation model in logit: Socio-economic predictors of knowledge on adult guardianship and civil trust systems

	Adult guardianship knowledge	Civil trust knowledge
Gender	−0.3357 (−2.52)**	0.0103 (0.06)
Age	−0.0008 (−0.08)	0.0250 (2.07)**
Spouse	−0.1051 (−0.54)	−0.1341 (−0.55)
Child	−0.2645 (−1.15)	−0.0617 (−0.22)
Living alone	0.4151 (1.74)	0.5707 (2.02)**
Education	0.0013 (0.05)	−0.0160 (−0.53)
Financial literacy	0.9185 (4.99)***	0.6576 (2.88)***
Income	0.0006 (2.83)***	0.0003 (1.44)
Assets	0.0000 (1.34)	0.0001 (2.21)**
Homeownership	−0.1348 (−0.66)	−0.2370 (−0.97)
Moneytrust	0.2431 (1.16)	0.0278 (0.11)
Constant	−1.5256 (−1.78)	−3.8755 (−3.72)***
Obs.	1411	1411
Log likelihood	−781.5974	−564.6356

Note: z statistics in parentheses. ***, and ** represent significance at the 1 percent, and 5 percent levels, respectively.

Table 4. Generalized structural equation model in logit: Socio-economic predictors of knowledge on adult guardianship and civil trust systems by age group and gender

	Age group		Gender
	≤ 75	>75	Male	Female
Panel A: Adult guardianship knowledge
Gender	−0.4699 (−2.92)***	0.0685 (0.27)
Age	0.0497 (1.91)	−0.0283 (−1.00)	0.0208 (1.45)	−0.0237 (−1.60)
Spouse	−0.2439 (−0.99)	−0.2839 (−0.84)	−0.0319 (−0.09)	−0.2068 (−0.87)
Child	−0.2088 (−0.75)	−0.5992 (−1.38)	−0.1632 (−0.48)	−0.3189 (−0.96)
Living alone	0.2396 (0.76)	0.5140 (1.37)	0.5910 (1.43)	0.3077 (1.05)
Education	0.0019 (0.06)	0.0039 (0.09)	0.0081 (0.24)	−0.0163 (−0.46)
Finliteracy	0.6683 (2.93)***	1.4736 (4.55)***	1.0730 (3.99)***	0.7548 (2.93)***
Income	0.0005 (2.16)**	0.0008 (2.22)**	0.0007 (2.51)**	0.0004 (1.56)
Assets	0.0000 (1.05)	0.0000 (0.48)	0.0001 (1.30)	0.0000 (0.39)
Home owner	−0.0241 (−0.09)	−0.4524 (−1.28)	−0.3919 (−1.27)	0.0764 (0.28)
Moneytrust	0.5254 (1.96)**	−0.4274 (−1.21)	0.2900 (1.03)	0.2294 (0.70)
Constant	−5.0651 (−2.71)***	1.3124 (0.52)	−3.7415 (−3.05)***	0.5588 (0.44)
Obs.	916	495	768	643
Log likelihood	−515.8841	−253.3360	−398.1149	−378.9108
Panel B: Civil trust knowledge
Gender	−0.0469 (−0.22)	0.2148 (0.72)
Age	0.0664 (1.99)**	0.0084 (0.27)	0.0312 (1.84)	0.0216 (1.21)
Spouse	−0.3032 (−0.95)	−0.1708 (−0.44)	−0.2900 (−0.74)	−0.0175 (−0.06)
Child	0.1540 (0.42)	−0.5784 (−1.25)	0.0075 (0.02)	−0.1270 (−0.30)
Living alone	0.4549 (1.17)	0.6522 (1.55)	0.8328 (1.81)	0.4070 (1.12)
Education	−0.0200 (−0.50)	−0.0040 (−0.08)	−0.0164 (−0.40)	−0.0200 (−0.43)
Finliteracy	0.5167 (1.75)	0.9533 (2.60)***	0.5509 (1.74)	0.7168 (2.16)**
Income	0.0001 (0.32)	0.0008 (2.06)**	0.0005 (1.60)	0.0001 (0.42)
Assets	0.0001 (2.15)**	0.0000 (0.70)	0.0001 (1.65)	0.0001 (1.31)
Home owner	−0.0600 (−0.18)	−0.5748 (−1.50)	0.2172 (0.54)	−0.5458 (−1.73)
Moneytrust	0.3290 (0.97)	−0.5230 (−1.39)	0.0580 (0.18)	−0.0030 (−0.01)
Constant	−6.9869 (2.90)***	−1.8550 (−0.68)	−4.7459 (−3.26)***	−3.1770 (−2.03)**
Obs.	916	495	768	643
Log likelihood	−352.3837	−205.3704	−300.9119	−261.2064

z statistics in parentheses. ***, and ** represent significance at the 1 percent, and 5 percent levels, respectively.