Financial behavior, confidence, risk preferences and financial literacy of university students

Figures & data

Figure 1. RPI cumulative.

Figure 2. RPI kernel.

Figure 3. TPI cumulative density.

Figure 4. TPI kernel density.

Figure 5. FLPI cumulative density.

Figure 6. FLPI kernel density.

Figure 7. Confidence cumulative density.

Figure 8. Confidence kernel density.

Table 1. t-test analysis by financial literacy level

Variable	Low financial literacy	High financial literacy	t-statistics
Financial behavior	−0.072593	0.1299613	t = −1.5189*
	(0.0897019)	(0.0986747)
Personal finance	−0.107605	0.1728434	t = −2.1686**
	(0.0864954)	(0.0961405)
Debt behavior	0.1133886	−0.1338221	t = 1.9779*
	(0.0877871)	(0.0889675)
RPI	−0.0440142	−0.0083771	t = −4.3012***
	(0.0079607)	(0.0022964)
Confidence	0.3338678	0.1530794	t = 4.5746***
	(0.0278756)	(0.0280137)
FLPI	−0.4917	0.3400647	t = −1.9398*
	(0.2686843)	(0.1949713)
TPI	0.1575176	0.0861551	t = 4.6040***
	(0.0141091)	(0.0064175)
Decision making staus	2.135135	1.884615	t = 2.0594**
	(0.076241)	(0.0947872)

Mean and standard errors in brackets represented in the table.

Standard errors in parentheses * p < 0.10, ** p < 0.05, *** p < 0.01

Table 2. t-test analysis by gender

Variable	Male	female	t-statistics
Financial behavior	−0.0020563	0.0333982	t = −0.2660
	(0.0942001)	(0.0943252)
Personal finance	−0.0091703	0.0347411	t = −0.3376
	(0.0926042)	(0.0913592)
Debt behavior	0.0131522	0.0039518	t = 0.0728
	(0.0858334)	(0.092808)
RPI	−0.03385	−0.0257013	t = −0.7896
	(0.009095)	(0.0048771)
Confidence	0.2789632	0.235765	t = 1.0267
	(0.0306598)	(0.0288143)
FLPI	0.1026325	−0.4037829	t = 1.1885
	(0.2967438)	(0.3057562)
TPI	0.142711	0.1158657	t = 1.4518*
	(0.0149919)	(0.010825)
Decision making	1.988764	2.07	t = −0.6745
	(0.0882447)	(0.0819645)

Mean and standard errors in brackets represented in the table

Standard errors in parentheses * p < 0.10, ** p < 0.05, *** p < 0.01

Table 3. OLS Regression: Determinants of financial behavior

	All	Male	Female	Low literacy	High literacy
RPI	−1.09	−1.55*	2.18	−2.19**	12.2**
	(1.258)	(0.924)	(2.514)	(1.074)	(6.028)
TPI	−0.060	−0.21	0.35	−0.046	−2.94
	(0.455)	(0.491)	(0.987)	(0.500)	(1.885)
Confidence	0.079	−0.77**	1.00**	0.75*	−0.16
	(0.278)	(0.320)	(0.385)	(0.402)	(0.420)
FLPI	0.055**	0.066**	0.037	0.011	0.10*
	(0.027)	(0.033)	(0.041)	(0.030)	(0.058)
_cons	−0.036	0.13	−0.15	−0.40**	0.44**
	(0.117)	(0.158)	(0.145)	(0.197)	(0.215)
N	153	70	83	81	72
R^2	0.049	0.141	0.126	0.116	0.108

Standard errors in parentheses * p < 0.10, ** p < 0.05, *** p < 0.01

Table 4. OLS Regression: Determinants of personal finance behavior

	All	Male	Female	Low literacy	High literacy
RPI	−0.57	−0.86	1.78	−1.68	9.19
	(1.175)	(0.930)	(2.383)	(1.031)	(6.149)
TPI	−0.14	−0.26	0.18	−0.099	−2.07
	(0.445)	(0.433)	(0.959)	(0.492)	(1.860)
Confidence	−0.014	−0.83***	0.82**	0.69*	−0.28
	(0.281)	(0.307)	(0.406)	(0.408)	(0.442)
FLPI	0.060**	0.076**	0.039	0.013	0.12*
	(0.027)	(0.031)	(0.042)	(0.030)	(0.061)
_cons	0.011	0.17	−0.099	−0.38*	0.40*
	(0.116)	(0.154)	(0.147)	(0.193)	(0.203)
N	157	72	85	84	73
R^2	0.046	0.135	0.101	0.093	0.103

Standard errors in parentheses * p < 0.10, ** p < 0.05, *** p < 0.01

Table 5. OLS Regression: Determinants of debt financial behavior

	All	Male	Female	Low literacy	High literacy
RPI	−2.51***	−3.04***	−0.46	−2.41***	10.1
	(0.613)	(0.585)	(2.780)	(0.546)	(6.784)
TPI	0.18	−0.0026	0.60	0.027	−2.80
	(0.549)	(0.679)	(1.211)	(0.628)	(2.032)
Confidence	0.33	0.22	0.48	0.32	0.26
	(0.282)	(0.360)	(0.448)	(0.419)	(0.448)
FLPI	−0.0020	−0.011	0.00063	0.0071	−0.036
	(0.023)	(0.032)	(0.035)	(0.028)	(0.052)
_cons	−0.17	−0.15	−0.18	−0.056	0.13
	(0.112)	(0.147)	(0.175)	(0.201)	(0.238)
N	159	72	87	86	73
R^2	0.054	0.125	0.028	0.070	0.043

Standard errors in parentheses * p < 0.10, ** p < 0.05, *** p < 0.01

Table 6. OLS Regression: Determinants of financial behavior

	All	High_lit	Low_lit	Male_high_lit	Male_low_lit	Female_high_lit	Female_low_lit
RPI	−1.91*	9.95	−2.22**	16.1	−2.95**	1.30	−0.057
	(1.132)	(6.808)	(1.021)	(12.926)	(1.050)	(16.095)	(2.659)
TPI	−0.089	−4.10	−0.13	−8.59	1.84	−1.09	−0.90
	(0.582)	(2.464)	(0.703)	(6.479)	(1.147)	(5.267)	(1.192)
Confidence	0.12	−0.33	0.77*	−0.63	−0.87*	0.75	2.25***
	(0.283)	(0.446)	(0.453)	(1.158)	(0.445)	(0.770)	(0.620)
FLPI	0.026	0.087	−0.0095	0.16	0.050	0.083	−0.074
	(0.029)	(0.052)	(0.034)	(0.111)	(0.041)	(0.090)	(0.055)
Age	−0.0075	0.013	−0.025	−0.066	−0.040	0.20*	−0.12**
	(0.022)	(0.035)	(0.033)	(0.102)	(0.060)	(0.097)	(0.052)
Income	0.23**	0.14	0.24**	−0.057	0.45***	0.36	0.17
	(0.092)	(0.160)	(0.120)	(0.238)	(0.143)	(0.277)	(0.208)
African	0.17	0.27	0.44	1.02	0.34	−0.46	0.87
	(0.366)	(0.427)	(0.653)	(0.927)	(0.395)	(0.566)	(0.650)
Investment degree	0.34	0.0070	0.74**	−0.28	0.0078	−0.099	1.17*
	(0.222)	(0.383)	(0.299)	(0.524)	(0.386)	(0.710)	(0.594)
Other degree	0.29	0.20	−0.26	0.48	−0.42	−0.52	0
	(0.448)	(0.467)	(0.931)	(0.699)	(1.148)	(0.822)	(.)
Admin degree	0.010	−0.22	0.29	−0.033	0.74	0.13	0.016
	(0.220)	(0.317)	(0.304)	(0.742)	(0.462)	(0.449)	(0.631)
Management degree	−0.095	−0.68	0.52	−0.090	0.14	−0.85*	0.89*
	(0.275)	(0.448)	(0.321)	(0.638)	(0.472)	(0.492)	(0.521)
Family size	−0.0040	−0.034	0.037	−0.071	−0.042	−0.0045	−0.025
	(0.021)	(0.024)	(0.040)	(0.048)	(0.070)	(0.038)	(0.066)
Single	−0.28	−0.32	−0.15	−1.93	0.52	0.83	−0.36
	(0.406)	(0.593)	(0.506)	(2.627)	(1.059)	(1.135)	(0.474)
Urban	0.32*	0.046	0.36*	0.38	0.15	0.17	0.47
	(0.165)	(0.275)	(0.202)	(0.564)	(0.275)	(0.457)	(0.297)
Non decision maker	−0.27	−0.19	−0.31	−0.63	−0.57	−0.37	−0.23
	(0.178)	(0.216)	(0.285)	(0.394)	(0.333)	(0.266)	(0.533)
Join decision maker	−0.41**	−0.51*	−0.23	−0.56	−0.14	−0.69	0.030
	(0.166)	(0.264)	(0.241)	(0.589)	(0.294)	(0.427)	(0.376)
_cons	−1.47	−0.21	−2.44	4.45	−3.12	−6.62*	−0.42
	(1.151)	(1.708)	(1.650)	(5.625)	(2.507)	(3.426)	(2.006)
N	151	72	79	30	39	42	40
R^2	0.180	0.321	0.307	0.588	0.514	0.477	0.645

Standard errors in parentheses * p < 0.10, ** p < 0.05, *** p < 0.01.

Table 7. OLS Regression: Determinants of personal finance behavior

	All	High_lit	Low_lit	Male_high_lit	Male_low_lit	Female_high_lit	Female_low_lit
RPI	−1.35	7.71	−1.82*	15.2	−1.94*	2.12	−1.09
	(1.045)	(6.734)	(0.962)	(13.682)	(0.957)	(15.730)	(2.457)
TPI	−0.14	−3.33	−0.100	−7.83	1.62	−0.28	−0.96
	(0.528)	(2.576)	(0.649)	(6.906)	(0.990)	(5.231)	(1.146)
Confidence	0.042	−0.35	0.69	−0.61	−1.00**	0.81	2.14***
	(0.275)	(0.476)	(0.421)	(1.262)	(0.403)	(0.768)	(0.607)
FLPI	0.032	0.096*	−0.0077	0.15	0.064	0.089	−0.089
	(0.029)	(0.057)	(0.035)	(0.110)	(0.038)	(0.093)	(0.054)
Age	−0.0079	0.0074	−0.025	−0.079	−0.021	0.18*	−0.10**
	(0.025)	(0.036)	(0.034)	(0.107)	(0.046)	(0.096)	(0.050)
Income	0.23***	0.12	0.25**	−0.050	0.40***	0.35	0.18
	(0.086)	(0.146)	(0.114)	(0.230)	(0.127)	(0.266)	(0.212)
African	0.29	0.26	0.73	1.05	0.30	−0.47	1.16
	(0.360)	(0.425)	(0.586)	(0.928)	(0.350)	(0.556)	(0.722)
Investment degree	0.31	0.055	0.63**	−0.26	−0.033	−0.010	0.96
	(0.215)	(0.371)	(0.283)	(0.531)	(0.392)	(0.677)	(0.573)
Other degree	0.32	0.21	−0.38	0.60	−0.52	−0.67	0
	(0.449)	(0.446)	(0.986)	(0.690)	(1.202)	(0.749)	(.)
Admin degree	−0.066	−0.32	0.20	−0.055	0.70	−0.017	−0.058
	(0.214)	(0.325)	(0.285)	(0.779)	(0.427)	(0.469)	(0.610)
Management degree	−0.12	−0.66	0.43	−0.22	0.11	−0.71	0.66
	(0.273)	(0.445)	(0.326)	(0.670)	(0.411)	(0.464)	(0.474)
Family size	−0.0076	−0.040	0.033	−0.087	−0.036	0.00068	−0.031
	(0.021)	(0.025)	(0.041)	(0.052)	(0.064)	(0.035)	(0.071)
Single	−0.060	−0.21	−0.014	−2.08	0.88	1.40	−0.30
	(0.454)	(0.581)	(0.537)	(2.734)	(0.675)	(1.080)	(0.607)
Urban	0.36**	0.025	0.38*	0.35	0.19	0.41	0.51
	(0.165)	(0.282)	(0.200)	(0.590)	(0.227)	(0.432)	(0.300)
Non decision maker	−0.21	0.0080	−0.31	−0.55	−0.36	−0.15	−0.42
	(0.176)	(0.224)	(0.266)	(0.359)	(0.345)	(0.274)	(0.534)
Joint decision maker	−0.35**	−0.33	−0.29	−0.46	0.025	−0.51	−0.23
	(0.168)	(0.275)	(0.240)	(0.602)	(0.281)	(0.455)	(0.354)
_cons	−1.77	−0.12	−2.81*	4.86	−3.51**	−7.21**	−0.93
	(1.214)	(1.769)	(1.630)	(5.973)	(1.591)	(3.335)	(2.207)
N	155	73	82	30	41	43	41
R^2	0.177	0.287	0.300	0.623	0.499	0.425	0.633

Standard errors in parentheses * p < 0.10, ** p < 0.05, *** p < 0.01

Table 8. OLS Regression: Determinants of debt financial behavior

	All	High_lit	Low_lit	Male_high_lit	Male_low_lit	Female_high_lit	Female_low_lit
RPI	−2.54***	6.98	−1.79*	2.00	−3.89***	1.75	0.96
	(0.721)	(6.664)	(0.900)	(12.613)	(1.260)	(15.780)	(3.668)
TPI	0.024	−3.00	−0.19	−4.05	1.22	−2.99	−0.13
	(0.708)	(2.570)	(0.903)	(5.636)	(1.444)	(3.382)	(1.781)
Confidence	0.29	−0.12	0.38	−0.016	0.46	−0.38	0.52
	(0.302)	(0.470)	(0.483)	(1.002)	(0.662)	(0.702)	(0.868)
FLPI	−0.018	−0.022	−0.0029	0.070	−0.036	−0.044	0.015
	(0.026)	(0.061)	(0.036)	(0.113)	(0.045)	(0.093)	(0.063)
Age	0.0057	0.020	0.0055	0.024	−0.038	0.064	−0.052
	(0.023)	(0.032)	(0.034)	(0.083)	(0.053)	(0.058)	(0.087)
Income	−0.020	0.040	−0.021	−0.087	0.33	0.017	−0.18
	(0.120)	(0.187)	(0.166)	(0.287)	(0.205)	(0.248)	(0.296)
African	−0.27	0.012	−0.75	−0.072	−0.016	−0.19	−1.12
	(0.301)	(0.259)	(0.609)	(0.498)	(0.498)	(0.237)	(0.910)
Investment degree	0.27	−0.11	0.54	0.065	0.16	−0.45	0.76
	(0.204)	(0.270)	(0.345)	(0.604)	(0.549)	(0.365)	(0.628)
Other degree	0.14	−0.099	0.83*	−0.22	0.68	0.023	0
	(0.306)	(0.335)	(0.468)	(0.523)	(0.682)	(0.508)	(.)
Admin degree	0.37*	0.29	0.49	0.17	0.19	0.25	0.52
	(0.211)	(0.239)	(0.367)	(0.382)	(0.518)	(0.349)	(0.722)
Management degree	0.19	−0.23	0.60	0.49	0.32	−0.78**	0.74
	(0.233)	(0.281)	(0.380)	(0.780)	(0.555)	(0.346)	(0.544)
Family size	0.016	0.0070	0.033	0.044	−0.024	−0.024	0.067
	(0.018)	(0.018)	(0.047)	(0.048)	(0.082)	(0.025)	(0.120)
Single	−0.40	−0.62	−0.25	0.023	−0.69	−1.54	−0.29
	(0.546)	(0.833)	(0.611)	(2.299)	(0.876)	(1.082)	(0.854)
Urban	−0.035	−0.0024	0.058	0.19	0.038	−0.60	−0.074
	(0.159)	(0.267)	(0.217)	(0.453)	(0.344)	(0.382)	(0.366)
Non decision maker	−0.35*	−0.67**	−0.17	−0.29	−0.67	−0.87***	0.053
	(0.196)	(0.257)	(0.354)	(0.558)	(0.483)	(0.303)	(0.723)
Joint decision maker	−0.24	−0.70***	0.24	−0.61	−0.41	−0.83**	0.69
	(0.185)	(0.239)	(0.310)	(0.516)	(0.338)	(0.366)	(0.630)
_cons	0.39	0.41	0.23	0.052	−0.88	1.70	2.58
	(1.144)	(1.480)	(1.728)	(5.076)	(2.599)	(2.427)	(3.322)
N	155	73	82	30	40	43	42
R^2	0.114	0.303	0.176	0.370	0.337	0.594	0.282

Standard errors in parentheses * p < 0.10, ** p < 0.05, *** p < 0.01.