Fintech Penetration, Financial Literacy, and Financial Decision-Making: Empirical Analysis Based on Tar
Table 4
Variable overview and assignment status, basic statistics, and coefficient symbol.
Variable name
Variable properties and assignment status
Variable assumed total score
Mean
Standard deviation
Coefficient symbol
Dependent variable
Financial market participation
Dummy variable (more than one = 2, yes = 1, no = 0) 4
8
2.39
1.21
Insurance market participation
Dummy variable (yes = 2, no = 0) 1
2
1.86
0.51
Independent variable
Subjective financial literacy
Dummy variable: self-awareness of financial products (good = 2, bad = 1, do not know = 0) 4
10
4.72
2.29
+
Order variable: self-assessment of financial knowledge (understand much = 2, general understanding = 1, do not understand = 0) 1
Objective financial literacy
Numerical variable (specific score value/point)
10
4.60
1.48
+
Control variable
Gender
Dummy variable (male = 1, female = 0)
1
0.64
0.48
+
Age
Numerical variable (specific age/year)
Age
51.70
12.10
First + then−
Education level
Order variable (college and above = 5, high school, vocational high school or technical secondary school = 4, junior high school = 3, elementary school = 2, illiteracy = 1)
