Fintech Penetration, Financial Literacy, and Financial Decision-Making: Empirical Analysis Based on Tar

Table 5

Regression results of rural residents’ financial literacy on financial market participation models.

	Model M1	Model M2	Model M3	Model M4	Model M5
Variable	Financial market participation	Financial market participation	Subjective financial literacy	Financial market participation	Financial market participation
Subjective financial literacy
	(15.81)			(11.42)	(3.23)
Objective financial literacy
		(15.04)	(18.52)	(9.86)	(3.84)
Cross-term of subjective and objective
Gender					(1.51)
	(−0.56)	(−1.62)	(−4.54)	(−0.61)	(−0.62)
Age
	(−3.65)	(−2.22)	(4.20)	(−3.24)	(−3.19)
Age^2
	(2.43)	(0.92)	(−5.30)	(2.17)	(2.11)
Education level
	(7.11)	(7.59)	(7.66)	(5.95)	(5.83)
Health status
	(−2.16)	(−0.99)	(4.04)	(−2.10)	(−2.12)
Marital status
	(−1.07)	(−1.14)	(−0.03)	(−1.15)	(−1.11)
Occupations
	(2.91)	(2.55)	(1.37)	(2.35)	(2.29)
Average annual income
	(4.24)	(5.48)	(5.52)	(4.28)	(4.20)
_cons
value (F test)	(7.57)	(5.19)	(−0.85)	(5.57)	(5.77)
Endogenous test, value (χ^2 statistics)	0.00001	0.00001	0.00001	0.00001	0.00001
	0.56	0.87
N	2229	2232	2229	2229	2229
R 2	0.313	0.304	0.374	0.342	0.342
r2_a	0.31	0.30	0.37	0.34	0.34

Note: The significance level is 1%. The significance level is 5%. The significance level is 10%.