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

Table 6

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

	Model M1	Model M2	Model M3	Model M4	Model M5
Variable	Insurance market participation	Insurance market participation	Subjective financial literacy	Insurance market participation	Insurance market participation
Subjective financial literacy
	(−0.17)			(0.28)	(1.43)
Objective financial literacy
		(−1.22)	(18.52)	(−1.19)	(0.61)
Cross-term of subjective and objective
					(−1.44)
Gender
	(−1.90)	(−1.93)	(−4.54)	(−1.90)	(−1.89)
Age
	(0.79)	(0.77)	(4.20)	(0.73)	(0.68)
Age^2
	(−0.58)	(−0.58)	(−5.30)	(−0.54)	(−0.49)
Education level
	(−2.47)	(−2.27)	(7.66)	(−2.30)	(−2.19)
Health status
	(0.16)	(0.15)	(4.04)	(0.14)	(0.16)
Marital status
	(0.66)	(0.67)	(−0.03)	(0.66)	(0.63)
Occupations
	(0.77)	(0.86)	(1.37)	(0.84)	(0.89)
Average annual income
	(1.19)	(1.24)	(5.52)	(1.20)	(1.27)
_cons
	(10.37)	(10.40)	(−0.85)	(10.40)	(9.37)
value (F test)	0.00001	0.00001	0.00001	0.00001	0.00001
Endogenous test, value (χ^2 statistics)	0.23	0.19
N	2229	2231	2229	2229	2229
R 2	0.008	0.009	0.374	0.009	0.010
r2_a	0.00	0.00	0.37	0.00	0.00

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