Financial Literacy and Alcohol Drinking Behavior: Evidence from Japan
Abstract
:1. Introduction
2. Materials and Methods
2.1. Data
2.2. Variable Definitions
2.3. Statistical Analysis
3. Results
3.1. Descriptive Statistics
3.2. Regression Results
4. Discussion
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
Appendix A
- (a)
- Suppose you had 10,000 JPY in a savings account, the interest rate is 2% per year, and you never withdraw money or receive interest payments. After 5 years, how much would you have in this account in total?
- More than 10,200 JPY (correct answer)
- Exactly 10,200 JPY
- Less than 10,200 JPY
- Do not know
- Refuse to answer
- (b)
- 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?
- More than today
- Exactly the same
- Less than today (correct answer)
- Do not know
- Refuse to answer
- (c)
- Please indicate whether the following statement is true or false. “Buying a company stock usually provides a safer return than buying a stock mutual fund.”
- True
- False (correct answer)
- Do not know
- Refuse to answer
References
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Variable | Definition |
---|---|
Daily drinker | Binary variable: 1 = daily drinker (drink one/three/five cans of beer daily) and 0 = otherwise (do not drink at all, hardly drink, or drink sometimes) |
Financial literacy | Continuous variable: number of correct answers on three financial literacy questions |
Male | Binary variable: 1 = male and 0 = female |
Age | Age of respondent |
Age squared | Age squared |
University degree | Binary variable: 1 = obtained university degree and 0 = otherwise |
Marriage | Binary variable: 1 = married and 0 = otherwise |
Divorce | Binary variable: 1 = divorced or separated and 0 = otherwise |
Household member | Continuous variable: number of people currently living in the household |
Children | Binary variable: 1 = have child/children and 0 = otherwise |
Unemployed | Binary variable: 1 = respondent is unemployed and 0 = otherwise |
Household income | Continuous variable: annual earned income before taxes and with bonuses of entire household in 2009 (unit: JPY) |
Log of household income | Log (household income) |
Household assets | Continuous variable: balance of financial assets (savings, stocks, insurance, etc.) of entire household (unit: JPY) |
Log of household assets | Log (household assets) |
Children’s bank campaign | Binary variable: 1 = yes (received compulsory financial education through the children’s bank campaign in elementary school) and 0 = otherwise |
Regular exercise | Binary variable: 1 = regular exercise (exercise once a week or more) and 0 = otherwise |
Current smoker | Binary variable: 1 = current smoker (sometimes—more than two packs a day) and 0 = otherwise (do not smoke at all, quit, or hardly smoke) |
Frequent gambler | Binary variable: 1 = frequent gambler (gamble once a week or more) and 0 = otherwise |
Myopic view of the future | Binary variable: 1 = yes (Since the future is uncertain, it is a waste to think about it) and 0 = otherwise |
Risk preference | Continuous variable: percentage score from the question “Usually when you go out, how high does the probability of rain have to be before you take an umbrella?” |
Current level of happiness | Continuous variable: Overall, how happy would you say you are currently? |
Anxiety about health | Binary variable: 1 = yes (I have anxieties about my health) and 0 = otherwise |
Variable | Mean | Standard Deviation (SD) | Min | Max |
---|---|---|---|---|
Daily drinker | 0.28 | 0.45 | 0 | 1 |
Financial literacy | 0.59 | 0.34 | 0 | 1 |
Male | 0.49 | 0.50 | 0 | 1 |
Age | 49.8 | 12.6 | 20 | 76 |
Age squared | 2637.6 | 1239.7 | 400 | 5776 |
University degree | 0.27 | 0.44 | 0 | 1 |
Marriage | 0.82 | 0.38 | 0 | 1 |
Divorce | 0.04 | 0.18 | 0 | 1 |
Household members | 3.5 | 1.4 | 1 | 10 |
Children | 0.84 | 0.36 | 0 | 1 |
Unemployed | 0.02 | 0.15 | 0 | 1 |
Household income (USD) | 73,707.3 | 42,927.7 | 11,363.64 | 227,272.7 |
Household income (JPY) | 6,486,239.0 | 3,777,635.0 | 1,000,000 | 20,000,000 |
Log of household income | 15.5 | 0.6 | 13.8 | 16.8 |
Household assets (USD) | 148,863.6 | 200,000.0 | 28,409.1 | 1,136,363.6 |
Household assets (JPY) | 13,100,000.0 | 17,600,000.0 | 2,500,000 | 100,000,000 |
Log of household assets | 15.8 | 1.0 | 14.7 | 18.4 |
Children’s bank campaign | 0.15 | 0.36 | 0 | 1 |
Regular exercise | 0.37 | 0.48 | 0 | 1 |
Current smoker | 0.24 | 0.43 | 0 | 1 |
Frequent gambler | 0.09 | 0.29 | 0 | 1 |
Myopic view of the future | 0.15 | 0.36 | 0 | 1 |
Level of risk preference | 0.49 | 0.19 | 0 | 1 |
Current level of happiness | 0.65 | 0.18 | 0 | 1 |
Anxiety about health | 0.42 | 0.49 | 0 | 1 |
Observations | 3706 |
Alcohol Drinking Behavior (Number of Respondents) | Age | Total | ||||
---|---|---|---|---|---|---|
≤30 | 31–40 | 41–50 | 51–60 | ≥61 | ||
Non-daily drinker | 250 | 543 | 640 | 640 | 586 | 2659 |
91.9% | 78.6% | 68.9% | 66.5% | 68.9% | 71.8% | |
Daily drinker | 22 | 148 | 289 | 323 | 265 | 1047 |
8.1% | 21.4% | 31.1% | 33.5% | 31.1% | 28.3% | |
Total | 272 | 691 | 929 | 963 | 851 | 3706 |
100% | 100% | 100% | 100% | 100% | 100% | |
Mean difference | F = 23.29 *** |
Alcohol Drinking Behavior (Number of Respondents) | Gender | Education | Unemployed | Total | |||
---|---|---|---|---|---|---|---|
Female | Male | Lower Than University Degree | University Degree and Higher | No | Yes | ||
Non-daily drinker | 1656 | 1003 | 1983 | 676 | 2584 | 75 | 2659 |
88.0% | 55.0% | 73.4% | 67.4% | 71.4% | 84.3% | 71.8% | |
Daily drinker | 225 | 822 | 720 | 327 | 1033 | 14 | 1047 |
12.0% | 45.0% | 26.6% | 32.6% | 28.6% | 15.7% | 28.3% | |
Total | 1881 | 1825 | 2703 | 1003 | 3617 | 89 | 3706 |
100% | 100% | 100% | 100% | 100% | 100% | 100% | |
Mean difference | t = −24.04 *** | t = −3.59 *** | t = 2.67 *** |
Alcohol Drinking Behavior (Number of Respondents) | Regular Exercise | Current Smoker | Frequent Gambler | Total | |||
---|---|---|---|---|---|---|---|
No | Yes | No | Yes | No | Yes | ||
Non-daily drinker | 1679 | 980 | 2159 | 500 | 2451 | 208 | 2659 |
72.1% | 71.2% | 76.9% | 55.6% | 73.0% | 59.6% | 71.8% | |
Daily drinker | 651 | 396 | 648 | 399 | 906 | 141 | 1047 |
27.9% | 28.8% | 23.1% | 44.4% | 27.0% | 40.4% | 28.3% | |
Total | 2330 | 1376 | 2807 | 899 | 3357 | 349 | 3706 |
100% | 100% | 100% | 100% | 100% | 100% | 100% | |
Mean difference | t = −0.55 | t = −13.73 *** | t = −5.32 *** |
Variable | Dependent Variable: Daily Drinker | |||
---|---|---|---|---|
Model 1.1 | Model 1.2 | Model 1.3 | Model 1.4 | |
Financial literacy | −0.068 | −0.043 | −0.048 | −0.046 |
(0.075) | (0.075) | (0.076) | (0.076) | |
Male | 1.081 *** | 0.986 *** | 0.987 *** | 0.986 *** |
(0.052) | (0.055) | (0.055) | (0.055) | |
Age | 0.0880 *** | 0.0800 *** | 0.0797 *** | 0.0790 *** |
(0.016) | (0.016) | (0.016) | (0.016) | |
Age squared | −0.000766 *** | −0.000671 *** | −0.000664 *** | −0.000658 *** |
(0.000) | (0.000) | (0.000) | (0.000) | |
University degree | −0.056 | −0.023 | −0.022 | −0.021 |
(0.057) | (0.058) | (0.058) | (0.058) | |
Marriage | 0.120 | 0.135 | 0.136 | 0.141 |
(0.107) | (0.105) | (0.106) | (0.106) | |
Divorce | 0.143 | 0.102 | 0.109 | 0.109 |
(0.165) | (0.167) | (0.167) | (0.167) | |
Household members | −0.006 | −0.005 | −0.005 | −0.006 |
(0.019) | (0.019) | (0.019) | (0.019) | |
Children | 0.197 * | 0.197 * | 0.195 * | 0.197 * |
(0.108) | (0.107) | (0.107) | (0.107) | |
Unemployed | −0.258 | −0.247 | −0.234 | −0.240 |
(0.190) | (0.192) | (0.192) | (0.192) | |
Log of household income | 0.116 ** | 0.127 *** | 0.126 *** | 0.129 *** |
(0.046) | (0.046) | (0.046) | (0.047) | |
Log of household assets | −0.0515 * | −0.041 | −0.040 | −0.039 |
(0.027) | (0.027) | (0.027) | (0.028) | |
Children’s bank campaign | −0.106 | −0.091 | −0.098 | −0.100 |
(0.066) | (0.066) | (0.066) | (0.066) | |
Regular exercise | −0.038 | −0.037 | −0.034 | |
(0.050) | (0.050) | (0.051) | ||
Current smoker | 0.342 *** | 0.343 *** | 0.341 *** | |
(0.057) | (0.057) | (0.057) | ||
Frequent gambler | 0.041 | 0.035 | 0.034 | |
(0.081) | (0.081) | (0.081) | ||
Myopic view of the future | −0.122 * | −0.125 * | ||
(0.068) | (0.069) | |||
Level of risk preference | 0.142 | 0.143 | ||
(0.128) | (0.128) | |||
Current level of happiness | −0.046 | |||
(0.143) | ||||
Anxiety about health | 0.022 | |||
(0.049) | ||||
Constant | −4.732 *** | −4.999 *** | −5.052 *** | −5.076 *** |
−0.732 | −0.736 | −0.746 | −0.748 | |
Observations | 3706 | 3706 | 3706 | 3706 |
Log likelihood | −1881 | −1861 | −1859 | −1859 |
Chi2 statistics | 545 | 593 | 596 | 596 |
p-value | 0 | 0 | 0 | 0 |
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Putthinun, P.; Watanapongvanich, S.; Khan, M.S.R.; Kadoya, Y. Financial Literacy and Alcohol Drinking Behavior: Evidence from Japan. Sustainability 2021, 13, 8858. https://doi.org/10.3390/su13168858
Putthinun P, Watanapongvanich S, Khan MSR, Kadoya Y. Financial Literacy and Alcohol Drinking Behavior: Evidence from Japan. Sustainability. 2021; 13(16):8858. https://doi.org/10.3390/su13168858
Chicago/Turabian StylePutthinun, Pongpat, Somtip Watanapongvanich, Mostafa Saidur Rahim Khan, and Yoshihiko Kadoya. 2021. "Financial Literacy and Alcohol Drinking Behavior: Evidence from Japan" Sustainability 13, no. 16: 8858. https://doi.org/10.3390/su13168858