Table 5
Results from estimating a Tobit model of household debt1
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Model 1 | Model 2 | Model 3 | Model 4 | |
---|---|---|---|---|
$ | ||||
Financial score | 14,700 | 9,100 | 5,100 | ... |
Self-assesed financial knowledge | ||||
Not very knowledgeable | ... | ... | ... | ref. |
Fairly knowledgeable | ... | ... | ... | 8,600 |
Knowledgeable | ... | ... | ... | 16,400 |
Very knowledgeable | ... | ... | ... | 29,100 |
Household income | ||||
Under $50,000 | ... | ref. | ref. | ref. |
$50,000 to $99,999 | ... | 86,000 | 18,400 | 18,400 |
$100,000 and over | ... | 157,200 | 59,500 | 61,500 |
Sex | ||||
Men | ... | ... | 15,300 | 16,100 |
Women | ... | ... | ref. | ref. |
Age | ||||
18 to 44 | ... | ... | 51,800 | 52,100 |
45 to 64 | ... | ... | ref. | ref. |
65 and over | ... | ... | -66,100 | -71,300 |
Education | ||||
Less than high school graduation | ... | ... | ref. | ref. |
High school graduation | ... | ... | 9,600 | 14,100 |
Some postsecondary/trades/diploma | ... | ... | 26,000 | 32,600 |
University degree | ... | ... | 26,200 | 35,200 |
Household type | ||||
Unattached | ... | ... | -52,700 | -50,800 |
Married/common-law without children or no children under 25 | ... | ... | -36,900 | -37,000 |
Married/common-law with youngest child under 25 | ... | ... | ref. | ref. |
Lone parents | ... | ... | 2,700 | 5,400 |
Others | ... | ... | -69,800 | -74,800 |
Immigrant status | ||||
Canadian-born | ... | ... | ref. | ref. |
Immigrated before 1999 | ... | ... | 23,400 | 20,200 |
Immigrated between 1999 and 2009 | ... | ... | 33,700 | 26,100 |
Labour force status | ||||
Employed | ... | ... | ref. | ref. |
Retired | ... | ... | -92,600 | -95,000 |
Others | ... | ... | -36,800 | -36,300 |
Tenure | ||||
Renter | ... | ... | ref. | ref. |
Homeowner | ... | ... | 99,900 | 102,400 |
1. Dependent variable: total household debt. The coefficient denotes the difference in debt between the reference group (ref.) and a given characteristic category. All differences were significantly different at the 0.01 level with the exception of that pertaining to "lone parents" in Model 3. ... not applicable Note: All models also controlled for provincial differences. Source: Statistics Canada, Canadian Financial Capability Survey, 2009. |
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