Table 5
Results from estimating a Tobit model of household debt1

Table 5
Results from estimating a Tobit model of household debt
 Table summary
 This table displays the results of results from estimating a Tobit model of household debt. This information is grouped by Model 1, Model 2, Model 3, and Model 4 (appearing as column headers), calculated using dollars as a unit of measure.
  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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