Financial Illiteracy and customer credit history

Abstract Purpose: We study how financial illiteracy affects the probability of a derogatory mark on the customer’s credit history. Design/methodology/approach: We use the National Survey on Financial Inclusion in Brazil together with information on financial instrument usage and spending provided by the head of the household. To estimate the impact of financial illiteracy on the probability of a derogatory mark we use a logistic model to compute the odds ratio. Findings: Our main result is that financially illiterate individuals have between 57% and 143% more chance of having a derogatory mark. We find that age, income, expenses, and retirement positively affect the probability of a derogatory mark, while marriage has a negative impact. Gender does not have any impact over the probability of derogatory mark. Originality/value: The study uses a new proxy for financial illiteracy and correlates it to the investment and debt decisions of a family using a unique dataset.

摘要
研究目的：本文探究金融知识匮乏（financial illiteracy）对消费者信用报告出现负面信用记录（derogatory mark）的概率的影响。
研究设计与方法：本研究使用巴西全国金融包容调查（National Survey on Financial Inclusion in Brazil）数据，结合户主提供的金融工具使用与支出信息；为估计金融知识匮乏对负面信用记录出现概率的影响，我们采用逻辑回归模型（logistic model）计算优势比（odds ratio）。
研究发现：本研究的核心结果显示，存在金融知识匮乏问题的个体，其信用报告出现负面记录的概率较无该问题者高出57%至143%。我们还发现，年龄、收入、支出与退休状态均会正向提升负面信用记录的出现概率，而婚姻状况则产生负向影响；性别对该概率无任何影响。
创新性与研究价值：本研究采用了一种全新的金融知识匮乏衡量代理变量（proxy），并依托独有数据集，将该代理变量与家庭的投资及债务决策进行关联分析。