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：本文探讨金融素养缺失（financial illiteracy）对消费者信用报告中出现不良信用记录（derogatory mark）概率的影响。
研究设计/方法与途径：本文采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；为估计金融素养缺失对不良信用记录出现概率的影响，本文使用logistic回归模型（logistic model）计算优势比（odds ratio）。
研究结果：本文核心结论显示，金融素养缺失个体出现不良信用记录的概率较普通群体高出57%至143%。此外，年龄、收入、支出及退休状况均对不良信用记录的出现概率产生正向影响，而婚姻状况则具有负向影响，性别对该概率无显著影响。
研究创新性与价值：本研究采用全新的金融素养缺失代理变量（proxy），结合独特数据集，将该指标与家庭的投资及债务决策进行关联分析。