Internet (%)

Financial literacy

Financial sophistication

Below

Above

Below

Above

Below

Above

(1)

(2)

(3)

(4)

(5)

(6)

Low

0.0344***

0.0610***

0.0104

0.0848***

0.0162

0.0795***

(0.01)

(0.00)

(0.46)

(0.00)

(0.24)

(0.00)

Low × Institutional

0.0795*

−0.0410

0.1174**

−0.0359

0.1132**

−0.0371

(0.10)

(0.37)

(0.01)

(0.44)

(0.02)

(0.41)

Mid

0.0286***

0.0280***

0.0272***

0.0290***

0.0261***

0.0302***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

Mid × Institutional

−0.0079

−0.0062

−0.0159*

−0.0139

−0.0145*

−0.0148

(0.50)

(0.40)

(0.06)

(0.14)

(0.09)

(0.10)

High

0.2185***

0.1641***

0.1214***

0.1779***

0.1233***

0.1656***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

High × Institutional

−0.0828**

−0.0157

−0.0904**

−0.0142

−0.0838*

−0.0145

(0.04)

(0.67)

(0.04)

(0.41)

(0.06)

(0.51)

Institutional

−0.0147*

0.0345***

0.0130

0.0030

0.0134

0.0036

(0.05)

(0.00)

(0.14)

(0.70)

(0.13)

(0.64)

Control Variables

Yes

Yes

Yes

Yes

Yes

Yes

Adjusted R-squared

0.051

0.057

0.066

0.041

0.064

0.042

Number of observations

175,714

176,955

171,500

181,169

176,515

176,154