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Table 5 Description of the variables

From: Culture, money attitudes and economic outcomes

Name Description
Savings ‘Savings’ is made up of one binary item (yes/no): ‘can you usually put money aside every month?’
Debt ‘Debt’ is made up of nine binary items (yes/no): ‘at the moment, do you have the following:
(i) one or several overdue bills; (ii) one or several overdrawn accounts; (iii) one or several negative balances on your credit cards; (iv) a loan from a bank or an entity that provides small-scale credits; (v) a loan from your family; (vi) a loan from your friends; (vii) leasing for a vehicle; (viii) instalments of a payment agreement that are ongoing; (ix) a purchase on credit that is ongoing.’ A single ‘yes’ on the part of a respondent is sufficient for the individual to be considered as indebted/having a debt
Overdue bill(s) ‘Overdue bill(s)’ corresponds to item (i) of ‘debt’
Leasing ‘Leasing’ corresponds to item (vii) of ‘debt’
Types of education 01) No school education
02) Primary school
03) Secondary school
04) Elementary professional training
05) Apprenticeship, professional training
06) Vocational school
07) Higher commercial school
08) Professional baccalaureate
09) School with baccalaureate exam.
10) Higher professional training (with diploma)
11) Higher technical/management school
12) University of applied, teacher training
13) University/polytechnic
Level of education (low)—elementary education Types of education (01–04)
Level of education (medium)—Professional training Types of education (05–11)
Level of education (high)—tertiary education Types of education (12–13)