Table 4 Logistic model results

Experiment

UP

− 1.589**

− 2.272**

(0.745)

(0.924)

DOWN

− 1.425*

− 1.850*

(0.773)

(0.972)

TRUST

− 0.495***

− 0.554***

(0.134)

(0.171)

UP:TRUST

0.415**

0.559**

(0.185)

(0.230)

DOWN:TRUST

0.323*

0.402*

(0.192)

(0.239)

Motives

Liquidity

− 0.438***

(0.067)

Family risk pooling

− 0.125**

(0.061)

Bequest

0.186**

(0.094)

Bequest:income

− 0.215*

(0.117)

Investment frame

− 0.413***

(0.094)

Mortality salience

− 0.087*

(0.048)

Self-selection

0.172**

(0.076)

Literacy

Basic annuity literacy

0.598***

(0.122)

Financial literacy

− 0.187*

(0.096)

Controls

Further controls

NO

YES

Observations

676

676

Wald-Chi²

15.6***

116.0***

Pseudo R²

0.019

0.197