No General No JEL D12 D14 G10 A / Micro Income Mobility Fields et al / Upward Micro

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1 No General No JEL D12 D14 G10 A / Micro Income Mobility Fields et al / Upward Micro Income Mobility 2007 Shi et al wangzhw@ pbcsf. tsinghua. edu. cn. dengyh. 13@ pbcsf. tsinghua. edu. cn. liaol@ pbcsf. tsinghua. edu. cn. *

2 Lusardi et al. 2007a Financial Literacy CSCF CFPS General Knowledge Shorrocks and Anthony 1978a Schumpeter and Joseph 1955 Shorrocks et al. 1978a b Fields et al. 1999

3 Shi et al JCPFL 1997 Hilgert et al Van Rooij et al Lusardi et al. 2007a 2007b Graham et al Choi et al Moore and Danna 2003 Campbell and John 2006 Lusardi et al CSCF 2010

4 CFPS 25 / / 2014 CSCF % % 16. 9% Cronabach Alpha % % % % % 3. 1 / % % % 5% % % / % % % % 7. / / / % % % % 9. / % % / /

5 / % % / 11. / / % % 12. / % % / % % / / 1 2 /3 1 /2 Stango et al Exponential Growth Bias 1 /3 8 1 / % % % %

6 KMO a Factor1 70% 1 Financial Literacy 1 3 b 3 a 3 b Factor Factor Factor Factor Factor Factor Factor Factor Factor Factor Factor Factor Factor Income2010 Income

7 Gender Age Edudummy1 - Edudummy4 Riskaver 4 Edudummy1 1 Edudummy2 1 Edudummy3 1 Edudummy4 1 Riskaver 1 Familysize Entrepreneur Asset Entrepreneur 1 Asset 2010 Hertz and Tom 2006 Rank % Financial Literacy Income E + 06 Income E + 06 Gender Age Edudummy Edudummy Edudummy Edudummy Riskaver Familysize Entrepreneur Asset E + 07 Fields et al. 1996

8 P = p ij R n n + n p ij i j p ij 2010 i 2014 j Mobility i = F Financial Literacy i Control i + δ i Financial Literacy i i Control i Mobility i i % % Mobility i 1 0 Mobility i 0 1 Probit Van Rooij et al Graham et al. 2009

9 % 50% 5 5 a % 5 b 51 % % 2. 50% 5 a / b % a b p ij 2010 i p ij 2014 j 1.

10 OLS % % Financial Literacy *** *** *** Edudummy * * Edudummy ** * Edudummy ** ** Edudummy *** *** Rank *** Agedummy Agedummy Agedummy

11 Agedummy ** Gender Riskaver Entrepreneur Familysize Asset *** *** *** Observations Pseudo R - squared Probit z *** p < ** p < * p < % General Knowledge 3 Rank2010 Hertz and Tom

12 % 20% Financial Literacy *** *** *** Pseudo R - squared Probit z *** p < ** p < * p < % 4. 77%

13 Financial Literacy *** *** *** Observations Pseudo R - squared Probit z *** p < ** p < * p <

14 / / / Cragg - Donald F Stock et al % Financial Literacy ** * Observations Probit z *** p < ** p < * p <

15 CSCF Probit

16 ~ ~ ~ ~ ~ ~ ~ Campbell John Y Household Finance. The Journal of Finance ~ Choi James J. David Laibson and Brigitte C. Madrian Bills on the Sidewalk Suboptimal Investment in 401 k Plans. Review of Economics and Statistics ~ Fields Gary S. and Efe A. Ok The Meaning and Measurement of Income Mobility. Journal of Economic Theory ~ Fields Gary S. and Efe A. Ok Measuring Movement of Incomes. Economica ~ Graham John R. Campbell R. Harvey and Hai Huang Investor Competence Trading Frequency and Home Bias. Management Science ~ Hertz Tom Understanding Mobility in American. Center for American Progress Discussion Paper. 13 Hilgert Marianne A. Jeanne M. Hogarth and Sondra G. Beverly Household Financial Management The Connection between Knowledge and Behavior. Fed. Res. Bull Lusardi Annamaria and Olivia S. Mitchell. 2007a. Baby Boomer Retirement Security The Roles of Planning Financial Literacy and Housing Wealth. Journal of Monetary Economics ~ Lusardi Annamaria and Olivia S. Mitchell. 2007b. Financial Literacy and Retirement Preparedness Evidence and Implications for Financial Education. Business Economics ~ Lusardi Annamaria and Peter Tufano Debt literacy Financial experiences and Overindebtedness. No. w National Bureau of Economic Research.. 17 Moore Danna L Survey of Financial Literacy in Washington State Knowledge Behavior Attitudes and Experiences. Washington State Department of Financial Institutions. 18 Schumpeter Joseph Alois Imperialism and Social Classes Two Essays. Vol. 4. Ludwig von Mises Institute. 19 Shi X. Liu X. Nuetah A. and Xin X The Determinants of Household Income Mobility in Rural China. China & World Economy ~ Shorrocks Anthony. 1978a. Income Inequality and Income Mobility. Journal of Economic Theory ~ Shorrocks Anthony F. 1978b. The Measurement of Mobility. Econometrica Journal of the Econometric Society 1013 ~ Stango Victor and Jonathan Zinman Exponential Growth Bias and Household Finance. The Journal of Finance ~ Stock James H. and Motohiro Yogo Testing for Weak Instruments in Linear IV Regression. Identification and Inference for Econometric Models Essays in honor of Thomas Rothenberg. 24 Van Rooij Maarten Annamaria Lusardi and Rob Alessie Financial Literacy and Stock Market Participation Journal of Financial Economics. Journal of Financial Economics ~ 472.

17 Knowledge Changes Fate Financial Literacy and Micro Income Mobility WANG Zhengwei DENG Yinghui LIAO Li PBC School of Finance Tsinghua University Abstract Financial literacy has been widely proved to be related with various individual financial behavior and people with higher level of financial literacy tend to behave better in financial markets. In this paper using income transition matrix and Probit model we look at how financial literacy will eventually work on micro income mobility. Our results show that families with higher level of financial literacy possess higher probability of upward income mobility. As our daily life tends to get more and more involved with the capital markets our findings provide a brand - new but promising angle for micro income mobility research. Key words Financial Literacy Income Transition Matrix Micro Income Mobility WH

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