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Interviewer effects and the measurement of financial literacy
Author(s) -
Crossley Thomas F.,
Schmidt Tobias,
Tzamourani Panagiota,
Winter Joachim K.
Publication year - 2021
Publication title -
journal of the royal statistical society: series a (statistics in society)
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.103
H-Index - 84
eISSN - 1467-985X
pISSN - 0964-1998
DOI - 10.1111/rssa.12617
Subject(s) - interview , financial literacy , psychology , literacy , survey data collection , set (abstract data type) , variance (accounting) , panel data , actuarial science , accounting , economics , econometrics , finance , statistics , computer science , pedagogy , sociology , mathematics , anthropology , programming language
In this paper, we ask whether interviewers influence the answers to a standard set of survey questions on financial literacy. We study data from Germany's wealth survey, the Panel on Household Finances (PHF). We have access to extensive auxiliary data, including interviewer identifiers, background characteristics of interviewers and measures of interviewer activity through the survey. We find that interviewer effects explain a significant fraction of the variance of the financial literacy score, and intra‐interviewer correlations are notably larger for the financial literacy score than for other survey variables. We explore how accounting for interviewer effects can improve estimates of the effects of financial literacy on financial behaviours and outcomes.