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Appendix B: Full Regression Results

Appendix Table 9 – Regression results – testing whether a super scheme is a substitute or a complement to other forms of retirement saving for individuals
  Value of Workplace Super scheme Value of Personal Super scheme
  Coefficient t-value Coefficient t-value
Log super scheme 0.25 4.74*** 0.32 6.51***
Male*Log super scheme -0.14 -2.48** -0.06 -1.23
Partnered*Log super scheme -0.12 -2.19** -0.16 -3.08***
Has another Super scheme 0.51 3.68*** 0.55 4.00***

Personal characteristics

        
Male 1.37 2.51** 0.45 0.95
Partnered 1.53 2.99*** 1.72 3.50***
Age 0.64 3.88*** 0.45 3.48***
Age squared -0.01 -3.02*** -0.01 -2.94***
Age cubed 7.56E-05 2.53** 5.68E-05 2.66***
Pakeha 0.04 0.38 0.14 1.30
Migrant -0.37 -3.29*** -0.12 -1.16
Residence        
Rural 0.32 1.82* 0.04 0.38
Metropolitan region 0.19 2.06** -0.11 -1.48
Education        
Years of education 0.00 0.00 0.03 2.09**
Inheritances        
Inherited >$10,000 0.25 1.80* 0.11 0.89
Inheritance amount 1.66E-06 1.62 4.31E-06 4.98***
Expecting inheritances 0.30 3.25*** 0.24 2.90***
Income        
Main source=Self-employment 0.51 2.43** 0.60 6.06***
Main source= “Other” # 0.30 0.58 -0.39 -2.28**
Total income 2.83E-05 6.22*** 1.43E-05 5.99***
Income squared -8.94E-11 -3.76*** -2.03E-11 -2.89***
Constant -4.37 -1.93* -0.91 -0.46
Sample size 553 835
Adjusted R-squared 0.52 0.40
F-statistic for overall model F(21, 531) = 29.51*** F(21, 813) = 27.09***

Note: The dependent variable is log net worth excluding the value of the super scheme on the RHS. The t-statistics are based on the test of the hypothesis that the coefficient is different from zero. *Significant at the 10% level. **Significant at the 5% level. ***Significant at the 1% level.#The reference category is that group whose main source of income is wages and salaries.

Appendix Table 10 – Regression results – testing whether a super scheme is a substitute or a complement to other forms of retirement saving for couples
  Value of Workplace Super scheme Value of Personal Super scheme
  Coefficient t-value Coefficient t-value
Log super scheme 0.09 2.70*** 0.11 3.43***
Couple’s characteristics        
Respondent’s age 0.31 1.38 0.47 2.29**
Respondent’s age squared -0.01 -1.10 -0.01 -2.06**
Respondent’s age cubed 3.68E-05 0.94 6.66E-05 1.90*
Partner’s age 0.02 1.71* 0.02 1.99**
Married couple 0.17 1.15 0.22 1.77*
Both partners are Pakeha 0.16 1.17 0.26 2.30**
Either partner is migrant -0.30 -2.33** -0.11 -0.97
Residence        
Rural 0.40 1.83* 0.11 0.84
Metropolitan region 0.29 2.56** -0.19 -2.09**
Education        
Respondent’s years of education -0.02 -1.00 0.03 1.84*
Partner’s years of education 0.01 0.47 0.02 1.31
Inheritances        
Inherited >$10,000 0.17 1.20 0.21 1.85*
Inheritance amount 9.10E-07 1.10 2.50E-06 3.26***
Expecting inheritances 0.52 4.43*** 0.10 1.06
Income        
Main source=Self-employment 0.39 1.68* 0.40 3.55***
Main source= “Other” # 0.85 0.97 -0.52 -1.97**
Total income 1.57E-05 5.56*** 1.08E-05 4.88***
Income squared -2.56E-11 -3.72*** -1.71E-11 -2.82***
Constant 2.74 0.89 1.16 0.40
Sample size 422 552
Adjusted R-squared 0.42 0.32
F-statistic for overall model   F(19, 402) = 17.10*** F(19, 532) = 14.55***

Note: The dependent variable is log net worth excluding the value of the super scheme on the RHS. The t-statistics are based on the test of the hypothesis that the coefficient is different from zero. *Significant at the 10% level. **Significant at the 5% level. ***Significant at the 1% level.#The reference category is that group whose main source of income is wages and salaries.


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