Model 2 stock market participation was related to economic education. Model 3 found the relationship between stock market participation and percentage of the state enterprise's provident fund at 1% significant level and the relationship between stock market participation and percentage of equity instruments of the state enterprise's provident fund. Lastly, for model 4, which included all independent variables, found that stock market participation was related to percentage of the state enterprise's provident fund and was related to advanced financial literacy.