How correlated are individual's financial decisions?

Aggregate time fixed effects explain 18.5% (R^2) of the variation in reported dividends by individuals earning $25k or less, around 2% for every one else except around 5% for individuals earning more than $100k. These “aggregate” time fixed effects suggest that there is a lot of covariance in financial decisions for low-income individuals across the United States independent of state, city or zip-code level factors.

See regressions below:

Y=Change in Fraction of Low Income Population in a Zip Code (<$25k AGI) reporting Taxable Dividends

X=Aggregate Time Fixed Effects