Financial Literacy in Japan: Determinants and Impacts
Yoshino, Naoyuki; Morgan, Peter J.; Trinh, Long Q. | December 2017
Abstract
Financial literacy is gaining increasing importance as a policy objective in many countries. However, internationally comparable information on financial literacy is still scarce. Recently, the Bank of Japan conducted a major survey of financial literacy and financial behavior covering 25,000 individuals aged from 18 to 79. Our paper used this database to analyze the determinants of financial literacy and the effects of financial literacy on other behaviors. Generally, our study corroborated the findings of studies on other countries, but it uncovered some differences as well. We found that the main determinants of financial literacy are the educational level, income, age, and occupational status and that both financial literacy and general education levels are related positively and significantly to savings behavior and financial inclusion.
Citation
Yoshino, Naoyuki; Morgan, Peter J.; Trinh, Long Q.. 2017. Financial Literacy in Japan: Determinants and Impacts. © Asian Development Bank Institute. http://hdl.handle.net/11540/7798.Keywords
Enterprises
Financial aid
Economies in transition
Local Finance
Local Government
Insurance Companies
Banks
Social Equity
Pension Funds
Mutual Funds
Social Equity
Financial Aspects
Fiscal Policy
Economic Development
Economic Infrastructure
Economic Policies
Regional Economic Development
Microfinance Programs
Public Finance
Local Financing
Financial Stability
Financial Sector Regulation
Public Financial Management
Financial System
Financial Statistics
Foreign and Domestic Financing
Social responsibility of business
Accounting
Personal budgets
Cost and standard of living
Bank accounts
Credit control
Regulatory reform
Banks and banking
Digital Financial Service
Pension plans
Individual retirement accounts
Employee pension trusts
Investment management
Investments
Multiemployer pension plans
Keogh plans
Individual retirement accounts
Pension plans
Employee pension trusts
Pension trusts
Show allCollapse