Financial Literacy of Middle and Older Generations in Japan

Satoshi Shimizutani and Hiroyuki Yamada
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Satoshi Shimizutani: Nakasone Yasuhiro Peace Institute

No 2018-010, Keio-IES Discussion Paper Series from Institute for Economics Studies, Keio University

Abstract: Financial literacy holds growing importance for managing assets/savings during the longer retirement period currently experienced in rapidly aging countries, which is most relevant to Japan. We examine levels and determinants of financial literacy as well as its association to asset allocation among middle and older generations of Japan using data from JSTAR (Japanese Study on Aging and Retirement) collected in 2009. We present some interesting findings. First, financial literacy is generally associated with educational attainment, cognitive skills, coursework in economics or finance, and income level. Second, financial literacy is associated with resultant asset allocation; individuals with higher literacy are more likely to invest in stocks or securities separate from their savings.

Keywords: financial literacy; Japan; JSTAR; household asset allocation (search for similar items in EconPapers)
JEL-codes: D14 G11 J26 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2018-06-18
New Economics Papers: this item is included in nep-age and nep-fle
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:keo:dpaper:2018-010

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