Financial Literacy in Japan: Determinants and Impacts

Naoyuki Yoshino (yoshino.a7@keio.jp), Peter Morgan and Trinh Long

No 796, ADBI Working Papers from Asian Development Bank Institute

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. We 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.

Keywords: financial literacy; financial behavior; financial inclusion; household saving; Japan (search for similar items in EconPapers)
JEL-codes: D14 G11 J26 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2017-12-14
New Economics Papers: this item is included in nep-fle
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Citations: View citations in EconPapers (8)

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Working Paper: Financial Literacy in Japan: Determinants and Impacts (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:adbiwp:0796

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