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Ageing, gender and financial literacy in Japan

Author

Listed:
  • Shohei Okamoto

    (Graduate School of Economics, Keio University / Research Centre for Financial Gerontology, Keio University / Tokyo Metropolitan Institute of Gerontology)

  • Kohei Komamura

    (Faculty of Economics, Keio University / Research Center for Financial Gerontology, Keio University)

Abstract

This study aims to investigate the association of financial literacy with individual characteristics (e.g. age and educational attainment) as well as factors which affect gender differences in financial literacy. The data were derived from the "Financial Literacy Survey 2016" which comprised a sample of Japanese men and women aged between 18 and 79. We found that ageing had an inverse U-shaped relationship with financial literacy and an U-shaped one with the degree of over-confidence on financial literacy. Furthermore, female respondents were likely to be less financially literate than male due to being female itself, and differences in the distributions of factors that affect financial literacy (e.g. education and financial assets) and their responses to financial literacy. Not only strategies to assist individual financial decision makings, considering that financial literacy and cognitive functioning decline as people get older, but right education and information sources at the right time are demanded to support the safe asset building of individuals.

Suggested Citation

  • Shohei Okamoto & Kohei Komamura, 2018. "Ageing, gender and financial literacy in Japan," Keio-IES Discussion Paper Series 2018-018, Institute for Economics Studies, Keio University.
    • Handle: RePEc:keo:dpaper:2018-018
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    More about this item

    Keywords

    Financial literacy; Financial behaviour; Investment; Ageing; Gender differences;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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