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Financial literacy and retirement planning in Japan

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  • SEKITA, SHIZUKA

Abstract

The level of financial literacy is not high in Japan. Although a majority of respondents were able to correctly answer a simple question about interest rates, more than half were not able to correctly answer a question about risk diversification. Many respondents stated they did not know the answer to the financial literacy questions, which might indicate that Japanese are very cautious and only answer when confident in their response. Women, the young, and those with lower incomes and lower educational attainment have the lowest levels of financial literacy, and financial literacy increases the probability of having a retirement savings plan.

Suggested Citation

  • Sekita, Shizuka, 2011. "Financial literacy and retirement planning in Japan," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(04), pages 637-656, October.
  • Handle: RePEc:cup:jpenef:v:10:y:2011:i:04:p:637-656_00
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    Cited by:

    1. KADOYA Yoshihiko & Mostafa Saidur Rahim KHAN, 2016. "Can Financial Literacy Reduce Anxiety about Life in Old Age?," Discussion papers 16076, Research Institute of Economy, Trade and Industry (RIETI).
    2. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    3. Marco Nieddu & Lorenzo Pandolfi, 2018. "Cutting Through the Fog: Financial Literacy and the Subjective Value of Financial Assets," CSEF Working Papers 497, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    4. Klühs, Theres & Grohmann, Antonia & Menkhoff, Lukas, 2017. "Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence," Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168165, Verein für Socialpolitik / German Economic Association.
    5. Tabea Bucher-Koenen & Annamaria Lusardi & Rob Alessie & Maarten van Rooij, 2017. "How Financially Literate Are Women? An Overview and New Insights," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(2), pages 255-283, July.
    6. Rekha Reddy & Miriam Bruhn & Congyan Tan, 2013. "Financial Capability in Mexico : Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge
      [Capacidades financieras en México : resultados de la encuesta nacional sobre compor
      ," World Bank Other Operational Studies 16756, The World Bank.
    7. Davoli, Maddalena & Hou, Jia, 2018. "Financial literacy and socialist education: Lessons from the German reunification," SAFE Working Paper Series 217, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.
    8. Luca Spataro & Lorenzo Corsini, 2017. "Endogenous Financial Literacy, Saving, and Stock Market Participation," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 73(2), pages 135-162, June.
    9. Zuzana Brokesova & Andrej Cupak & Gueorgui Kolev, 2017. "Financial literacy and voluntary savings for retirement in Slovakia," Working and Discussion Papers WP 10/2017, Research Department, National Bank of Slovakia.
    10. Rayenda Khresna Brahmana & Ritzky Karina Brahmana, 2016. "The Financial Planning and Financial Literacy of ex-Malaysia Indonesian Migrant Workers," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2016(5), pages 47-59.
    11. repec:pal:compes:v:60:y:2018:i:1:d:10.1057_s41294-018-0053-9 is not listed on IDEAS
    12. Brown, Martin & Graf, Roman, 2013. "Financial Literacy, Household Investment and Household Debt: Evidence from Switzerland," Working Papers on Finance 1301, University of St. Gallen, School of Finance.
    13. Agarwal, Sumit & Amromin, Gene & Ben-David, Itzhak & Chomsisengphet, Souphala & Evanoff, Douglas D., 2015. "Financial literacy and financial planning: Evidence from India," Journal of Housing Economics, Elsevier, vol. 27(C), pages 4-21.
    14. repec:eee:pacfin:v:43:y:2017:i:c:p:218-237 is not listed on IDEAS
    15. Shen, Chung-Hua & Lin, Shih-Jie & Tang, De-Piao & Hsiao, Yu-Jen, 2016. "The relationship between financial disputes and financial literacy," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 46-65.
    16. Yoshihiko Kadoya & Mostafa Saidur Rahim Khan, 2016. "What Determines Financial Literacy in Japan?," ISER Discussion Paper 0982, Institute of Social and Economic Research, Osaka University.
    17. Luc Arrondel, 2018. "Financial Literacy and Asset Behaviour: Poor Education and Zero for Conduct?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 144-160, March.
    18. Beckmann, Elisabeth & Stix, Helmut, 2015. "Foreign currency borrowing and knowledge about exchange rate risk," Journal of Economic Behavior & Organization, Elsevier, vol. 112(C), pages 1-16.
    19. Yuichiro Ito & Yasutaka Takizuka & Shigeaki Fujiwara, 2017. "Portfolio Selection by Households: An Empirical Analysis Using Dynamic Panel Data Models," Bank of Japan Working Paper Series 17-E-6, Bank of Japan.
    20. repec:spr:jbecon:v:87:y:2017:i:5:d:10.1007_s11573-017-0853-9 is not listed on IDEAS
    21. Rob Clark & Rikiya Matsukura & Naohiro Ogawa, 2013. "Low fertility, human capital, and economic growth," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 29(32), pages 865-884, October.
    22. Annamaria Lusardi, 2012. "Numeracy, financial literacy, and financial decision-making," NBER Working Papers 17821, National Bureau of Economic Research, Inc.
    23. Gabriel Garber & Sergio Mikio Koyama, 2016. "Policy-effective Financial Knowledge and Attitude Factors," Working Papers Series 430, Central Bank of Brazil, Research Department.

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