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Financial Literacy of Middle and Older Generations in Japan

Author

Listed:
  • Satoshi Shimizutani

    (Nakasone Yasuhiro Peace Institute)

  • Hiroyuki Yamada

    (Faculty of Economics, 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.

Suggested Citation

  • Satoshi Shimizutani & Hiroyuki Yamada, 2018. "Financial Literacy of Middle and Older Generations in Japan," Keio-IES Discussion Paper Series 2018-010, Institute for Economics Studies, Keio University.
    • Handle: RePEc:keo:dpaper:2018-010
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    Cited by:

    1. Shimizutani, Satoshi & Yamada, Hiroyuki, 2020. "Financial literacy of middle-aged and older Individuals: Comparison of Japan and the United States," The Journal of the Economics of Ageing, Elsevier, vol. 16(C).
    2. Fujiki, Hiroshi, 2020. "Cash demand and financial literacy: A case study using Japanese survey data," Japan and the World Economy, Elsevier, vol. 54(C).
    3. Hiroshi Fujiki, 2019. "Who needs guidance from a financial adviser? Evidence from Japan," Working Papers on Central Bank Communication 011, University of Tokyo, Graduate School of Economics.
    4. Hiroshi Fujiki, 2020. "Empirical Analysis on Understanding of Financial Products," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 16(7), pages 1-25, October.

    More about this item

    Keywords

    financial literacy; Japan; JSTAR; household asset allocation;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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