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Financial Literacy and Household Saving and Borrowing Behavior: An International Comparison of Japan, China, India, and the United States

Research Project

Project/Area Number 23730274
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Economic policy
Research InstitutionKyoto Sangyo University

Principal Investigator

SEKITA Shizuka  京都産業大学, 経済学部, 助教 (30583067)

Project Period (FY) 2011 – 2013
Project Status Completed (Fiscal Year 2013)
Budget Amount *help
¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2012: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Keywords金融リテラシー / 貯蓄 / 資産蓄積 / 貯蓄計画 / 株式保有 / 金融教育 / 老後計画
Research 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.
In addition, I found that women, the young, and those with lower incomes and lower educational attainment have the lowest levels of financial literacy. Moreover, I found that financial literacy increases the probability of having a retirement savings plan, increases the probability of holding equities, and leads to higher wealth accumulation.

Report

(4 results)
  • 2013 Annual Research Report   Final Research Report ( PDF )
  • 2012 Research-status Report
  • 2011 Research-status Report
  • Research Products

    (8 results)

All 2013 2011 Other

All Journal Article (4 results) (of which Peer Reviewed: 2 results) Presentation (4 results)

  • [Journal Article] Financial Literacy and Wealth Accumulation : Evidence from Japan2013

    • Author(s)
      関田 静香
    • Journal Title

      京都産業大学経済学部ディスカッションペーパー

      Volume: No.2013-1 Pages: 1-20

    • URL

      http://www.kyoto-su.ac.jp/department/ec/kenkyu/dis.html

    • Related Report
      2013 Final Research Report
  • [Journal Article] Financial Literacy and Wealth Accumulation: Evidence from Japan2013

    • Author(s)
      Shizuka Sekita
    • Journal Title

      京都産業大学経済学部Discussion Paper Series

      Volume: No.2013-01 Pages: 1-20

    • Related Report
      2012 Research-status Report
  • [Journal Article] Financial Literacy and Retirement Planning in Japan2011

    • Author(s)
      関田 静香
    • Journal Title

      Journal of Pension Economics and Finance

      Volume: Vol.10 Pages: 637-656

    • Related Report
      2013 Final Research Report
    • Peer Reviewed
  • [Journal Article] Financial Literacy and Retirement Planning in Japan2011

    • Author(s)
      Shizuka Sekita
    • Journal Title

      Journal of Pension Economics and Finance

      Volume: 10 Issue: 4 Pages: 637-656

    • DOI

      10.1017/s1474747211000527

    • Related Report
      2011 Research-status Report
    • Peer Reviewed
  • [Presentation] Financial Literacy and Wealth Accumulation : Evidence from Japan2013

    • Author(s)
      関田 静香
    • Organizer
      日本経済学会秋季大会
    • Place of Presentation
      神奈川大学
    • Year and Date
      2013-09-14
    • Related Report
      2013 Final Research Report
  • [Presentation] Financial Literacy and Retirement Planning in Japan2011

    • Author(s)
      関田 静香
    • Organizer
      Lunch Seminars
    • Place of Presentation
      University of Pisa(イタリア)
    • Year and Date
      2011-02-17
    • Related Report
      2013 Final Research Report
  • [Presentation] Financial Literacy and Retirement Planning in Japan2011

    • Author(s)
      関田 静香
    • Organizer
      Local Seminars
    • Place of Presentation
      Groupe d'Analyse et de Theorie Economique(フランス)
    • Year and Date
      2011-02-15
    • Related Report
      2013 Final Research Report
  • [Presentation] Financial Literacy and Wealth Accumulation: Evidence from Japan

    • Author(s)
      関田静香
    • Organizer
      日本経済学会
    • Place of Presentation
      神奈川大学
    • Related Report
      2013 Annual Research Report

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Published: 2011-08-05   Modified: 2019-07-29  

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