Financial Literacy and Household Savings and Borrowing Behaviors

• Project/Area Number: 26380337
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic policy
• Research Institution: Kyoto Sangyo University
• Principal Investigator: SEKITA Shizuka 京都産業大学, 経済学部, 准教授 (30583067)
• Research Collaborator: OGAKI Masao ; KAKKAR Vikas
• Project Period (FY): 2014-04-01 – 2019-03-31
• Project Status: Completed (Fiscal Year 2018)
• Budget Amount: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000); Fiscal Year 2016: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000); Fiscal Year 2015: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000); Fiscal Year 2014: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
• Keywords: 金融リテラシー / 金融教育 / 行動経済学 / 資産蓄積 / 貯蓄 / 投資 / 貯蓄計画

Outline of Final Research Achievements

Using the micro data on "Financial Literacy Survey 2016" which was conducted by Central Council for Financial Services Information, we analyzed the effects of financial literacy on wealth accumulation. The contributions of this research are that we decompose financial literacy into 5 sub-categories (Deposits, Risk, Debt, Inflation, and Insurance literacy) and ananlyze their effects on wealth accumulation respectively, that we deal with endogeneity problem of financial literacy and conduct estimations using instrumental variables, and that we add behavioral economics variables in explanatory variables. We found that while Depostis literacy, Risk literacy, and Debt literacy have significant and positive impacts on wealth accumulation, Inflation literacy and Insurance literacy do not.

Academic Significance and Societal Importance of the Research Achievements

人々の金融リテラシーを向上させることの重要性の認識が世界中で広がりを見せる中、金融リテラシーが家計の金融行動に与える影響について国内外でさかんに研究がなされている。しかしながら、金融リテラシーの純粋な効果を得るための精緻な分析が十分になされているとは言えないし、金融に関する様々なリテラシーそれぞれが、金融行動にどのような影響を与えるのかも明確には知られていない。
そこで本研究では、通常はあまり説明変数として含められていない行動経済学的変数を加え、操作変数を用いた分析を行った上で、種類ごとに分けた金融リテラシーが資産蓄積に与える影響がどのようであるのか考察している。

Research Products

• [Int'l Joint Research] City University of Hong Kong(中国)
• [Int'l Joint Research] City University of Hong Kong(香港)
• [Journal Article] Wealth, Financial Literacy and Behavioral Biases: Evidence from Japan (2018)
  • Author(s): Shizuka Sekita, Vikas Kakkar, Masao Ogaki
  • Journal Title: Keio-IES Discussion Paper Series Volume: 2018-023 Pages: 1-32
  • Open Access / Int'l Joint Research
• [Journal Article] 家計行動の実証分析とミクロデータの活用―金融リテラシーを中心に― (2016)
  • Author(s): 関田 静香
  • Journal Title: 季刊 個人金融 Volume: 春
• [Journal Article] 金融リテラシーと家計の金融行動 (2014)
  • Author(s): 関田静香
  • Journal Title: 金融ジャーナル Volume: 10月号 Pages: 106-107
• [Presentation] Wealth, Financial Literacy and Behavioral Biases: Evidence from Japan (2019)
  • Author(s): Shizuka Sekita
  • Organizer: Southwestern Finance Association
  • Int'l Joint Research
• [Presentation] Financial Secury of Older Women in Japan (2015)
  • Author(s): Sekita, Shizuka
  • Organizer: First Multipartite Regional Meeting on the Financial Security of Older Women in East and Southeast Asia
  • Place of Presentation: The Regent Singapore
  • Year and Date: 2015-01-15
  • Invited