An examination of the effects of Nippon Individual Savings Account on household stock market participation

2023 Fiscal Year Final Research Report

• Project/Area Number: 19K01685
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Nagoya Gakuin University
• Principal Investigator: Ueyama Hitoe 名古屋学院大学, 経済学部, 教授 (90295618)
• Project Period (FY): 2019-04-01 – 2024-03-31
• Keywords: 家計・個人 / 証券投資 / 少額投資非課税制度 / NISA / 証券市場 / 金融リテラシー / 金融コンピテンシー

Outline of Final Research Achievements

This study examines the policy effects of Nippon Individual Savings Account, which began in January 2014, on the Japanese household stock holdings.
The results revealed that financial literacy was slightly lower among those who started investing in securities with NISA compared to those who started investing in securities unrelated to NISA.
It can be said that NISA has had the effect of encouraging entry into the stock market even among those who do not have a high level of financial literacy.

Free Research Field

家計行動の実証分析

Academic Significance and Societal Importance of the Research Achievements

NISAは「貯蓄から投資へ」をスローガンに、著しく預貯金に偏った日本人の金融資産を株式等のリスク性資産へ向けさせる制度であり、制度導入の背景には家計の資産形成の促進と成長資金の供給という意義を持つ。
従って、NISA導入により家計の資産選択の行動がどのように変化したのか、どのような家計がNISAに反応したのか（あるいはしなかったのか）を検証することは、今後の政策立案に影響を持つ研究成果と言える。