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Financial Literacy:
Money Management for Creating a Life of Well-Being
February 14, 2020
AMAMIYA Masayoshi
Deputy Governor of the Bank of Japan
1
Bank of Japan
Chart 1 Financial Literacy Survey
If interest rates rise, what will typically
happen to bond prices?
1. They will rise
2. They will fall
3. They will stay the same
4. There is no relationship between bond
prices and interest rates
5. Don't know
I set long-term financial goals and
strive to achieve them.
Agree Disagree
True/false questions on "financial knowledge
and financial decision-making skills"
Questions on "characteristics of behavior
and attitude"
1
1 2 3 4 5
30
35
40
45
50
55
60
65
70
18-29歳 30歳代 40歳代 50歳代 60歳代 70歳代
2016年 2019年
Chart 2 Correct answers to true/false questions (1)
By region By age group
Nationwide average: 56.6% (2016 survey: 55.6%)
%
2
Age 18-29 30s 40s 50s 60s 70s
%
50
51
52
53
54
55
56
57
58
59
60
2016年 2019年
50 60 70 80
フィンランドフランス
ニュージーランドノルウェー香港(中国)オーストリアベルギーカナダ
ポルトガル韓国
日本
OECD Survey (11 common questions)
Source: OECD (2016), OECD/INFE International Survey of Adult Financial Literacy Competencies.
Chart 3 Correct answers (2): International comparison
・・・・・・
%
Inflation (true/false question): "High inflation means
that the overall cost of living is increasing rapidly"
Compound interest: "Suppose you put 1 million yen
into an account with a guaranteed interest rate of 2% per
year. If no further deposits or withdrawals are made, how
much would be in the account after 5 years (disregarding
tax deductions)?"
Diversified investment (true/false question): "Buying a
single company's stock usually provides a safer return
than a stock mutual fund (a financial product for
investing in stocks of several companies)"
Questions with relatively low percentage of correct
answers in Japan
・・・・・・
3
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[22]
Finland
France
New Zealand
Norway
Hong Kong (China)
Austria
Belgium
Canada
Portugal
South Korea
Japan
Chart 4 High scores vs Financial trouble
0
2
4
6
8
10
12
50 52 54 56 58 60 62
Th
ose
wh
o e
xperi
en
ced
fin
an
cial tr
ou
ble
(%
),
nati
on
wid
e a
vera
ge: 6.7
Correct answers (%), nationwide average: 56.6
Percentage of correct answers and
proportion of respondents who had
experienced financial trouble
0
100
200
300
400
500
600
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
cases
Number of recorded
cases of special fraud
(left scale)
Amount of damage
caused by special
fraud (right scale)
100 mil. yen
Source: National Police Agency, Cases of Special Fraud Reported and Arrested,
2018 (Final Figures).
(Reference) Damage caused by special fraud
4
I would invest,22.7 (21.4)
I would not invest, 77.3(78.6)
I invested such an amount of money after making comparisons, 17.1 (15.6)
I invested such an amount of money without making any comparison, 8.4 (9.2)
I have not invested such an amount of money,74.5 (75.2)
Suppose that, if you invested 100,000
yen, you would get either of the
following at a 50% probability:
- a capital gain of 20,000 yen, or
- a capital loss of 10,000 yen.
What would you do?
Have you ever invested an amount of money
that exceeded your monthly living expenses?
When you invested such an amount in a
financial product most recently, did you
compare it with other financial institutions'
products or other types of financial products
in order to choose one that was considered
to be the most beneficial?
% %
Chart 5 Investment stance
Note: Figures in parentheses represent the
results of the 2016 survey.
Risk-taking stance Money investment
5
To what extent do you intend to hold financial products that have a risk
of falling below par, but are expected to be profitable, over the next one
or two years?
Two-or-more-person households Single-person households
Chart 6 Investment stance (Survey on Household Finances)
1.7
1.3
1.5
1.7
1.9
1.8
2.1
2.0
2.5
2.2
13.6
13.9
12.5
14.1
15.4
16.4
15.3
15.4
15.6
17.4
83.2
82.9
84.5
82.6
81.5
80.2
80.7
80.8
80.5
78.9
1.5
1.9
1.5
1.6
1.2
1.6
1.9
1.8
1.4
1.5
0% 20% 40% 60% 80% 100%
2010年
2011年
2012年
2013年
2014年
2015年
2016年
2017年
2018年
2019年
そうした商品についても、
積極的に保有しようと思っている
そうした商品についても、
一部は保有しようと思っている
そうした商品を
保有しようとは全く思わない
無回答
8.6
8
7.6
9.7
10.2
10.5
10
9.8
10.8
11.4
30
27.6
29.8
26.8
25.8
25.7
25.2
26
25.7
27.4
61.4
64.4
62.6
63.5
63.9
63.8
64.9
64.3
63.5
61.2
0% 20% 40% 60% 80% 100%
2010年
2011年
2012年
2013年
2014年
2015年
2016年
2017年
2018年
2019年
6
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
1.7
1.3
1.5
1.7
1.9
1.8
2.1
2.0
2.5
2.2
13.6
13.9
12.5
14.1
15.4
16.4
15.3
15.4
15.6
17.4
83.2
82.9
84.5
82.6
81.5
80.2
80.7
80.8
80.5
78.9
1.5
1.9
1.5
1.6
1.2
1.6
1.9
1.8
1.4
1.5
0% 20% 40% 60% 80% 100%
2010年
2011年
2012年
2013年
2014年
2015年
2016年
2017年
2018年
2019年
そうした商品についても、
積極的に保有しようと思っている
そうした商品についても、
一部は保有しようと思っている
そうした商品を
保有しようとは全く思わない
無回答
8.6
8
7.6
9.7
10.2
10.5
10
9.8
10.8
11.4
30
27.6
29.8
26.8
25.8
25.7
25.2
26
25.7
27.4
61.4
64.4
62.6
63.5
63.9
63.8
64.9
64.3
63.5
61.2
0% 20% 40% 60% 80% 100%
2010年
2011年
2012年
2013年
2014年
2015年
2016年
2017年
2018年
2019年
I have no intention of
holding such products.No answerI intend to hold such
products proactively.
I intend to hold such
products to some extent.
0 20 40 60 80 100 % 0 20 40 60 80 100 %
Chart 7 Funds for retirement
Understanding of one's own public
pension (those in their 50s)
71.2
50.5
49.3
48.7
37.4
28.8
49.5
50.7
51.3
62.6
0 20 40 60 80 100
加入している
公的年金の種類
年金の支給
開始年齢
年金受給の
必要加入期間
被保険者と
しての種類
受け取れる金額
知っている 知らない
%0
10
20
30
40
50
60
70
80
90
20代 30代 40代 50代 60代 70代
2016年 2019年
Percentage of respondents with a
financial plan for "living expenses for
retirement"
7
18-29 30s 40s 50s 60s 70s
Receivable amount
Category of insured person
Required number of years of payment
Age of starting to receive the pension
Category of public pension
%
90
80
70
60
50
40
30
20
10
0
%
Age group
I know I don’t know
Correct answers and behavior by occupation/age group
40
45
50
55
60
65
70
40 45 50 55 60 65 70
Average of all samples
Young adults
(age 18-29) Senior citizens
(age 60-79)
Adults
(age 30–59)
Participated in financial
education
Teachers
Students
(age 18-24)
Did not participate
in financial
education
Correct answers (%), average of all samples: 56.6
Chart 8 Effects of financial education
Th
ose
wh
o e
xhib
ited
desi
rab
le f
inan
cial b
eh
avio
r (%
),
avera
ge o
f all s
am
ple
s: 5
9.5
8
Was financial education offered at
your school or college, or at your
workplace?
Did your parents or guardians teach
you how to manage your finances?
Financial education at school, etc.
Chart 9 Experience of financial education
Financial education at home
3.3(2.7)
1.8
1.4
1.2
1.6
1.4
12.5(10.7)
7.3
5.3
6.6
5.8
6.5
53.7(56.1)
70.6
75.7
79.5
83.9
84.2
30.5(30.5)
20.4
17.6
12.7
8.6
7.8
0% 20% 40% 60% 80% 100%
18-29歳
30歳代
40歳代
50歳代
60歳代
70歳代
受ける機会はあったが、自分は受けなかった受ける機会があり、自分は受けた受ける機会はなかったわからない
28.2(26.6)
21.5
18.4
18.4
18.3
18.3
43.5(43.3)
57.5
62.7
66.5
70.3
71.4
28.4(30.2)
21.0
18.9
15.1
11.4
10.3
0% 20% 40% 60% 80% 100%
18-29歳
30歳代
40歳代
50歳代
60歳代
70歳代
機会はあった 機会はなかった わからない
9Note: Figures in parentheses represent the results of the 2016 survey.
70s
60s
50s
40s
30s
Age 18-29
70s
60s
50s
40s
30s
Age 18-29
Yes, but I did not participate in the financial education offered
Yes, and I did participate in the financial education
No
Don't know
Yes No Don't know
0 20 40 60 80 100 % 0 20 40 60 80 100 %
40
50
60
70
80
90
100
4 6 8 10 12 2 4 6 8 10 12 2 4 6 8 10 121
2018 2019
10 thous.
2017 2020
Pamphlets for respective age groups
Chart 10 Tools for financial education
Primary and
secondary school
students High school
students
University students
Adults
PR magazine Kurashi-juku Kin’yu-juku
(“First steps toward financial literacy for
everyday life”)10
Nu
mb
er
of
pag
e v
iew
s
Website of the Central Council for
Financial Services Information