IDEAS home Printed from https://ideas.repec.org/p/keo/dpaper/2018-016.html
   My bibliography  Save this paper

Financial Literacy of Middle and Older Generations: Comparison of Japan and the United States

Author

Listed:
  • Satoshi Shimizutani

    (Nakasone Yasuhiro Peace Institute)

  • Hiroyuki Yamada

    (Faculty of Economics, Keio University)

Abstract

Financial literacy holds growing interest for managing assets/savings during the longer retirement period currently experienced in rapidly aging countries. We examine and compare levels and determinants of financial literacy as well as its association to asset allocation among middle and older generations of Japan and the United States. 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. These patterns are commonly observed in Japan and the United States.

Suggested Citation

  • Satoshi Shimizutani & Hiroyuki Yamada, 2018. "Financial Literacy of Middle and Older Generations: Comparison of Japan and the United States," Keio-IES Discussion Paper Series 2018-016, Institute for Economics Studies, Keio University.
  • Handle: RePEc:keo:dpaper:2018-016
    as

    Download full text from publisher

    File URL: https://ies.keio.ac.jp/upload/pdf/en/DP2018-016.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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. 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.
    3. Fujiki, Hiroshi, 2020. "Cash demand and financial literacy: A case study using Japanese survey data," Japan and the World Economy, Elsevier, vol. 54(C).

    More about this item

    Keywords

    financial literacy; Japan; U.S.; JSTAR; HRS;
    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:keo:dpaper:2018-016. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Institute for Economics Studies, Keio University (email available below). General contact details of provider: https://edirc.repec.org/data/iekeijp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.