Age, gender, and financial literacy in Japan

<h4>Objective</h4> The aim of this study is to investigate the association between financial literacy and age as well as gender differences in financial literacy. <h4>Methods</h4> We analyse a sample of 25,000 individuals from ‘The Financial Literacy Survey 2016’ conducted by...

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Autores principales:	Shohei Okamoto, Kohei Komamura
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2021
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/e1162dd130074a8085838f6d59325e16
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spelling	oai:doaj.org-article:e1162dd130074a8085838f6d59325e162021-11-25T06:19:45ZAge, gender, and financial literacy in Japan1932-6203https://doaj.org/article/e1162dd130074a8085838f6d59325e162021-01-01T00:00:00Zhttps://www.ncbi.nlm.nih.gov/pmc/articles/PMC8598074/?tool=EBIhttps://doaj.org/toc/1932-6203<h4>Objective</h4> The aim of this study is to investigate the association between financial literacy and age as well as gender differences in financial literacy. <h4>Methods</h4> We analyse a sample of 25,000 individuals from ‘The Financial Literacy Survey 2016’ conducted by the Central Council for Financial Services Information (Bank of Japan). The analysis focuses on the relationship of age and financial literacy as well as that of age and self-rated financial knowledge. To consider factors accounting for gender differences in financial literacy, we use the Blinder-Oaxaca decomposition method. To further our understanding of financial literacy, we conduct additional analyses on financial behaviour and attitude. <h4>Results</h4> Although age is associated with increased financial literacy (Men, β: 0.249, standard error [SE]: 0.030; Women, 0.354, SE: 0.026), the growth rate decreases among the older respondents (Men, β: -0.002, SE: 0.000; Women, -0.003, SE: 0.000). However, the association between age and self-rated financial knowledge among men moves in the opposite direction (Age, β: -0.021, SE: 0.009, Age2, β: 0.000, SE: 0.000). Furthermore, female respondents are likely to be less financially literate than their male counterparts (β: -0.586, SE: 0.095) due to gender differences in the distribution of the factors that affect financial literacy (specifically education), their responses to financial literacy, and the interactions of these effects. In contrast to knowledge-based financial literacy, financial behaviour and attitudes among women are more preferable to those among men, namely, more premeditated. <h4>Conclusion</h4> Financial literacy increases until about one’s early 60s, after which it declines, while confidence in financial literacy reflects the inverse trend, especially among men. Additionally, men are more financially literate than women; however, these differences could be mitigated through education. Meanwhile, financial behaviour and attitudes among men are less premeditated. Thus, policies are needed that can help older adults with their financial decision-making, enhance women’s financial literacy, and improve men’s financial behaviours and attitudes.Shohei OkamotoKohei KomamuraPublic Library of Science (PLoS)articleMedicineRScienceQENPLoS ONE, Vol 16, Iss 11 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Shohei Okamoto Kohei Komamura Age, gender, and financial literacy in Japan
description	<h4>Objective</h4> The aim of this study is to investigate the association between financial literacy and age as well as gender differences in financial literacy. <h4>Methods</h4> We analyse a sample of 25,000 individuals from ‘The Financial Literacy Survey 2016’ conducted by the Central Council for Financial Services Information (Bank of Japan). The analysis focuses on the relationship of age and financial literacy as well as that of age and self-rated financial knowledge. To consider factors accounting for gender differences in financial literacy, we use the Blinder-Oaxaca decomposition method. To further our understanding of financial literacy, we conduct additional analyses on financial behaviour and attitude. <h4>Results</h4> Although age is associated with increased financial literacy (Men, β: 0.249, standard error [SE]: 0.030; Women, 0.354, SE: 0.026), the growth rate decreases among the older respondents (Men, β: -0.002, SE: 0.000; Women, -0.003, SE: 0.000). However, the association between age and self-rated financial knowledge among men moves in the opposite direction (Age, β: -0.021, SE: 0.009, Age2, β: 0.000, SE: 0.000). Furthermore, female respondents are likely to be less financially literate than their male counterparts (β: -0.586, SE: 0.095) due to gender differences in the distribution of the factors that affect financial literacy (specifically education), their responses to financial literacy, and the interactions of these effects. In contrast to knowledge-based financial literacy, financial behaviour and attitudes among women are more preferable to those among men, namely, more premeditated. <h4>Conclusion</h4> Financial literacy increases until about one’s early 60s, after which it declines, while confidence in financial literacy reflects the inverse trend, especially among men. Additionally, men are more financially literate than women; however, these differences could be mitigated through education. Meanwhile, financial behaviour and attitudes among men are less premeditated. Thus, policies are needed that can help older adults with their financial decision-making, enhance women’s financial literacy, and improve men’s financial behaviours and attitudes.
format	article
author	Shohei Okamoto Kohei Komamura
author_facet	Shohei Okamoto Kohei Komamura
author_sort	Shohei Okamoto
title	Age, gender, and financial literacy in Japan
title_short	Age, gender, and financial literacy in Japan
title_full	Age, gender, and financial literacy in Japan
title_fullStr	Age, gender, and financial literacy in Japan
title_full_unstemmed	Age, gender, and financial literacy in Japan
title_sort	age, gender, and financial literacy in japan
publisher	Public Library of Science (PLoS)
publishDate	2021
url	https://doaj.org/article/e1162dd130074a8085838f6d59325e16
work_keys_str_mv	AT shoheiokamoto agegenderandfinancialliteracyinjapan AT koheikomamura agegenderandfinancialliteracyinjapan
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Age, gender, and financial literacy in Japan

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