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Financial literacy and retirement planning in Japan*


The level of financial literacy is not high in Japan. Although a majority of respondents were able to correctly answer a simple question about interest rates, more than half were not able to correctly answer a question about risk diversification. Many respondents stated they did not know the answer to the financial literacy questions, which might indicate that Japanese are very cautious and only answer when confident in their response. Women, the young, and those with lower incomes and lower educational attainment have the lowest levels of financial literacy, and financial literacy increases the probability of having a retirement savings plan.

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John Ameriks , Andrew Caplin , and John Leahy (2003) Wealth accumulation and the propensity to plan. Quarterly Journal of Economics, 118: 10071047.

Annamaria Lusardi and Olivia S. Mitchell (2007) Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54, 205224.

Annamaria Lusardi , and Olivia S. Mitchell (2011) Financial literacy and planning: implications for retirement wellbeing. In Annamaria Lusardi and Olivia S Mitchell . (eds), Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford: Oxford University Press, forthcoming.

James H. Stock , Jonathan H. Wright and Motohiro Yogo (2002) A survey of weak instruments and weak identification in generalized method of moments. Journal of Business and Economic Statistics, 20: 518529.

Maarten Van Rooij , Annamaria Lusardi , and Rob Alessie (2011) Financial literacy and stock market participation. Journal of Financial Economics, 101: 449472.

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Journal of Pension Economics & Finance
  • ISSN: 1474-7472
  • EISSN: 1475-3022
  • URL: /core/journals/journal-of-pension-economics-and-finance
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