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SOURCE ROOM

Financial Literacy Survey (2022) Survey Results.

Central Council for Financial Services Information (now succeeded by the Japan Financial and Economic Education Promotion Organization, J-FLEC. Shiru-port is an archive site).

Claims Supported by This Source

  1. Survey period: February 25 to March 14, 2022. Target: 30,000 individuals aged 18-79 nationwide. Method: Internet monitor survey.
  2. To the question "If you invest 100,000 yen, there is a 50/50 chance of a 20,000 yen gain or a 10,000 yen loss," 74.2% answered "I would not invest" (77.3% in 2019, 78.6% in 2016). Loss aversion is generally strong, and stronger in women regardless of age.
  3. The percentage of people with strong loss aversion who do not invest: 60s age group 78.4% (men 69.7%, women 86.7%), 70s age group 77.9% (men 70.9%, women 83.9%), total 74.2%.
  4. Between "receiving 100,000 yen now" and "receiving 110,000 yen one year later," about 30% chose the former (the survey value is 32.1%). The percentage of people with a strong myopic behavioral bias is: 60s age group 50.7%, 70s age group 59.3%, total 46.4%.
  5. 4.7% 'strongly agree' with the statement 'I often buy what is recommended as "this is the best-seller".' The percentage of people with a strong herd behavior bias is 13.4% for those in their 60s, 11.9% for those in their 70s, and 17.5% in total.
  6. People with strong biases toward myopic and herding behaviors experience more financial troubles and are more likely to feel they have borrowed too much.
  7. The rate of correct answers to true/false questions tends to be higher for older age groups. Although the elderly have high correct answer rates, the proportion of those who take desirable financial actions (such as comparing with other financial institutions or products) is not necessarily high.
  8. Percentage of people who have experienced financial trouble: 6.7% for ages 18-29, 8.5% for ages 30-59, and 5.7% for ages 60-79.

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