DP2019-16

The Current State of Financial
Education in Japanese Senior HighSchools -A Summary of the Resultsfrom a 2019 Survey Conducted Among
Senior High School TeachersNobuyoshi YAMORI
Hitoe UEYAMA
Mitsuyoshi YANAGIHARA

September 3, 2019

The Current State of Financial Education in Japanese Senior High Schools― A summary of the results from a 2019 survey conducted among senior high school teachers ＃ ―Nobuyoshi Yamori, Professor of Kobe University
Hitoe Ueyama, Associate Professor of Nagoya Gakuin University
Mitsuyoshi Yanagihara, Professor of Nagoya University

Abstract
In the next version of the senior high school curriculum guidelines officially announced by the Ministry of
Education, Culture, Sports, Science and Technology (MEXT) in 2018, it is indicated that financial education
will be made more substantial. However, the reality is that whether financial education is adequately conductedin senior high schools or not is dependent on the views of senior high school teachers. Accordingly, we carriedout a survey in December 2018 among 1,000 teachers at senior high schools (including not only teachers ofsubjects such as social studies and home making course that are strongly related to financial education, but alsoteachers of all subjects). The purpose of this paper is to report the summary results of that survey.
Key Words: Financial Literacy, Financial Education, Senior High School Curriculum.

1．Introduction
According to the “Financial Literacy Survey” conducted by the Central Council for Financial Services
Information, the financial literacy of Japanese youths is lower compared to the United States (Central Council
for Financial Services Information [2019]). It is often pointed out that a reason for this is that financial education
is not sufficiently being performed. In fact, according to the “Financial Literacy Survey”, when comparing the
proportion of people who have taken a financial course at school, Japan has no more than a third of the
proportion of that in the United States (i.e., 7% vs 21%).
Certainly, in Japan the expansion of financial education in the school curriculum has been attempted.
However, “finance” is dealt with in the subject of social studies mainly from a macroeconomics perspective (for＃Yamori and Yanagihara are recipients of grants for JSPS’s challenging research (exploratory) (17K18563).

In addition, this paper is part of the research outcomes of the 2018 research project “The Current State andIssues of Financial and Securities Education in Japanese Schools”, which was supported by the Sawamura
Masaka Academic Promotion Foundation.
1

instance, the monetary policies of the Bank of Japan), and education of “personal finance” from the standpointof everyday life (for instance, studying how money should be invested in order to build up assets for the future)
is not sufficiently dealt with. On the other hand, personal finance is being handled in the subject of home making
course as a part of daily life planning for a senior high school student. However, due to the fact that financial
education is not necessarily the speciality of senior high school’s home making course teachers 1 and that classes
are under strict time restrictions, in reality many schools do not allot sufficient amount of time for teaching
personal finance (Yoshino and Yamori [2016]).
In the next version of the senior high school curriculum guidelines that were announced by MEXT in March
2018, the handling of personal finances has been considerably expanded. However, although improvement of
the situation is progressing, whether financial education is in fact improving or not is dependent on how teachers
in the classroom actually teach it.
Therefore, we decided to conduct a survey among senior high school teachers to inquire about their thoughts
on financial education and how they teach it in classes, in order to clarify the problems of financial educationthat have existed in schools so far.
Specifically, we used the services of Rakuten Insight to conduct an online survey that obtained answers from
1,000 teachers (including principals, vice-principals and head teachers) from senior high schools (including thesenior high school levels of combined junior and senior high schools) between December 18 and 20, 2018 2.
One feature of this survey was that it included teachers from other subjects apart from social studies and homemaking course (which are two subjects that tend to deal directly with financial education). The reason forincluding these other teachers was because of the possibility that financial education is conducted in these othersubjects (apart from social studies and home making course). If financial education is conducted in othersubjects, the securing of enough class time for financial education would be feasible.

2．Basic attributes of the respondents

Gender of the respondents

Table 1 Gender of respondents
1000
Overall（100%）
833
1．Male（83.3%）
167
2．Female（16.7%）
1

Home making course covers a wide range of contents, such as childcare, clothing, food, housing andhousehold management.
2

We only covered regular staff members. In other words, part-time teachers were not included in our sample.
2

Table 1 shows the gender of the respondents. 83.3% were male and 16.7% were female, making male
respondents occupy the larger majority. According to the “2016 School Teacher Statistical Survey” by MEXT,
the nationwide population of senior high school teachers is 226,801 (October 1, 2014), with 156,132 males(68.8%) and 70,669 females (31.2%), meaning our sample had a considerably larger ratio of males than theactual teaching population.

Age of the respondents

Table 2 Age distribution of respondents
1000
Overall（100%）
40
1．20s（4.0%）
164
2．30s（16.4%）
243
3．40s（24.3%）
443
4．50s（44.3%）
1105．60s（11.0%）
Table 3 Age of respondents (descriptive statistics)
Sample size

Average age

Youngest

Oldest

1000

48.9

23

65

Table 2 shows the age distribution and Table 3 shows the descriptive statistics of the ages of the respondents.
Those in their 50s occupied 44.3% of the whole, followed by those in their 40s at 24.3%, and then those in their
30s at 16.4%. Those in their 20s were noticeably less. The average age was 48.9, with the youngest being 23
and the oldest 65.

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3．Summary results of the survey

Q1. What position do you hold at your school?

Table 4 Employment position of respondents
Q1: Respondent position
Overall
1000
Overall（100%）
25
1．Principal（2.5%）
53
2．Head teacher / Vice-principal（5.3%）
52
3．Senior teacher（5.2%）
30
4．Teacher advisor（3.0%）
776
5．Teacher（77.6%）
26
6．Full-time lecturer（2.6%）
38
7．Other（3.8%）
Table 4 shows the results from asking respondents of their employment position. The results indicate thatteachers made up 77.6% of the respondents.

Q2. How many years have you been a teacher? (Including years as a principal, etc.)

Table 5 Years of teaching experience51
0 - 5 years
21 - 25 years（5.1%）
105
6 - 10 years
26 - 30 years（10.5%）
84
11 - 15 years
31 - 35 years（8.4%）
116
16 - 20 years
Over 36 years（11.6%）

123（12.3%）
165（16.5%）
250（25.0%）
106（10.6%）

Table 5 shows the results from asking respondents of the years they have been a teacher. The majority of
25% answered “31 to 35 years”, followed by 16.5% who answered “26 to 30 years”. The average years ofexperience, taken from the median of the rankings, is 23.7 years. Therefore, most of the respondents have4enough experience as a teacher.

Q3. What subject do you teach? Select from the options below. Even if you don’t currently teach a
specific subject due to the nature of your work (for example, your time is devoted to managerial
work, etc.), please answer in accordance with the teaching experience you have so far. In addition, if
you teach multiple subjects (or have experience in another subject) please select all of those as well.

Table 6 Subjects taught
Overall
1．Japanese
2．Geography and History
3．Contemporary Social Studies
4．Politics and Economics
5．Ethics
6．Mathematics
7．Science
8．Foreign Languages
9．Health and Physical Education
10．Art11．Home making course
12．IT
13．Business (special subject)
14．Home making course (special subject)
15．A different subject from those above
16．No subject

1000（100%）
105（10.5%）
114（11.4%）
64（6.4%）
55（5.5%）
25（2.5%）
185（18.5%）
160（16.0%）
139（13.9%）
99（9.9%）
32（3.2%）
14（1.4%）
70（7.0%）
51（5.1%）
9（0.9%）
102（10.2%）
31（3.1%）

Table 6 shows the results from asking what subjects are taught by the respondents. “Mathematics” occupied
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the majority at 18.5%, followed by “Science” at 16.0%, and then “Foreign Languages” at 13.9%. Each subject
had at least some teachers who answer that they taught it, meaning the sample covered awareness of financial
education throughout all areas of the school curriculum. Incidentally, teachers of home making course weresplit between items 11 and 14, however, as there were overlaps, the actual total number of home making course
teachers was 20.

Q4. What major did you graduate with from college (university or junior college)?

Table 7 Field of study during college
Overall
1．Economics, Business, Commercial Science
2．Law
3．Literature
4．Education
5．Psychology
6．Sociology
7．Foreign Language Studies
8．Home Economics, Family and Consumer Science
9．Science, Engineering, Agriculture
10．Medicine, Dentistry, Pharmacy, Nursing, Health
11．Fine Arts, Music, Art
12．Physical Education
13．Other

1000（100%）
74（7.4%）
23（2.3%）
187（18.7%）
211（21.1%）
2（0.2%）
12（1.2%）
38（3.8%）
9（0.9%）
327（32.7%）
5（0.5%）
20（2.0%）
75（7.5%）
17（1.7%）

Table 7 shows the answers from the question asking about fields of study during college. The majority is“Science, Engineering, Agriculture” at 32.7%, followed by “Education” at 21.1%, and then “Literature” at
18.7%. “Economics, Business, Commercial Science”, which are subjects strongly related to financial education,
are at 7.4%, below a tenth of the whole.
6

Q5. At college, did you study subjects related to economics (including business and commercial
science), finance or securities? Select all that apply from below. Please exclude subjects related tolaw, such as economic law and financial legislation.

Table 8 Subjects studied at college that are related to economics, finance or securities
1.
Studied subjects
2. Finance- 3. SecuritiesEconomicsrelated
relatedrelated
1000
1000
1000
Overall（100%）（100%）（100%）
76
23
11
1. I studied many (around five and over) as my specialized（7.6%）（2.3%）（1.1%）
field of study
2. I studied several as my specialized field of study
3. I haven’t studied them as my specialized field of study
4. I studied them as liberal arts
5. I studied them to meet the requirements of my teaching
license6. I haven’t studied them before
7. Not sure / Forgot

98

69

30

（9.8%）
110（11.0%）
265（26.5%）
82（6.9%）
113（11.3%）
51（5.1%）
22（3.0%）
145（14.5%）
33（3.3%）
13（8.2%）（2.2%）（1.3%）

402（40.2%）
78（7.8%）

665（66.5%）
80（8.0%）

695（69.5%）
87（8.7%）

Table 8 shows the answers from the question asking about subjects studied during college that were related
to economics, finance or securities. For subjects related to “economics”, only 52% of respondents answered thatthey had studied them before (those who “haven’t studied before” were 40.2% and those who “weren’t sure or
forgot” were 7.8%). Close to half of the teachers did not study economics-related subjects during college.
The rate of studying subjects related to “finance” and “securities” decreases further, with only 25.5% of
respondents having experienced finance-related subjects and 21.8% having experienced “securities”-related
subjects, making 70% to 80% of teachers not having received sufficient education in finance or securities duringcollege.

7

Q6. To what extent do you consider yourself to have finance-related knowledge?

Table 9 Self-evaluation of finance-related knowledge
1000
Overall（100%）
30
1．Considerably more than the average person（3.0%）
161
2．More than the average person（16.1%）
337
3．Average（33.7%）
236
4．Slightly less than the average person（23.6%）
186
5．Considerably less than the average person（18.6%）
50
6．Not sure
（5.0%）As Allgood and Walstad (2016) pointed out, perceived or subjective evaluation of own knowledge on
financial matters may significantly affect the person’s financial behavior. Table 9 shows the answers from thequestion asking the subjective extent of knowledge related to finance. The answer of “average” was the mostselected at 33.7%, followed by “slightly less than the average person” at 23.6%.
Those who answered that they were above average (the combination of “considerably more” and “more”)
were 19.1%, and those below average (“slightly less” and “considerably less”) were 42.2%, indicating that agreat number of teachers feel that they are not proficient in finance.

8Q7. From where do you currently get finance-related knowledge and information? From the choices
below, select: (1) the major sources (multiple selections allowed); and (2) the one most importantsource out of those.

Table 10 Sources of knowledge and information on finance
Major sources / Most important source
Overall
1. Staff at financial institutions, pamphlets, advertising
2．Lectures and seminars by finance experts, organized by mycompany (including seminars that are part of continuing education
related to defined contribution pension plans)
3. Lectures and seminars by finance experts that I visit in my own
time
4. Individual consultation with finance experts (financial planners,
etc.)
5. Self-education through books, magazines, websites, etc.

1. Major sources

important source
1000
1000
(Selection rate）（100%）
301
101（30.1%）（10.1%）
10434（10.4%）
72（3.4%）
19（7.2%）
113（1.9%）
45（11.3%）
473（4.5%）
364（47.3%）
240

6. Family, friends, acquaintances

2. Most（36.4%）
101（24.0%）
128

7. My company/workplace (through work, etc.)（10.1%）
31（12.8%）
177

8. In daily life outside of my workplace（3.1%）
64（17.7%）

9. I have no need to obtain that knowledge or information
10. I want to obtain that knowledge and information, but don’t know
where to get it from99

（6.4%）
99（9.9%）
142（9.9%）
142（14.2%）（14.2%）

Table 10 shows the results from asking about current sources of knowledge and information relating tofinance. Those who felt that they “have no need to obtain that knowledge or information” were 9.9%, while
those who “want to obtain that knowledge and information but don’t know where to get it from” were 14.2%,
making those who are gaining some amount of information amount to 75% of the overall. The number one
major source was “self-education through books, magazines, websites, etc.” at 47.3%, followed by “staff at
financial institutions, pamphlets, advertising” at 30.1% (refer to the left results column).
Also, if we look at the most important sources out of the major sources selected, there were no large
differences in order compared to the major sources (refer to the right results column).

9Q8. Specify the attributes of your school. Select all that apply from the choices below. If you work at
multiple schools, please answer in relation to the school you spend the most time working at.

Table 11 The attributes of schools that respondents work at
General subjects / Special subjects
1000
Overall（100%）
725
1. Senior High School （72.5%）

General subjects
2. Senior High School Special subjects
3. Neither apply

Continuation on to higher education
1000
Overall（100%）
535
1. Most students continue on
to higher education

302（30.2%）
40

2. Half of students continue
on to higher education
3. A small number ofstudents continue on tohigher education（4.0%）

4. None apply（53.5%）
185（18.5%）
252（25.2%）
28（2.8%）

Table 11 shows the results from asking about the attributes of the schools that respondents work at. First,
for the question asking if the school teaches general or special subjects (refer to left table), 72.5% answered“general subjects”, while 30.2% answered “special subjects”.
Then, in regard to continuation on to higher education (refer to right table), schools where “most students
continue on to higher education” made up around a half (53.5%), while schools with only “a small number”
made up 25.2%, and “half of students continue on” made up 18.5%.

Q9. To what extent do you know about financial education at your school? Select from the choices
below. Here “financial education” refers to understanding the various workings of finance and theeconomy and thus acquiring the power to live, by thinking about and being active in relation to society
and your own daily life and longer-term life.

Table 12 Awareness of financial education in schools
1000
Overall（100%）
226
1. Know of it（22.6%）
407
2. Have heard about it（40.7%）
367
3. Don’t know of it（36.7%）

10

Table 12 shows the results from asking about awareness of financial education. Those who “know of it”
were 22.6%, those who “have heard about it” were 40.7%, and those who “don’t know of it” were 36.7%.
Despite previous efforts, this indicates that currently throughout schools, financial education has notpermeated sufficiently.

Q10. What kind of knowledge, skills and behaviors do you think students should learn about throughfinancial education at school? Select all that apply from both the A-group and B-group.

Table 13 Knowledge/skills/behaviors that students should learn
1000
A-group: Related to life as a
B-group: Related to finance and(Selection
economics
consumerrate）
606
1. The importance of money and1. The basic mechanisms of the（60.6%）

strategic usage
2. Daily planning and home budget
management
3. Working and money
4. The rights and responsibilities ofConsumerproblems

and

6. Awareness as a consumer-citizen
7. Credit and borrowing of loans
Asset（49.8%）
582（58.2%）
415

3. The flow of capital (money)
4. Public Finance389

management

using

securities
9. Risk management (events thatshould be covered by insurance)
10. Pension systems
11. Others
12. None in particular（68.3%）
343（34.3%）
427（42.7%）
284（28.4%）
270

5. The role of the stock market（38.9%）

protections

8.

498

（41.5%）

the consumer
5.

economy2. The roles and social
responsibilities of companies(CSR, etc.)

1000(Selection
rate）
683

220
（22.0%）
544（54.4%）
138

6. The job of banks
7. How insurance works
8. Others（13.8%）
249（27.0%）
267（26.7%）
314（31.4%）
8（0.8%）
130

9. None in particular（24.9%）
406（40.6%）
10（1.0%）
81（8.1%）

11（13.0%）

Table 13 shows the results from asking about the knowledge, skills and behaviors that students should learn
through financial education, divided into aspects “related to life as a consumer” (left side) and aspects “related
to finance and economics” (right side).
When we take a look at aspects “related to life as a consumer”, the rates of teachers selecting “the importanceof money and strategic usage”, “working and money” and “credit and borrowing of loans” surpassed 50%,
respectively. On the other hand, “asset management using securities” had a 13.8% rate of selection and thus isrelatively not valued as much.
Looking at aspects “related to finance and economics”, only “the basic mechanisms of the economy”
surpassed 50%.

Q11. Have you ever handled financial-related content in your classes?
(For example, explaining the calculation of compound interest in a math problem, or reading a businessarticle in English, etc.)

Table 14 Experience in handling financial-related content in class1000
Overall（100%）
98
1. Handle almost every year
（9.8%）
268
2. Have handled before（26.8%）
580
3. Have never handled before（58.0%）
54
4. Not sure
（5.4%）
Table 14 shows the answers to the question of experience in handling financial-related content in class. Those
who handle it “almost every year” made up 9.8% and those who “have handled it before” made up 26.8%,
making those with experience 36.6% of the overall.
Considering that our sample consists of many teachers teaching non-finance subjects, unexpectedly manyteachers have experience to handle financial-related content in their class. This fact suggests that there is somepossibility to extend financial education to other non-financial subjects.

12Q12. How much class time is devoted to that annually?

Table 15 Annual class time spent on financial-related content
366
Overall（100%）
96
1. 1 hour（26.2%）
94
2. 2 hours（25.7%）
76
3. 3 hours（20.8%）
65
4. 4 to 5 hours（17.8%）
7
5. 6 to 7 hours（1.9%）
4
6. 8 to 9 hours（1.1%）
24
7. 10 hours or more
（6.6%）
Table 15 shows the results from asking those teachers who have experience handling financial-related content
in-class (the 366 teachers who selected 1 and 2 at Q11) how much annual class time they spend on it.
The majority answered “1 hour” at 26.2%, followed by 25.7% who answered “2 hours”, and then 20.8% who
answered “3 hours”. Those who answered up to 3 hours made up 72.7% of the overall.

13

Q13. This question is for those who answered that they had never handled financial-related content inclass. Select one from below that applies to the subject you teach.

Table 16 Views on handling financial-related content in classOverall
1. It’s difficult to handle as content for the subject
2. It’s possible to handle in the subject, but I don’t have the skills and knowledge to teach it
3. It’s possible to handle in the subject, but there hasn’t been enough time
4. It’s possible to handle in the subject, but I don’t think it’s necessary
5. It’s possible to handle in the subject, but it shouldn’t be handled
6. Another reason from those above
7. Not sure580
（100%）
330（56.9%）
70（12.1%）
54（9.3%）
47（8.1%）
10（1.7%）
36（6.2%）
33（5.7%）

Table 16 shows the results from asking those teachers who have no experience handling financial-related
content in-class (the 580 teachers who selected 3 at Q11) about the handling of financial-related content in-class.
Those who said “it’s difficult to handle as content for the subject” made up over half (56.9%).
Incidentally, if we compare the teacher’s experience of handling financial-related content by the subject theyteach (not shown in the paper), in the fields of “Science”, “Health and Physical Education” and “Art” over 70%
answered that they had “never handled it before”. In these subjects, it may be generally difficult to relate classes
to matters of finance. However, we would like to pay attention to the fact that there are some teachers even in
those subjects who are handling financial education in their own way.

14

Q14. What problems do you think exist in the content of financial education currently being carried
out? Select all that apply from below.

Table 17 Problems with current financial education
Overall
1. The knowledge is learnt but the skills and behaviors are not easily acquired
2. Explaining the terminology and systems becomes the focus and so it’s harder for
students to connect it to their actual lives
3. Basic skills necessary for becoming independent, such as managing earnings and1000(Selection
rate）
228
（22.8%）
347（34.7%）
157（15.7%）

expenses and saving, are not easy to acquire
4. The content includes little practical knowledge related to such things as interest rates,236（23.6%）

types of financial products, and risk and return
5. In the school’s curriculum, financial education is concentrated in a specific school291（29.1%）

year or period and so it can’t be studied continuously
65

6. Other problem（6.5%）
104

7. I don’t feel there’s any particular problem（10.4%）
182

8. Not sure（18.2%）

Table 17 shows the results from asking about the problems that exist in the content of financial education
currently being carried out. The most selected, at 34.7%, was “Explaining the terminology and systems becomesthe focus and so it’s harder for students to connect it to their actual lives”, followed by “In the school’s
curriculum, financial education is concentrated in a specific school year or period and so it can’t be studied
continuously” at 29.1%, and then “The content includes little practical knowledge related to such things asinterest rates, types of financial products, and risk and return” at 23.6%, and “The knowledge is learnt but theskills and behaviors are not easy to acquire” at 22.8%.
Overall there can be seen a tendency where most of the teachers feel that the learning concentrates more on
knowledge attainment, leaving the practical content to be insufficient.

15

Q15. In regard to the necessity of conducting financial education at school in (1) your own opinion, (2)the mood within your school, and (3) the mood amongst the parents/guardians of students, select theone that applies below for each category.

Table 18 The necessity of financial education(2) Mood within your
(1) Your opinion
Scope
school1000
1000
Overall（100%）（100%）
221
46
1. Extremely necessary（22.1%）（4.6%）
295
155
2. Necessary（29.5%）（15.5%）
286
318
3. Necessary to an extent（28.6%）（31.8%）
79
221
4. Not very necessary（7.9%）（22.1%）
25
55
5. Completely unnecessary（2.5%）（5.5%）
94
205
6. Not sure
（9.4%）（20.5%）(3) Mood among
parents/guardians
1000（100%）
38（3.8%）
109（10.9%）
279（27.9%）
192（19.2%）
34（3.4%）
348（34.8%）

Table 18 shows the results from asking about the necessity of conducting financial education at schools
divided by the scopes of (1) the respondent’s individual opinion, (2) the school’s overall mood towards it, and(3) the mood among the parents/guardians of the students.
First, if we look at the respondent’s individual opinions, those who answered it was “necessary” (selections
1 to 3) were 80.2% and those who answered it was “unnecessary” (selections 4 and 5) were 10.4%. Although
there were respondents for each shade of necessity, the majority of teachers are aware of the necessity offinancial education in schools.
On the other hand, if we look at the overall mood of schools, “necessary” comes to 51.9% (making“unnecessary” 27.6%) and in the mood amongst the parents/guardians of students “necessary” comes to 42.6%(making “unnecessary” 22.6%). We can see a gap between the respondents’ individual opinions and theperceived moods within the overall schools and among the parents/guardians. The overall schools and theparents/guardians seem to feel that it’s not as necessary as is felt by the individual respondents.

16Q16. How has awareness of the necessity – that was answered in the previous question – changedin the past 10 years? (For those with teaching careers less than 10 years, answer for the period you
became a teacher.) Select one from below for each scope.

Table 19 Changes in awareness of the necessity of financial education(2) Mood within(3) Mood among(1) Your opinion
Scope
your school
parents/guardians
1000
1000
1000
Overall（100%）（100%）（100%）
500
253
180
1. Awareness of the necessity has grown（50.0%）（25.3%）（18.0%）
332
453
407
2. Awareness of the necessity hasn’tchanged（33.2%）（45.3%）（40.7%）
23
36
53
3. Awareness of the necessity has（2.3%）

lessened
4. Not sure145

（3.6%）
258（14.5%）（5.3%）
360（25.8%）（36.0%）

Table 19 shows the results from asking about the change in awareness towards the necessity of financial
education in the past 10 years (with teachers who’ve not yet taught for 10 years comparing from the time when
they started teaching). Furthermore, similar to the previous question, answers were divided between the scopesof (1) the respondent’s individual opinion, (2) the school’s overall mood towards it, and (3) the mood among
the parents/guardians of the students.
First of all, for respondents individually, half said that their awareness “had grown”, while 33.2% said it“hadn’t changed”, and just 2.3% said that it “had lessened”.
On the other hand, if we look at the mood of the overall schools and among the parents/guardians, we can seethat “hasn’t changed” was the most answered at over 40%. Awareness “has grown” among 25.3% of the moodof the overall schools and among 18% of the mood of the parents/guardians. Compared with the change innecessity among individual teachers, many respondents felt that the mood among the overall schools and among
parents/guardians had not changed enough.

17Q17. This question is for those who answered previously that (1) your opinion was that financial
education in schools is “necessary”. Why do you think this?

Table 20 Reasons for thinking that financial education in schools is “necessary” (multiple answers allowed)
802
Overall(Selection rate）
456
1. For becoming independent in the future（56.9%）
518
2. For learning the knowledge to become a smart consumer（64.6%）
471
3. For understanding how society works（58.7%）
357
4. For getting a good sense of money（44.5%）
15
5. Other（1.9%）
Table 20 shows the results from asking those who responded that financial education in schools is either“extremely necessary”, “necessary”, or “necessary to an extent” in Q15 why they answered so. The majority
selected “for learning the knowledge to become a smart consumer” at 64.6%, followed by “for understanding
how society works” at 58.7%, and then “for becoming independent in the future” at 56.9%.

18

Q18. This question is for those who answered previously that (1) your opinion was that financial
education in schools is “unnecessary”. Why do you think this?

Table 21 Reasons for thinking that financial education in schools is “unnecessary” (multiple answers allowed)
104(Selection
Overallrate）
16
1. Because I think it should be learned in the home and not at school（15.4%）
34
2. Because I think it should be learned in society and not at school（32.7%）
7
3. Because I think money-related matters should not be taught in school（6.7%）
46
4. Because the system and framework for teaching it in schools has not been established（44.2%）
54
5. Because the teachers have not learned the required knowledge and teaching methods（51.9%）
10
6. Other（9.6%）
2
7. Not sure
（1.9%）
Table 21 shows the results of asking those who responded that their individual opinion was that financial
education in schools is either “not very necessary” or “unnecessary” in Q15 why they answered so. The majority
selected “the teachers have not learned the required knowledge and teaching methods” at 51.9%, followed by“the system and framework for teaching it in schools has not been established” at 44.2%.
Although teachers who thought “it should be learned in society and not at school” were 32.7%, overall manyteachers believed that the reason why financial education in schools was “unnecessary” was due to a problem
with their own knowledge and the systems of the school.

19Q19. Do you think there will be any problems if financial education is implemented in schools?
Select all that apply from the choices below.

Table 22 Problems in implementing financial education in schools
1000
Overall(Selection rate）
355
1. It will be hard for students to understand（35.5%）
422
2. Students will not be interested（42.2%）
515
3. Those teaching it will lack the proper knowledge（51.5%）
323
4. There won’t be many opportunities for teachers to train for it（32.3%）
173
5. There isn’t a suitable subject in which to implement it（17.3%）
242
6. There aren’t any suitable teaching materials（24.2%）
340
7. There’s not enough time in class（34.0%）
71
8. Parents/guardians won’t be understanding（7.1%）
130
9. Most within the school won’t be understanding（13.0%）
202
10. The fluctuations in today’s economy are too complex（20.2%）
70
11. It will be hard to get outside cooperation（7.0%）
34
12. Other problem（3.4%）
27
13. There is no problem（2.7%）
70
14. Not sure
（7.0%）
Table 22 shows the results of asking about the problems in implementing financial education in schools. The
majority selected “those teaching it will lack the proper knowledge” which was selected by over half of the
respondents (51.5%).
Also, those who responded “students will not be interested” were 42.2%, and those who responded “it will
be hard for students to understand” were 35.5%, making those teachers who bring up the problem as being withstudents around 40% of the overall. Furthermore, those saying “there’s not enough time in class” were 34%,
while those saying “there won’t be many opportunities for teachers to train for it” were 32.3%, representing
those who put forth the problem as being related to the systems and support of the schools.
20Q20. As financial education content, what do you think about education concerning “investments”,“life insurance / casualty insurance”, “pensions”, and “consumer credit (including credit cards)” during
senior high school? Select one option out of the below choices for each item.

Table 23 Necessity of teaching certain content during senior high school

Learning
consumer credit

about

Not sure

4.

Completely unnecessary

3. Learning about pensions

Not very necessary

about

Necessary to an extent

about

Necessary1.
Learning
investments
2.
Learning
insurance

Extremely necessary

Financial education
content

73（7.3%）
97（9.7%）
176（17.6%）
295（29.5%）

143（14.3%）
291（29.1%）
366（36.6%）
368（36.8%）

331（33.1%）
430（43.0%）
330（33.0%）
238（23.8%）

299（29.9%）
96（9.6%）
67（6.7%）
42（4.2%）

72（7.2%）
19（1.9%）
10（1.0%）
8（0.8%）

82（8.2%）
67（6.7%）
51（5.1%）
49（4.9%）

Table 23 shows the results from asking about the necessity of carrying out the financial education content of“investments”, “life insurance / casualty insurance”, “pensions”, and “consumer credit (including credit cards)”
during senior high school. If we compare the selection rates of the degree of necessity (the combination of“extremely necessary”, “necessary”, and “necessary to an extent”), “investments” was 54.7%, “insurance” was
81.8%, “pensions” was 87.2%, and “consumer credit” was 90.1%.
Around 90% of teachers thought that “consumer credit” was necessary, while over 80% thought that“pensions” and “insurance” were necessary; however, there were relatively many teachers who thought that“learning about investments” was unnecessary during senior high school.

21Q21. What do you feel about having an outside lecturer come into the school to teach classes about
investment and insurance, instead of having the teacher teach about it? Select all that apply from the
below choices.

Table 24 Opinions on outside lecturers (multiple answers allowed)
1000
Overall(Selection rate）
655
1. It would be ideal for students as they can get real-world information（65.5%）
472
2. It would be welcome as it would be a free lecture（47.2%）
23
3. It’s best to avoid it if possible, but it seems a necessity（2.3%）
99
4. I would feel resistant if a worker from a securities company or insurance（9.9%）
company came to lecture258
5. I would feel fine even if a worker from a securities company or insurance（25.8%）
company came to lecture65
6. I would feel resistant if a worker from an industry organization came to lecture（6.5%）
250
7. I would feel fine even if a worker from an industry organization came to lecture（25.0%）
220
8. I would be concerned that the lecturer would be soliciting sales（22.0%）
164
9. I would be concerned that the lecturer wouldn’t have training as a lecturer（16.4%）
142
10. I would be concerned that the lecture wouldn’t follow the curriculum（14.2%）
138
11. It would be good if there was objective evidence to show that the lecturer can（13.8%）
teach a class138
12. I would be concerned that the students would be rude
（13.8%）
191
13. Students are likely not to listen seriously if the content isn’t related to passing（19.1%）
exams or looking for jobs
21
14. None of the above apply（2.1%）
61
15. Not sure
（6.1%）
Table 24 shows the results from asking the opinions of having an outside lecturer teach financial education
classes. The majority, at 65.5%, answered “it would be ideal for students as they can get real-world information”,
followed by “it would be welcome as it would be a free lecture” at 47.2%, making favorable responses in the
majority. On the other hand, negative answers made up around 10%, which includes “I would feel resistant if aworker from a securities company or insurance company came to lecture” and “I would feel resistant if a worker
from an industry organization came to lecture”.
22Q22. Please tell us about the financial assets you own. How much of them are bank deposits, andhow much are stocks or investment trusts? Select from the options below.

Table 25 Possession of savings / deposits and stocks / investment trusts (distribution)
Possession status
Overall
1. None2. Less than 10%
3. 10% to 20%
4. 21% to 40%
5. 41% to 60%
6. 61% to 80%
7. 81% to 90%
8. 91% to 100%
9. 100% (all)10. Not sure

1. Bank deposits
1000（100%）
45（4.5%）
69（6.9%）
55（5.5%）
70（7.0%）
93（9.3%）
105（10.5%）
87（8.7%）
87（8.7%）
237（23.7%）
152（15.2%）

2. Stocks or investment trusts
1000（100%）
434（43.4%）
154（15.4%）
91（9.1%）
81（8.1%）
71（7.1%）
23（2.3%）
10（1.0%）
7（0.7%）
1（0.1%）
128（12.8%）

Table 26 The average possession rate of bank deposits and stocks or investment trusts (descriptive statistics)
Possession status of financial assets

Sample size

Average rate

Standard deviation

1. Bank deposits

848

64.4%

35.8%

2. Stocks or investment trusts (overall)

872

13.0%

21.0%

3. Stocks or investment trusts (owners only)

438

25.9%

23.4%

Table 25 shows the results from asking the ratio that bank deposits and “stocks or investment trusts” occupy
the balance of respondents’ financial assets. 23.7% said that bank deposits were “100% (all)” and 43.4% said
their stocks or investment trusts were “none”, making the percentage of owners of stocks or investment trusts
43.8%. Table 26 uses the median of each rank and shows the average rate of possession (excluding those who
answered “not sure”). The average rate of stocks or investment trusts within all the financial assets was 13%,
whereas the average rate limited to owners of stocks or investment trusts was 25.9%.

23

Q23. Do you know of or use any of the following financial products? Select one choice for each product.

Table 27 The awareness / usage of financial products
Target productOverall
1. I use it
2. I plan to use it in the near future
3. I know of it, but don’t use it
4. I know of it, but don’t know if I’ll use it
5. I don’t know of it

1. NISA

2. iDeCo

1000

1000
（100%）

265（100%）
129（26.5%）
46（12.9%）
67（4.6%）
275（6.7%）
261（27.5%）
197（26.1%）
185（19.7%）
217（18.5%）
358（21.7%）（35.8%）

3. Personal pension
insurance
1000（100%）
401（40.1%）
37（3.7%）
222（22.2%）
196（19.6%）
144（14.4%）

Table 27 shows the results from asking the awareness (usage) of each of the specific financial products of“NISA” 3, “iDeCo” 4 and “personal pension insurance”. Users of NISA were 26.5%, users of iDeCo were
12.9% and users of personal pension insurance occupied the majority at 40.1%.
On the other hand, those who didn’t know about NISA were 21.7%, those who didn’t know about iDeCo
were 35.8%, and those who didn’t know about personal pension insurance were 14.4%, showing that awarenessof iDeCo is low. For either of the products, those who either “know of it, but don’t use it” or “know of it, but
don’t know if I’ll use it” made up over 40% of respondents.

3

NISA (Nippon Individual Savings Account) is a Japanese version of the ISA (Individual Savings Account),modeled on the British ISA. It started in January 2014. Normally, when investing in financial products such as
stocks and investment trusts, approximately 20% tax is imposed on the profits obtained by selling them and thedividends received. NISA is a system in which profits obtained from these financial products purchased withina certain amount each year within the “NISA Account (Tax-Free Account)” are tax-free.
4

iDeCo (Individual Defined Contribution Pension) is a private pension scheme implemented under the defined

contribution pension law. It started in 2001. Participation in this scheme is voluntary and can apply for itthemselves, contribute the premium themselves, choose the investment method themselves, and receive thebenefits based on the total amount of the premium and its investment income. In addition, tax incentives areallowed when receiving premiums, investment gains, and benefits.
24

Q24. Say that the annual inflation rate is 5% and the annual interest rate of bank savings is 3%. If
money was saved in a bank for a year, what do you think will generally happen to the amount of goods
and services you could buy with those savings after a year? Select the one choice that applies frombelow.

Table 28 Understanding of real interest rates
1000
Overall（100%）
583
1. It will decrease (Correct answer)（58.3%）
122
2. It won’t change（12.2%）
66
3. It will increase（6.6%）
229
4. Don’t know
（22.9%）
Q24 to Q26 are three questions similar to what Lusardi and Mitchell (2011) used to derive an objective
criterion of financial literacy. First of all, Table 28 is the result of surveying respondents’ understanding of themeaning of inflation and real interest rates. The rate of selecting the correct answer, “it will decrease”, was
58.3%, whereas “don’t know” was 22.9%.

Q25. If you were to keep 1 million yen as a one-year term deposit (annual interest rate 2%) and keep
it there under the same conditions without withdrawing it, after 5 years how much do you think it willbe? (Assume that the tax rate is zero.) Select the one choice that applies from below.

Table 29 Understanding of compound interest
1000
Overall（100%）
511
1. More than 1.1 million yen (Correct answer)（51.1%）
97
2. Exactly 1.1 million yen（9.7%）
240
3. Less than 1.1 million yen（24.0%）
152
4. Don’t know
（15.2%）
Table 29 is the result of surveying respondents’ understanding of compound interest. The rate of selecting
the correct answer, “more than 1.1 million yen”, was 51.1%. This is a lower success rate than for inflation and25

real interest rates.

Q26. Do you think that purchasing the stocks of one company will generally result in a more stable
return on investment than purchasing a stock investment trust (an investment in the stocks of many
companies)? Select one from below.

Table 30 Understanding diversified investment
1000
Overall（100%）
110
1. I think so（11.0%）
524
2. I don’t think so (Correct answer)（52.4%）
366
3. I don’t know
（36.6%）
Table 30 is the result of surveying respondents’ understanding of the advantages of diversified investment.
The rate of selecting the correct answer, “I don’t think so”, was 52.4%.

Lusardi and Mitchell’s financial literacy test results of Japanese teachers

Table 31 tallies the correct answers from the three questions that measure financial literacy (Q24 inflationand the real interest rate; Q25 compound interest; and Q26 diversified investment). The results show that the
majority answered only two questions correctly at 29.4%, while those who answered all (three) questions
correctly were 26.8%, and those who got all questions wrong were 21.2%. In addition, those who answered thatthey “don’t know” to all three questions were just a few at 15 respondents (1.5% of the overall).

26

Table 31 Financial literacy (distribution of correct answers)
1000
No. of effective samples（100%）
268
1. All (three) correct（26.8%）
294
2. Two correct（29.4%）
226
3. One correct（22.6%）
212
4. All wrong（21.2%）

Q27. Do you think about financial life planning (i.e. the forming of life plans that reflect future income
and expenditure. by taking into account such life events as the birth of children, buying a home, childschool/college fees and the retirement of the head of the household,)? Select the one choice thatapplies from below.

Table 32 Financial life planning
1000
Overall（100%）
190
1. I think about it considerably（19.0%）
487
2. I think about it a little（48.7%）
188
3. I mainly don’t think about it（18.8%）
50
4. I don’t think about it at all（5.0%）
85
5. Not sure
（8.5%）
Table 32 shows the results from asking about awareness of financial life planning. Those who “think about
it considerably” were 19%, while those who “think about it a little” were 48.7%, revealing that 67.7% of theoverall think about financial life planning.

27Q28. How do you empathize with the following views of how “Civics (or Politics and Economics)” should
be taught in senior high school? Select one choice for each item below.

Table 33 Views on how civics should be taught
Somewhat
empathize

NeutralFeel slightly
conflicted

Feel strongly
conflicted

Not sure

1. Should teach about entrepreneurship(starting a business)
2. Should teach awareness of how the
choices of consumers can affect thesociety and economy of future
generations and the environment
3. Should cover disputes in everyday life
(such as with borrowing and lending
money) and teach about problems thatcan occur with contracts and how to solvethem
4. Should have students think about theappropriate combination of self-help,
mutual assistance and public assistance interms of how social security systems
should operate, touching on areas such as
savings and private insurance
5. Should allow students to understandabout the risks and returns that come withasset management that uses a variety offinancial products
6. Should teach about the role ofcorporate accounting
7. Should teach students to utilizematerials such as statistics, white books
and newspapers
8. Should teach how finance connects to
the revitalization of economic activities
9. Should enhance cooperation with othersubjects
10. Should implement teaching thatcooperates with outside experts andrelated institutions

Strongly
empathize

How civics should be taught

44（4.4%）
123258（25.8%）
485

305（30.5%）
222

187（18.7%）
4485（8.5%）
19121（12.1%）
107（12.3%）（48.5%）（22.2%）（4.4%）（1.9%）（10.7%）

127

445

250

53

25

100

（12.7%）（44.5%）（25.0%）（5.3%）（2.5%）（10.0%）

145

459

230

47

19

100

（14.5%）（45.9%）（23.0%）（4.7%）（1.9%）（10.0%）

83

385

290

96

42

104

（8.3%）（38.5%）（29.0%）（9.6%）（4.2%）（10.4%）

44（4.4%）
198

231（23.1%）
414

420（42.0%）
227

138（13.8%）
43

48（4.8%）
17119（11.9%）
101（19.8%）（41.4%）（22.7%）（4.3%）（1.7%）（10.1%）

66（6.6%）
136（13.6%）
127352（35.2%）
376（37.6%）
399

366（36.6%）
303（30.3%）
286

80（8.0%）
56（5.6%）
61

29（2.9%）
22（2.2%）
27

107（10.7%）
107（10.7%）
100（12.7%）（39.9%）（28.6%）（6.1%）（2.7%）（10.0%）

Table 33 shows the results from asking respondents their views on the ideas listed in the next school
curriculum guidelines of how “civics” (or Politics and Economics) should be taught in senior high schools in
the future. If we rank in terms of those ideas that were “strongly empathized with”, “teaching students to utilizematerials such as statistics, white books and newspapers” was 19.8%, followed by “having students think about
28

the appropriate combination of self-help, mutual assistance and public assistance” at 14.5%. In addition to those
two items, if we look at both “strongly empathize” and “somewhat empathize” combined, “teaching awarenessof how the choices of consumers can affect the society and economy of future generations and the environment”
was empathized with the most at around 60% of the overall.
On the other hand, if we look at both “feel slightly conflicted” and “feel strongly conflicted” combined, t“teaching about entrepreneurship” was the least popular at 27.2%, followed by “teaching about the role ofcorporate accounting” at 18.6%.

Q29. How do you empathize with the following views of how home making course should be taught insenior high school? Select one choice for each item below.

Table 34 Views on how home making course should be taught
Somewhat
empathize

NeutralFeel slightly
conflictedFeelstrongly
conflicted

Not sure

1. Should teach about the attributes ofbasic financial products such as
savings, private insurance, stocks,
bonds, and investment trusts
2. Should teach about the importanceof balancing household expenses
3. Should teach how to concretely
consider financial plans that forecast
the future to prepare economicallyagainst different types of risks
4. Should teach about the importanceof contracts
5. Should cover multiple debt
problems from consumer credit as a
typical consumer issue
6. Should teach students tounderstand the importance ofsustainable consumption
7.
Shoulddeepenstudents’understanding of virtual currencies
8. Should associate the costs related
to home loans when teaching about
residential life
9. Should enhance cooperation withother subjects
10. Should implement teaching thatcooperates with outside experts andrelated institutions

Strongly
empathize

How home making course should betaught

85

395

261

111

47

101

（8.5%） （39.5%） （26.1%）（11.1%）（4.7%） （10.1%）

183
474
209
（18.3%） （47.4%） （20.9%）
109
413
300

34
（3.4%）
60

11（1.1%）
2289（8.9%）
96（10.9%） （41.3%） （30.0%）（6.0%）（2.2%）（9.6%）

212
419
215（21.2%） （41.9%） （21.5%）
144
414
260

46
（4.6%）
66

15（1.5%）
1793（9.3%）
99（14.4%） （41.4%） （26.0%）（6.6%）（1.7%）（9.9%）

40

19

101

（4.0%）（1.9%） （10.1%）

113

385

342

（11.3%） （38.5%） （34.2%）

51
239
322
179
102
107
（5.1%） （23.9%） （32.2%） （17.9%） （10.2%） （10.7%）
76
350
335
108
29
102
（7.6%） （35.0%） （33.5%） （10.8%）（2.9%） （10.2%）

144
369
308
（14.4%） （36.9%） （30.8%）
126
416
288

55
（5.5%）
51

21
103（2.1%） （10.3%）
20
99（12.6%） （41.6%） （28.8%）（5.1%）（2.0%）

29（9.9%）

Table 34 shows the results from asking respondents their views on the ideas listed in the next school
curriculum guidelines of how home making course should be taught in senior high schools in the future. If werank in terms of those ideas that were “strongly empathized with”, “teaching about the importance of contracts”
was the most selected at 21.2%, followed by “teaching about the importance of balancing household expenses”
at 18.3%. Furthermore, if we look at both “strongly empathize” and “somewhat empathize” combined, both“the importance of contracts” and “balancing household expenses” each exceed 60%, making them highly
empathized with.
On the other hand, if we look at both “feel slightly conflicted” and “feel strongly conflicted” combined, themajority was “deepen students’ understanding of virtual currencies” at 28.1%, followed by “teaching about the
attributes of basic financial products such as savings, private insurance, stocks, bonds, and investment trusts” at
15.8%, and then “associating the costs related to home loans when teaching about residential life” at 13.7%.

4．Conclusion
This paper has presented the results of a survey that was carried out among 1,000 senior high school teachers
across Japan in December 2018. Our survey covers not only teachers of finance-related subjects, such as social
studies and home making course. The following is a summary of the results of the survey.
On inquiring about respondents’ experience in studying economics, finance and security-related subjects
during college, only 52% said they had studied economics-related subjects, making around half of the teachers
not having studied an economics-related course at college. For finance and securities-related subjects, the rateof having studied dropped even more, with 25.5% having had experience in finance-related subjects and only
21.8% of respondents having ever studied securities-related subjects. Around 70% to 80% of teachers have notreceived sufficient education of finance and securities at college.
On inquiring about the teachers’ awareness of financial education at their school, 22.6% said they “know ofit”, while 40.7% said they “have heard about it”, and 36.7% said they “don’t know of it”. Throughout schools,
financial education has currently not been sufficiently permeated. Yamori (2015) conducted a similar study with
600 senior high school teachers where those who said they “know of it” were 20.8%, while those who said they“don’t know of it” were 41.2%. The rate of awareness towards financial education has mainly stayed the same,
therefore it unfortunately cannot be said that a big improvement has occurred.
On inquiring about teachers’ experience in including financial-related content in classes, irrespective of thefact that not all the respondents of this survey were teachers of social studies and home making course, 9.8%
answered “almost every year” and 26.8% said they had “handled it before”, making the percentage of thoseexperienced 36.6% of the overall. Compared to Yamori’s survey (2015), those who’ve handled financial-related
content in-class have slightly increased. However, the class time devoted to it is still extremely small at just 2
to 3 hours.
Concerning the necessity of conducting financial education in schools, on inquiring about respondents’
individual opinions, over 80% said that it was “necessary”, indicating that the majority of teachers thought that30

financial education was necessary in schools. On the other hand, when we asked respondents what they thought
about the overall mood of their school, just over 50% said the mood indicated that people thought it was“necessary”, and just over 40% said that the mood of the parents/guardians of students indicated that they
thought it was “necessary”. Therefore, although respondents individually think it should be implemented more,they may be showing self-restraint in the face of other teachers and parents/guardians.
On inquiring about the difference in awareness of the necessity of financial education compared to 10 years
ago, half of respondents said their own awareness of the necessity had “grown”, with 33.2% saying it “hadn’tchanged” and a small 2.3% said it had “lessened”. On the other hand, in relation to the overall mood within
schools and among the parents/guardians of students, a majority of over 40% reported that it “hadn’t changed”.
25% said the overall school mood had grown to find it necessary and 18% said the mood had grown to find it
necessary among the parents/guardians of students. Compared to the change in attitude among the teachers
individually, according to many respondents the mood throughout the schools and among parents/guardians ofstudents had not changed substantially.
In terms of the obstacles in implementing financial education in schools, those who said that “teachers willlack the proper knowledge” were over half, while those who said the problem was with the students (saying“students will not be interested”, etc.) were around 40%. Furthermore, just over 30% said the problem was that“there’s not enough time in class” and “there won’t be many opportunities for teachers to train for it”, andproblems related to school systems and levels of support were also raised.
On asking respondents about the necessity of teaching the four financial areas of “investments”, “insurance”,“pensions”, and “consumer credit (including credit cards)” in senior high schools, the degree to which
respondents said that each was necessary was 90% for “consumer credit” and over 80% for both “pensions” and“insurance”. However, a relatively large number of teachers said that “learning about investments” was“unnecessary”.
On inquiring about respondents’ opinions on an outside lecturer coming into classes to teach about financial
education, those in favor outnumbered the rest, with those not in favor being around 10%.
We inquired on how respondents empathized with how civics (or Politics and Economics) and home making
course should be taught as specified by the next school curriculum guidelines released by Ministry of Education,
Culture, Sports, Science and Technology (MEXT) in 2018. First, in relation to civics, respondents were in favorof “teaching students to utilize materials such as statistics, white books and newspapers”, “having students think
about the appropriate combination of self-help, mutual assistance and public assistance”, and “teachingawareness of how the choices of consumers can affect the society and economy of future generations and theenvironment”. On the other hand, respondents felt (relatively) conflicted in relation to “teaching about
entrepreneurship” and “teaching about the role of corporate accounting”. This suggested that gaining
understanding towards teaching entrepreneurship in schools will likely be difficult if the topic isn’t handled
carefully.
In relation to home making course in senior high school, respondents were in favor of “teaching about theimportance of contracts” and “teaching about the importance of balancing household expenses”. On the other
hand, respondents felt relatively more conflicted in relation to “deepening students’ understanding of virtual31

currencies”, “teaching about the attributes of basic financial products such as savings, private insurance, stocks,
bonds, and investment trusts”, and “associating the costs related to home loans when teaching about residential
life”. This suggests that education concerning finance itself needs to be handled carefully to avoid unnecessary
friction in schools.
As far as we know, there are no other precedent surveys conducted to gauge awareness of financial education
among senior high school teachers, and we consider that the results of this paper offer useful information forthe promotion of financial education in the future.

References
Allgood, S. and W. B. Walstad (2016). "The Effects of Perceived and Actual Financial Literacy on Financial
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Central Council for Financial Services Information (2019) “The 2nd Financial Literacy Survey.”
Lusardi, Annamaria and Olivia S. Mitchell (2011) “Financial literacy and retirement planning in the UnitedStates.” Journal of Pension Economics and Finance, 10(4): 509–525.
Yamori, Nobuyoshi (2015) “Survey on Financial and Insurance Education of Junior and Senior High School
Teachers: Summary of Results of March 2015 Survey” Kobe University RIEB DP2015-J07.
Yoshino, N. and N. Yamori (2016) "Financial Education in Japan," in Yoshino, N,, Flore-Anne Messy, and P. J.
Morgan (eds.) Promoting Better Lifetime Planning through Financial Education, World Scientific Publishing
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