November 2015
Committee for the Promotion of Financial Education(Secretariat: Central Council for Financial Services Information)

Financial Literacy Map
Standard Learning Goals for Different Age Groups

The standard learning goals designated for high school students and younger students in the Financial Literacy Map are
consistent with the financial education goals for the same age groups designated in the Financial Education Program, which
has already been put into use in school education. Accordingly, education on financial literacy at elementary school to highschool will be promoted based on the “Financial Education Goals by Age Group" designated in the Financial Education
Program.

Category 1. Family budget management
Item 1: Making a habit of proper income/expenditure management (eliminating debts and staying in the black)1
Primary School Students
1st and 2nd grades

3rd and 4th grades

Secondary School Students

5th and 6th grades

Students at this stage gradually acquire experience, knowledge, and skills in dealing with money by actually handling it. Specifically, they should

Students

at

this

basic

Students at this stage cultivate basic skills

acquire the attitude to take an interest in money, society, and the economy, think by themselves, devise good ways, and make efforts, throughunderstanding of how the economy and financeto live independently when they become

experience in buying things, managing pocket money and New Year's present of money, and helping with housework, thereby forming theare related to their everyday lives, thus

adults. They can understand the importance offoundation of the capability to live in society. Although they may have different levels of knowledge on money in the beginning, their knowledge

cultivating the basic capability to live

whole

will be organized step by step through learning. Educational programs at this stage should be carried out in tandem with the subjects to be learned in

independently in the future. They have more

responsibility. They have to make decisions of

the respective school grades, namely lower (1st and 2nd), middle (3rd and 4th), and upper (5th and 6th) grades.

experience in managing their pocket money

their own about their post high school careerand buying things, engage in a wider range ofpath. Educational programs at this stage should

activities, and better understand household

associate gaining knowledge on the economy

expenselife

and finance with practical training to be able toplanning. They can comprehend the meaning of

have a view of their independent lives in theworking and occupation, and imagine their

future.

management

stage

and

gain

a

High School Students

financiallife

planning

and

their

socialfuture lives in detail to some extent.
・Learning the value of goods and money, and ・Understanding the limitedness of goods and ・Understanding the limitedness of goods and ・ Understanding the scarcity of goods and ・Understanding the scarcity of resources, andmaking much of them.

money and the importance of money.

・Learning that one cannot have all that one ・Understanding that one can save money andwants.

use it in the future.

money, and thinking of better ways to use
them.
・Being able to exercise moderation in spending,services, and trying to make better decisions.
・Establishing a favorable lifestyle whereby one

actually doing so.

・ Becoming aware of the importance ofthrough one's everyday life.

householdincomepurchasing goods and services.
・Learning one's living cost and the cost of

makes the most of time and goods.

while reviewing one's spending habits.
・Understanding that one has to pay money ・Recognizing the difference between needs and・ Understanding
when purchasing goods or services, and wants.
expenditure.
・ Understanding various functions of money

being able to make better decisions inand・ Being able to choose, purchase, and use

education, etc., and acquiring the attitude togive thought to expenses spent on oneself outof the total household expenses.

what one wants and being able to buy goods

necessary goods and services adequately.
・Understanding the importance of long-term
moderateness through learning how to spend ・Being able to buy things according to one'splan, while taking indispensability into ・Managing income and expenditure practically,
and well-planned money management.
money appropriately, and practicing it inwithin one's budget.

one's everyday life.

・Learning to be patient when unable to haveaccount.

for example, by controlling spending out of ・Being able to practically balance income andmoney during a school excursion.
expenditure in school events, etc.
・Being able to manage money by recording the ・Learning how to choose goods, and being able
to buy goods efficiently.
・ Being careful not to overspend invisible ・Recognizing the challenges to the modern
amount of pocket money or money spent.
・ Acquiring the attitude to make decisions

money such as various cards.

based on one's own idea about how to spend ・Understanding that the sense of value differs
money.

consumer's life, and being able to makeappropriate decisions as a consumer.

from person to person through learning about ・Being able to make better decisions based on
how others spend money, while learning how

such concepts as scarcity, freedom of choice,to spend money responsibly based on one's

trade-offs, opportunity costs, efficiency, andown sense of value.

fairness.

・Being able to make better decisions based onsuch concepts as efficiency and fairness.
1

The items used in this map correspond to the 15 items used in the "Report of Study Group on Financial Education," published on April 30, 2013, by the Study Group on Financial Education, established by the Financial Services Agency of Japan.
１University Students

Young Adults

AdultsSenior Citizens

Students at this stage establish their ability to live independently as

Individuals at this stage start to become independent in

Individuals at this stage live independently and assume full-fledged

Individuals at this stage mainly consist of retired people andadults. They should deepen their understanding of finance and the economy,

terms of lifestyle and financial aspects. They also start toresponsibility as adults. Although lifestyles and the sense of value have diversified,pensioners. They cover their living expenses mainly with pension

develop a sense of value, and take action on their own, and be conscious ofassume responsibility as adults. Although lifestyles and thethey assume greater responsibility not only for themselves but also for their families

income and money obtained by cashing out financial assets. All in all,their social responsibility. They have to pay money more often, and many ofsense of value have diversified, many individuals in this age

and people around them. Many individuals in this age group have to raise and use

they have more financial assets and have more confidence in their

them leave home and start to live alone, have part-time jobs and earn money,

group need specific knowledge and skills in savings and asset

funds for their housing, children's education, and living in old age. They should build

financial knowledge than those in other age groups, but many of themand use bank cards and credit cards. They should acquire the same level ofmanagement to make money for housing and marriage.

wealth in earnest for their future. Educational programs should target both single

are not active in collecting information.

financial literacy as that of young adults.

Educational programs should target both unmarried people andpeople and people raising families.

people who are about to have their own families.

People raising families should provide financial education to their children at

They may provide financial assistance to people around them (e.g.,their children), while they may also receive assistance from peoplehome.

around them who take care of them.

・Being able to manage income and expenditure and take・ Understanding the necessity of income and expenditure

・Understanding the necessity of income and expenditure

・Making a habit of managing income and expenditure appropriately as the

management and trying to avoid going into the red (to stay in the

management and trying to avoid going into the red (tobreadwinner of one's household, such as by understanding the household's

necessary

black).

stay in the black) to support one's household income.

income and expenditure and keeping a household account book.

post-retirement plan.

・Being able to take action to improve the balance of payments, suchas earning more from a part-time job as needed.
・Understanding the limitedness and scarcity of resources, and being

actionfor

improvement

accordingtoa・Having started to save money by withholding a certain

・ Understanding one's income (disposable amount) and the nature of・Understanding the amount of pension one is receiving or isamount of one's salary to be deposited as savings.

expenditure (temporary or constant) accurately, and being able to havescheduled to receive, and changing one's lifestyle so that one

prospects for future income and expenditure.

can live within the limit of the pension.

・ Being able to judge the appropriateness of one’s

able to judge whether or not one should spend money inspending accurately in light of various factors such as ・Being able to judge the appropriateness of one’s spending accurately in light ・Being able to manage income and expenditure in a manner byconsideration of opportunity cost, efficiency, and fairness ofthe necessity to spend and the amount of income.

spending.
・ Learning how much money is spent on one's own life and・ Being able to spend money on one's hobby or
improving one's skills according to a plan.

which extraordinary spending (e.g., congratulatory or・Trying to improve one's balance of payments and stay in the black, andcondolence payments, expenses for home repair andbuilding wealth for the future by saving money and making investments.

renovation) can be afforded.

better・Understanding the outline of the basic living expenses in post-retirement

understanding that credit is future spending (debt), anddays while taking into account changes in family composition, and being

cashing out financial assets.

・Being able to spend money as necessary for improving one's skills

using credit cards within the extent to which one canable to estimate one's income and financial assets after retirement and take・Having someone who can give reliable advice.

and achieving one's goals within the budget limit and according to

make ends meet at the settlement date (and being

action as necessary for improvement.

・Being able to consider what to do when finding it difficult toa plan.

aware that interest accrues from credit card payments

education, and being able to spend money while bearing in mind
one's family budget as a whole as a member of the family.

・When using various credit functions, better understanding that・ Whenof various factors such as the necessity to spend and the amount of income.

using

variouscreditfunctions,in installments).

credit is future spending (debt), and using credit cards within the・Being able to borrow money according to a repayment

extent to which one can make ends meet at the settlement date (andplan, within the extent to which one can make ends

being aware that interest accrues from credit card payments inmeet.

installments).
・Being able to avoid borrowing money at high interest rates.
・Understanding one's own income (e.g., remittance from home,
student loans, and income from part-time job) and expenditure(e.g., schooling expenses, and living expenses).
・ Recording one's own income, expenditure, and balance asappropriate.
・Understanding that the cost for studying at university is investment
in improving one's skills.
・Understanding that student loans are debt.

・Being able to avoid borrowing money at high interest
rates.
・Understanding the disposable portion of one's income
by checking a payment slip.
・Being able to understand the information indicated in・Checking the status of one's assets and liabilities regularly and making
efforts to increase assets and reduce liabilities.
・Being able to make effective use of liabilities (e.g., housing loans)according to a plan when necessary.
・Being able to avoid borrowing money at high interest rates.
(For people raising families)
・Being able to guide one's children on a daily basis to take care of goods.
・Being able to teach one's children that money is limited and the household
budget needs to be managed within such limit, based on one's own
experience.

one's payment slip and withholding slip (e.g., tax and・Being able to make one's children understand the meaning of householdsocial insurance premiums).

budget and the importance of management of money, by devising a way to・Understanding one's spending (e.g., living expenses).

give pocket money to children or showing them invisible spending (e.g.,・Managing one's income and expenditure appropriately

mobile phone charges).

by keeping a cashbook or household account book.

２

・Understanding how long one can live on money obtained bymanage income and expenditure oneself, such as seeking help
from one's family or public assistance, and prepare and takethe appropriate measures.

Category 2. Life planning
Item 2: Articulating life plans and understanding the need to secure the funds required for life plans
Primary School Students

Secondary School Students

High School Students

Students at this stage gradually acquire experience, knowledge, and skills in dealing with money by actuallyStudents at this stage gain a basic understanding ofStudents at this stage cultivate basic skills to live

handling it. Specifically, they should acquire the attitude to take an interest in money, society, and the economy,

how the economy and finance are related to their

independently when they become adults. They canthink by themselves, devise good ways, and make efforts, through experience in buying things, managing pocket

everyday lives, thus cultivating the basic capability tounderstand the importance of whole life planning and theirmoney and New Year's present of money, and helping with housework, thereby forming the foundation of thelive independently in the future. They have moresocial responsibility. They have to make decisions of theircapability to live in society. Although they may have different levels of knowledge on money in the beginning,

experience in managing their pocket money and buying

own about their post high school career path. Educational

their knowledge will be organized step by step through learning. Educational programs at this stage should bethings, engage in a wider range of activities, and better

programs at this stage should associate gaining knowledge

carried out in tandem with the subjects to be learned in the respective school grades, namely lower (1st and 2nd),

understand household expense management and financial

on the economy and finance with practical training to be

middle (3rd and 4th), and upper (5th and 6th) grades.

life planning. They can comprehend the meaning ofable to have a view of their independent lives in the future.

1st and 2nd grades

3rd and 4th grades

5th and 6th gradesworking and occupation, and imagine their future lives indetail to some extent.
・ Acquiring the attitude to have ・Acquiring the attitude of having dreams and hopes, ・Acquiring the attitude of thinking about the actual steps

・Learning the pleasure of working ・Being responsible for one's work,

dreams, and make efforts towardknowing what is needed to realize them, and making

and means to realize future dreams, and putting them into

realizing them.

efforts.

practice.

・Understanding the importance of ・Understanding that earning money is necessary for the ・Understanding that earning money by working is thefor others through helping withand acquiring the attitude toworking and the difficulty ofhousework.

complete it.

earning money.

・Thinking about one's roles through ・Understanding the pleasure andhelping housework, and doing

hardship of working as well as theassigned work in class.

value

of

money

through・Paying respect for working people.

participating・Becoming aware of contrivances

activities such as cultivation.

and efforts of retailer.
・Doing something in cooperation
with friends.

・ Learningintheeducational

importancestability of life.

・Understanding the relations between work, wages, and ・Understanding that one's lifetime income differs largely

・ Understanding the rights andjob satisfaction.

working, and being willing towork for others.

・ Realizing work through occupational experiences, ・Thinking specifically about occupational choice throughgathering information, and thinking about future
・ Understanding that one serves
choosing one's post high school career path and thinking
society through one's work.

occupation.

weaknesses, and giving thought tosociety as well as the rights and obligations pertaining

one's occupation in the future.

to work.

・ Understandingthat

people ・ Thinking about people who are not in education,

・ Thinking about work throughworking in each industry improve

activities such as selling what one

their products by adapting newhas cultivated or crafted.

ideas and making efforts.

・ Understanding retailers' aims, anddepending on one's occupation.

obligations pertaining to work.

・Understanding one's strengths and ・Understanding the significance of work and its role inoffoundation of economic independence.

employment, or training (NEET) and part-time workers.

workingincooperation

efforts and contrivances.

others, and doing so.

and its significance in society.
・Estimating the expenditure and income (including student
loans) accompanying life events such as entering
university and getting a job, and thinking about the post
graduation career path.
・Understanding the meaning of work-life balance.

・Understanding the importance of

becoming aware of their various

about the kind of job one would like to be engaged in

with

３

・Trying to save pocket money and a ・Understanding the significance of・ Being

able

to

save

New Year's present of money.

saving, and acquiring the habit ofwell-planned

・Becoming aware of the importancesaving in a well-planned manner.

thinking about how to spend in ・Understanding the meaning of investing money for one's ・Understanding the systems of pension and social security,and learning their roles in one's everyday life.
the future.
life planning.

of planning before buying in ・Understanding the importance ofpracticing how to use pocket

planning before spending, andmoney.

acquiring the habit of doing so.
・Having respect and gratitude forpeople supporting one's life.
・Understanding the work of those
who protect safety and health insociety, and being willing tocooperate with them.

manner,a ・Understanding the need for life planning, and making a ・Understanding factors affecting one's own lifetime income
and expenditure, and making a life plan.
while
life plan based on one's own sense of value.

in・ Understanding the basic characteristics of financial
・Acquiring the habit of spending ・Understanding various tips to live a better life.
products such as bank accounts, stocks, bonds, andmoney according to plan, while ・Thinking about the effects that one's consumption andconsidering one's future.

spending will have on society, and being able to behave

insurance, and taking an interest in relevant developments

・Thinking about the effects that

responsibly, taking those effects into consideration.

in the economy.

one's use of money will have on ・Thinking about various social contributions such as ・Understanding that the value of real assets such as houses
depreciates over time, and that it becomes difficult to sellsociety and the environment.
work, participating in volunteer activities, and・ Becoming

aware

of

the

donating, and acquiring the attitude to practice them.

them.

significance of activities for the ・ Thinking about what is necessary for building a ・ Understanding the effects that economic policy andbusiness cycle have on one's everyday life.
local community and society suchsustainable and better society, and trying to do that.
as volunteer activities through ・Taking a deeper look at elements supporting one's life, ・Foreseeing a sustainable and better society, and thinking
about and doing what is needed to realize it.
learning about the details of such
such as parents, society, other countries, and nature andactivities as well as throughparticipating in those activities.

having gratitude for them.
・Understanding the basics of social security.

・Understanding as a member ofsociety that people working invarious areas in society play animportant role in one's life, andbeing willing to cooperate withthem.
・Learning that the social security
system is one of the political
functions of a government.

４・Trying to use money toward the realization of a better
society.

University Students

Young Adults

AdultsSenior Citizens

Students at this stage establish their ability to live

Individuals at this stage start to become independent

Individuals at this stage live independently andIndividuals at this stage mainly consist of retired

independently as adults. They should deepen their in terms of lifestyle and financial aspects. They also assume full-fledged responsibility as adults. Although people and pensioners. They cover their living expenses
understanding of finance and economy, develop a sense start to assume responsibility as adults. Although lifestyles and the sense of value have diversified, they mainly with pension income and money obtained byof value, and take action on their own, and be conscious lifestyles and the sense of value have diversified, many assume greater responsibility not only for themselves but cashing out financial assets. All in all, they have moreof their social responsibility. They have to pay money individuals in this age group need specific knowledge also for their families and people around them. Many financial assets and have more confidence in theirmore often, and many of them leave home and start to and skills in savings and asset management to make individuals in this age group have to raise and use funds financial knowledge than those in other age groups, but
live alone, have part-time jobs and earn money, and use money for housing and marriage. Educational programs for their housing, children's education, and living in old many of them are not active in collecting information.
bank cards and credit cards. They should acquire the should target both unmarried people and people who are age. They should build wealth in earnest for their future.
same level of financial literacy as that of young adults.

about to have their own families.

They may provide financial assistance to people

Educational programs should target both single people around them (e.g., their children), while they may also
and people raising families.

receive assistance from people around them who take

People raising families should provide financial care of them.
education to their children at home.
・Envisioning one's dreams and hopes in detail so that one ・Making one's life plan in detail and revising it in light of ・Being able to share the life plans of one's family ・Reviewing one's post-retirement life plan while taking
can achieve them while engaging in an occupation

the occupation one has chosen and one's dreams andmembers and cooperate with one another toward

into consideration the effective use of leisure time andafter graduation, and studying and training hardhopes, and working on a life plan so that one canachieving these plans.

contribution to one's family and society; at the same

toward realizing the dreams and hopes.

achieve the dreams and hopes while engaging in that ・Reconsidering one's life plan, financial plan, and assets

time, changing one's lifestyle to one affordable with aoccupation.

to hold when necessity arises in light of the changes inpension and making steady efforts so that one can live

・Planning one's future career path and making efforts to

one's circumstances and the gap between the plan anda spiritually rich and stable life.

acquire, improve, and maintain one's occupational

reality (e.g., changes in jobs, housing, and educational

・Making a plan and preparations for the last stage ofskills.

plans for children, need to take care of one's parents,

one's life while also preparing for the decline in one's

・Being able to review one's life plan according toinheritance, and selling assets), and making constantstrength.

changes in one's internal and external environments.

efforts to achieve one's life plan in view of one's life inold age.
・Engaging in financial education for children at home(e.g., teaching how to manage pocket money andfostering a career view) taking account of what istaught at school.

・Understanding that one's lifetime income differs largely ・Being able to estimate how much money one would ・Acquiring necessary knowledge and know-how upon ・ Establishing a lifestyle affordable with a pension
depending on one's occupation and added value

need to achieve one's life plan (e.g., marriage,

one's life events (e.g., buying a house, children's

income, and securing some money as a rainy-day fundcreated by one's work, and making active efforts

education, housing, and living in old age), and to saveentering higher education), and being able to takein old age and putting it toward sound management

toward improving one's skills required for themoney and manage assets according to a plan; andappropriate measures, including management of theand investment.

occupation one hopes to engage in.

organizing one's view and sorting the necessary

necessary funds.

・ Understanding that one needs to be completely

・Understanding the scheme of pension payment andexpenses for life events that will happen in the near ・Making efforts to repay housing and educational loans

managing one's money in anticipation of changes inindependent in financial terms on the basis of one's

future (e.g., marriage, child birth, and child raising),

according to a plan; at the same time, designing a

the pension income along with changes in theincome from work after graduation.

and making preparations for them according to a plan.

post-retirement life plan and making preparations toenvironment (e.g., price indexation and the death of５

・Having acquired the basic habit of saving, such as ・ Identifying long-term income and expenditure andcarrying over a surplus to the next month and avoiding

budget problems, and considering necessary measures

getting an advance.

by preparing a life event schedule and cash flow.

secure the necessary funds for the future (by saving
money), based on the estimated pension income.
・Reviewing one's life event schedule and cash flow table

・Having a realistic image of how much money will be ・Identifying the status of assets and liabilities of one's

regularly along with the implementation and revision

the pension recipient).
・Reviewing one's life event schedule and cash flow table
regularly along with the implementation and revision of
one's life plan.
・Preparing one's balance sheet (e.g., real/financial assets,

necessary for one's life events, including the funds forhousehold that may affect future income andthe three biggest events in life (i.e., education, buying

expenditure, including the characteristics of one's real ・Preparing one's balance sheet (e.g., real/financial assets,borrowings) to identify the details, sizes anda house, and living in old age).

assets (e.g., housing), and understanding the necessity

borrowings) to identify the details, sizes, andcharacteristics of assets and liabilities, and consider

to take note of such status.

characteristics of assets and liabilities, and consider

and take necessary measures (e.g., securing funds forand take necessary measures (e.g., managing assets andliving in old age and inheritance of assets).

・Preparing a life event schedule and cash flow table forof one's life plan.

approximately the coming ten years to have an image ・ Having one's saving behavior established, byof the expected income and expenditure during thatwithholding part of one's salary to be deposited asperiod.

savings.

・Trying to make appropriate investment in financial

squeezing debts).
・ Enhancing one's knowledge and understanding ofproducts with one's funds for living in old age

・Understanding the characteristics of basic financial ・ Understanding the necessity to choose appropriate

finance and economy and improving one's proficiency

according to the nature of the respective types of funds

financial products according to the objective and nature

in asset management and investment, thereby being(e.g., funds for living expenses and extra funds) and inable to choose appropriate financial products according

consideration of the risk-return relationship.

products such as deposits, stocks, bonds, andinsurance, and thinking how to use these products in
one's future life.
・Understanding that real assets such as houses will2

of funds .

2

to the objective and nature of funds .

・Having one's assets inherited by one's children andcompensation ・Anticipating unexpected or emergency situations (e.g.,grandchildren according to a plan, in light of taxation

・Understanding the details of one's medical insurance
andpublicinsurance(workers'

measures.

depreciate due to use and aging and will be difficult toinsurance) programs as well as pension program, anddeath, injury or illness, or fire) and making appropriatesell.

considering subscribing for private saving, insurance,

preparations, such as saving money and buying ・ Making preparations for asset management andor pension programs as necessary.

insurance.

・Understanding the basic frameworks of taxation andinvestment in case one's decision-making ability orcomprehension weakens.

social insurance systems (e.g., medical insurance,
employment insurance); with regard to national
pension in particular, understanding that students andlow-income young people may be given a moratoriumon contribution payment, and taking necessary action.
・Using student and education loans within the limit that
one can repay with one's income from work.

・Being able to think about how one's spending of money (including donations and investment) can affect and contribute to society and consider one's life plan based on one's own sense of value.
・Understanding that consumers have social responsibilities for contributing to achieving a fair and sustainable society through their consumption behavior.
・Understanding that contribution to society can be carried out through various levels of behavior, including volunteer activities, donations, investment, and daily consumption, and being able to think of what one should do and to act
according to one's view.

2

Example 1: Understanding the necessity to first identify how much money one will need and when and for what one will need it, and divide one's money into funds ready at hand, funds saved for future use such as education and housing,and funds for long-term investment, and then choose appropriate financial products according to the nature of the respective types of funds.
Example 2: Understanding that appropriate financial behavior differs depending on one's age in that it may be appropriate for young working people to take some risks in choosing financial products due to the need to increase financial
assets for the future, whereas senior citizens are generally recommended to set up a portfolio with safer assets.
６

Category 3. Knowledge of the basics of financial transactions
Item 3: Making a habit of assuming a fundamentally careful attitude toward contracts
Item 4: Making a habit of confirming the reliability of information sources and contract counterparties
Item 5: Understanding that Internet transactions are convenient but require some precautions different than in the case of face-to-face transactions
Primary School Students
1st and 2nd grades

3rd and 4th grades

Secondary School Students

High School Students

Students at this stage gain a basic understanding ofStudents at this stage cultivate basic skills to live

5th and 6th grades

Students at this stage gradually acquire experience, knowledge, and skills in dealing with money by

actually handling it. Specifically, they should acquire the attitude to take an interest in money, society, and how the economy and finance are related to their independently when they become adults. They canthe economy, think by themselves, devise good ways, and make efforts, through experience in buying everyday lives, thus cultivating the basic capability to understand the importance of whole life planning andthings, managing pocket money and New Year's present of money, and helping with housework, thereby live independently in the future. They have more their social responsibility. They have to make decisions
forming the foundation of the capability to live in society. Although they may have different levels of experience in managing their pocket money and buying of their own about their post high school career path.
knowledge on money in the beginning, their knowledge will be organized step by step through learning. things, engage in a wider range of activities, and better Educational programs at this stage should associate
Educational programs at this stage should be carried out in tandem with the subjects to be learned in the understand household expense management and financial gaining knowledge on the economy and finance withrespective school grades, namely lower (1st and 2nd), middle (3rd and 4th), and upper (5th and 6th) life planning. They can comprehend the meaning of practical training to be able to have a view of theirworking and occupation, and imagine their future lives in independent lives in the future.

grades.

detail to some extent.
Item 3・Being able to choose and ・ Being able to choose and buy ・ Being able to purchase goods ・Understanding the basics of contracts, and acquiring the ・ Understanding the meaning, key points, and thebuy goods based on one's

goods based on one's objectives

appropriately after deliberating on

attitude not to make promises lightly and to keep

responsibilities accompanying contracts, and acquiring

objectives.

and prices.

how to choose and buy them.

promises in one's everyday life.

the attitude of reading and confirming contracts before

・Becoming aware of the importance ・Understanding the importance of ・Learning consumers' rights and responsibilities throughsigning them.

of giving concerns to safety andgiving concerns to safety and theunderstanding the Basic Consumer Act, and acquiring ・Understanding that one is charged fees when one signs

the environment in one's everyday

environment in one's everyday

the attitude to make use of such knowledge in one's

consumption.

consumption, and making efforts

everyday life.

・ Acquiring

theattitudetosomeone ・ Learning that trouble related toclose when in trouble.

money makes one's family worry,

・Understanding the Consumer Contract Act.

・ Understanding product liability, and acquiring the ・ Understanding the causes of consumer trouble

to live such a life.

consult

immediately

a contract.

attitude to make use of such knowledge whenconcerning contracts and consumer credit, andpurchasing and using products.

acquiring the attitude to avoid such trouble.

and one needs to be careful to ・ Being able to give concerns to safety and the ・Understanding the protection of personal information,
environment in one's everyday consumption.

avoid it.

・Learning the functions and contact ・Learning about the cooling-off system and the means toutilize it.

addresses of consumer centers,

and taking an interest in the issues relating to suchprotection.
・Being able to find the consultant offices for people

and the fact that one can consult ・Being able to find the consultant offices as necessarycaught up in multiple debt problems and consult withthe centers when in trouble.

the office staff.

when one encounters trouble.

・Acquiring the attitude to think about the role of money ・Understanding the importance of consumer protectionin accidents and crimes occurring in society.
7

from the viewpoint of asymmetric information.

・Improving one's lifestyle so that one can spend life
giving concerns to safety and the environment.
・Becoming aware of the ・Understanding the importance of ・Complying with laws and rules.
importance of keeping

・Understanding that complying with laws and rules will ・Understanding that complying with laws and rules is

keeping rules, and doing so.

maintain public order, and doing so.

important for the market economy to work sufficiently.
・Complying with laws and rules, and being careful not topromises.

cause damage to others.
Item 4・Being able to compare and make ・Being able to compare and make better decisions in ・ Being able to gather information using ICT
better decisions in one's everyday

one's everyday consumption by gathering and using(information and communication technologies), etc.,

consumption by gathering andrelevant information.

and・ Distinguishing scams and swindles, and avoiding

using relevant information.
・ Learning from actual cases ofgetting involved.

use

the

information

in

one's

everydayconsumption.
・Learning about the present situation of multiple debt
problems, and avoiding easy borrowing.

financial trouble that primaryschool students are involved in,and being cautious to avoid suchtrouble.
Item 5・ Learning from case studies of ・Learning from case studies of trouble arising from the ・Learning from case studies of trouble arising from thetrouble arising from the use of theuse of the Internet and cellular phones, anduse of the Internet and cellular phones, andInternet and cellular phones that

understanding how to prevent such trouble, andunderstanding how to prevent such trouble, andprimaryacquiring the attitude to act appropriately.

acquiring the attitude to act appropriately.

schoolstudents

areinvolved in, and understanding
how to use them appropriately.

8University Students

Young Adults

AdultsSenior Citizens

Students at this stage establish their ability to live

Individuals at this stage start to become independent

Individuals at this stage live independently andIndividuals at this stage mainly consist of retired

independently as adults. They should deepen theirin terms of lifestyle and financial aspects. They also start

assume full-fledged responsibility as adults. Althoughpeople and pensioners. They cover their living expenses

understanding of finance and economy, develop a sense of

to assume responsibility as adults. Although lifestyles andlifestyles and the sense of value have diversified, theymainly with pension income and money obtained byvalue, and take action on their own, and be conscious of

the sense of value have diversified, many individuals inassume greater responsibility not only for themselves but

cashing out financial assets. All in all, they have moretheir social responsibility. They have to pay money morethis age group need specific knowledge and skills inalso for their families and people around them. Manyfinancial assets and have more confidence in their financial

often, and many of them leave home and start to live

savings and asset management to make money for housing

individuals in this age group have to raise and use funds

knowledge than those in other age groups, but many ofalone, have part-time jobs and earn money, and use bankand marriage. Educational programs should target bothfor their housing, children's education, and living in oldthem are not active in collecting information.

cards and credit cards. They should acquire the same level

unmarried people and people who are about to have theirage. They should build wealth in earnest for their future.

They may provide financial assistance to peopleof financial literacy as that of young adults.

own families.

Educational programs should target both single people andaround them (e.g., their children), while they may also

people raising families.

receive assistance from people around them who take care

People raising families should provide financialof them.

education to their children at home.
Item 3・Being able to engage in appropriate consumption behavior by comparing collected information.
・Being able to closely examine the necessity of a contract when confirming its terms, and also confirm the contract details, such as whether the contract can be canceled and whether or not a penalty arises upon cancelation, as well as the burden
to pay fees.
・Making a habit of confirming the terms of a contract and the responsibilities accompanying it not only by receiving the service provider's explanation but also by checking the document oneself, and asking oneself whether one understands thesematters.
・Making a habit of not signing a contract when failing to fully understand its terms and the responsibilities accompanying it, until one can understand these matters by seeking further explanation from the service provider or taking a pamphlet
home to read through.
・Being able to seek advice from an appropriate third party if necessary before signing a contract.
・Understanding the laws and systems applicable to various types of selling and soliciting practices, and being able to follow the procedures to conclude a contract as well as to cancel a contract (e.g., the cooling-off system).
・Knowing about various organizations to consult with when in trouble concerning a contract, and being able to seek advice from appropriate organizations.
・Acquiring basic knowledge that senior citizens would need in asset management (e.g., inheritance and adultguardianship), and being able to consult with experts as necessary.
・Making a habit of checking oneself whether the status of the financial products one holds has deteriorated, rather than leaving their management to the service provider.
・Being aware of consumers' rights and obligations and being able to act as an independent consumer.
・Improving one's lifestyle so that one can spend life giving concerns to safety and the environment.

Item 4・Being able to gather information using ICT, etc., and use the information in one's everyday consumption.
・Being careful in signing a contract, while understanding that those engaging in financial transactions tend to be targeted by fraud or other malicious attempts, and when one is defrauded of money, it is difficult to recover in full.
・Knowing that one can check on the Financial Services Agency's website whether the service provider one is trading or will trade with is registered, and checking this as appropriate.
・Knowing that one can check on self-regulatory organizations' websites whether the service provider one is trading or will trade with is a member of such an organization, and checking this as appropriate.

Item 5・Knowing about incidents involving Internet transactions (e.g., stealing of identification data by spyware or phishing, and unauthorized computer access), and understanding the need to be careful not to be involved in these incidents.
・Understanding the possibility that unintended contracts may be executed due to incorrect input.
・Understanding that trading can be interrupted temporarily due to the failure of machines (PCs) or communications.

・Understanding that if one's financial transactions are concentrated in Internet transactions excessively, one would incur greater damage when one's data are stolen or accessed without authorization.
・Being able to take security measures when conducting Internet transactions, such as updating the security software in one's PC, not opening emails sent from unknown persons, and not using PCs available for anyone to use.
・When conducing Internet transactions, trying to use the PC carefully to avoid incorrect inputs and bearing in mind the alternative methods for trading in the event of failure.

9Category 4. Common to all categories of financeItem 6: Understanding the key concepts constituting the foundations of financial education (interest [simple interest and compound interest], inflation, deflation, exchange rates, risk-return, etc.), andthe selection/use of financial products suited to financial and economic circumstances
Item 7: Understanding the importance of ascertaining the actual cost (price) of a transaction
Primary School Students
1st and 2nd grades

3rd and 4th grades

Secondary School Students

5th and 6th grades

Students at this stage gradually acquire experience, knowledge, and skills in dealing with money byStudents

at

this

stage

gain

High School Students
a

basic

Students at this stage cultivate basic skills to live

actually handling it. Specifically, they should acquire the attitude to take an interest in money, society, understanding of how the economy and finance independently when they become adults. They canand the economy, think by themselves, devise good ways, and make efforts, through experience in are related to their everyday lives, thus understand the importance of whole life planningbuying things, managing pocket money and New Year's present of money, and helping with housework, cultivating

the

basic

capability

tolive and their social responsibility. They have to makethereby forming the foundation of the capability to live in society. Although they may have different independently in the future. They have more decisions of their own about their post high schoollevels of knowledge on money in the beginning, their knowledge will be organized step by step through experience in managing their pocket money and career path. Educational programs at this stage
learning. Educational programs at this stage should be carried out in tandem with the subjects to be buying things, engage in a wider range of should associate gaining knowledge on the economy
learned in the respective school grades, namely lower (1st and 2nd), middle (3rd and 4th), and upper activities, and better understand household and finance with practical training to be able to haveexpense management and financial life planning. a view of their independent lives in the future.

(5th and 6th) grades.

They can comprehend the meaning of working
and occupation, and imagine their future lives indetail to some extent.
Item 6Functions of・Understanding that ・ Understanding that one can save ・Understanding various functions of ・Understanding the roles of money.

・Understanding the functions of currency.

money andone has to pay

financemoney

・Understanding the types and the functions of ・Understanding the mechanisms and functions offinance, including the significance of direct andwhen ・Understanding that one earns interest ・Understanding the basic functions offinancial institutions.

purchasing

goods

or

services,money and use it in the future.

money through one's everyday life.

by depositing money at banks.

indirect finance.
banks, such as accepting deposits ・Understanding the mechanisms of direct andand providing loans.
・Understanding the functions of interest rates andindirect finance.

andactually doing so.

・Understanding the functions of central banks.

・Understanding the mechanisms and methods of ・Deepening the understanding of the functions ofcentral banks.
various types of settlement.

・Becoming aware ofthethe reasons for their fluctuations.

difference・ Understanding the types, functions, and ・Understanding the features of electronic money andregional currencies.
mechanisms of various cards.

between coins andnotes.

・ Understanding the causes and effects of thediversification of settlement functions.
Saving andinvestingsave ・Understanding the significance of・Being able to save in a well-planned

pocket money andsaving, and acquiring the habit ofmanner, while thinking about howasaving in a well-planned manner.

・ TryingNew

toYear'spresent of money.

to spend in the future.
・Learning principal types of bankaccounts,

understanding
10

the・Understanding that there are various types of ・Understanding the basic characteristics of financial
financial products such as stocks and bonds.

products such as bank accounts, stocks, bonds,

・Understanding the relationship between risks

and insurance, and taking an interest in relevant

and returns.
・Understanding the meaning of investing money

developments in the economy.
・

Understanding

theimportanceofdifferenceofinterest

rates

on

for one's life planning.

various kinds of deposits, and being ・Understanding that personal investment leads toable to calculate simple interest.

supporting firms' economic activities.
・Understanding the calculation of compoundself-responsibility in selecting financial products
for investment.
・Understanding the relationship between risks andreturns,taking

into

consideration

theinterest, and obtaining the attitude to save andcharacteristic that financial products can generate

invest continuously.

both profits and losses.
・ Understanding how to manage risks such as
through allocating funds into various financial
products.
・Understanding the relationship between saving
periods and the compound interest obtained, andobtaining the attitude to save and invest in thelong run.
・Understanding that continuing to save and invest
regularly, even in small amounts, is beneficial in
preparing for the future.

Business

・ Understanding

thecycles andbetweeneconomic

activities and one's everyday life.

policies

regional

relationship ・ Understanding the effects of the ・Understanding that business cycles and price ・Understanding the factors causing business cycles
productionchanges in regional production

fluctuations affect people's everyday lives.

and the effects on one's everyday life.

activities and sales activities on ・Understanding the relationship between actual ・ Understanding the relationship between the
one's everyday life and society.

economic developments and movements ingovernment's/central bank's economic policies

economic indicators.

and one's everyday life.

・ Understanding the central bank's monetary ・Understanding the means and aims of the central
policy.

bank's monetary policy.

・ Understanding the relationship between the ・ Understanding the relationship between thegovernment's economic policies and one's

government's

everyday life.

deficits.

economic

policiesandfiscal・ Understanding the meaning of inflation anddeflation and their effects on people's everyday
lives.

11

Understanding ・Learning that goods

・ Examining regional production ・ Understanding the circulation of ・Understanding the circulation of goods and ・Understanding the overall circulation of goods,

theand money can be

activities, and understanding the

goods

among

money among households, firms, financial

money, and people among households, firms,

mechanisms

exchanged.

circulation of goods and money.

households, firms, the government,

institutions, the government, and overseas

financial

and banks.

countries.

overseas countries.

・ Understanding that retailers haveof theandmoney

institutions,thegovernment,

andpricing strategies, considering that ・Understanding means and efforts, ・ Understanding the meaning of the yen's ・ Understanding the significance of the market

economyconsumers consider prices as a

including those regarding prices

appreciation and depreciation and their effects

economy as well as of choices and competition

criterion when purchasing goods.

and costs, of people working inon people's everyday lives.

within the economy.

・Learning how to determine prices ofagriculturalandmanufactured

agriculture

andmanufacturing ・ Gaining a practical understanding of the ・ Understanding the functions of markets forindustries.
・Understanding that prices of goods

goods.
・ Understanding the functions androles of farms, factories, and stores.

functions, roles, and social responsibilities ofcommodities,

corporations

foreign exchange, etc.

through,forexample,a・ Understanding the circulation of ・ Understanding firms' various methods ofgoods and money between Japansecurities,

and social functions of firms.
・Understanding economic globalization based oncollecting funds.
・Understanding that personal investment leads toand overseas countries.

products,

・Understanding the establishment, the significance,

simulation of starting a business.

fluctuate.

financialsupporting firms' economic activities.

knowledge about international trade, foreignexchange, etc.

・Understanding that firms make fixed investment
with the collected funds.
・Understanding that prices have a function toefficiently allocate scarce resources in themarket economy.
Others・Becoming aware of ・Understanding retailers' aims, and ・Understanding that people working ・Understanding how a company is run and the ・ Acquiring necessary knowledge for starting acontrivancesandefforts of retailers.

becoming aware of their various

in each industry improve theircontrivance of and efforts needed for its

business, and thinking about the potential of aefforts and contrivances.

products by adapting new ideas andmanagement

new business.

making efforts.

simulation of starting a business.

・ Becoming aware ・ Understanding

variouspublicthrough,that people often

activities supporting society and the ・Taking an interest in problems in ・ Understandingneed to pay a feenecessary expenses.

to

use

facilities.

publictheforexample,significancea・Understanding the necessity of increasing addedofthevalue in company management.

society while relating them to one's

government's economic activity, such as ・Being able to gather information from various

everyday life.

providing social security and public services.

・Understanding major types of taxes ・Acquiring the habit to gather information aboutsources on modern economic and social problems
and analyze them.

and their significance as well as thethe economy through various media such as ・Acquiring the attitude to actively think about the

public's obligation to pay taxes.

newspapers.

policies that the government should take toward

・Taking an interest in economic problems caused

the settlement of economic and social problems.

by the low birth rate and aging population, ・Giving thought to the government's fiscal deficit
globalization,andhighlyadvanced

information technologies.

problem.
・Understanding the objectives of fiscal policy.

・Understanding the significance and the role of ・Understanding the meaning and the necessity oftaxes and the public's obligation to pay taxes.
・ Understanding the significance of having

public burden, such as taxes, and the public's
obligation to pay taxes.

regulation and deregulation of economic ・ Understanding that the government conducts

12activity.
・Understanding the rights and obligations ofworkers.

economic policies to guarantee the freedom of
economic

activities,

secureefficiency

andfairness, realize growth and stability, etc.

・Taking an interest in the wide-ranging economic ・ Giving thoughts to firms' responsibilities andproblems and acquiring the attitude to actively

contribution to society and reflecting them inthink about economic problems.

one's occupational choice.
・Acquiring the attitude to check working conditions
as well as understanding worker's rights andobligations.
・ Acquiring the attitude to consider problems
rationally and subjectively toward the settlementof economic and social problems.
・Understanding the basic characteristics of financial

Item 7products such as bank accounts, stocks, bonds,
and insurance, and taking an interest in relevant
developments in the economy.
・Understanding that one is charged fees when one
signs a contract.

13

University Students

Young Adults

AdultsSenior Citizens

Students at this stage establish their ability

Individuals at this stage start to become

Individuals at this stage live independently

Individuals at this stage mainly consist of retired

to live independently as adults. They should independent in terms of lifestyle and financial and assume full-fledged responsibility as people and pensioners. They cover their living
deepen their understanding of finance and aspects. They also start to assume responsibility adults. Although lifestyles and the sense of value expenses mainly with pension income and money
economy, develop a sense of value, and take as adults. Although lifestyles and the sense of havediversified,they

assumegreater obtained by cashing out financial assets. All in all,action on their own, and be conscious of their value have diversified, many individuals in this responsibility not only for themselves but also for they have more financial assets and have moresocial responsibility. They have to pay money age group need specific knowledge and skills in their families and people around them. Many confidence in their financial knowledge than those in
more often, and many of them leave home and savings and asset management to make money individuals in this age group have to raise and use other age groups, but many of them are not active instart to live alone, have part-time jobs and earn for housing and marriage. Educational programs funds for their housing, children's education, and collecting information.
money, and use bank cards and credit cards. should target both unmarried people and people living in old age. They should build wealth in

They may provide financial assistance to people

They should acquire the same level of financial who are about to have their own families.

earnest for their future. Educational programs around them (e.g., their children), while they may

literacy as that of young adults.

should target both single people and people also receive assistance from people around themraising families.

who take care of them.

People raising families should provide financial
education to their children at home.
Item 6

Wealth・Understanding the relationship between risks and returns of financial products (see Category 7 "Wealth-building products").

building and・Understanding the three characteristics of financial products (i.e., liquidity, safety, and profitability).

asset

・Understanding how to manage risks such as through allocating funds into various financial products.

investment

・Understanding the importance of saving and investing regularly from a long-term perspective.
・Understanding the difference between saving and investment and between investment and speculation.
・Knowing the Rule of 72 and being able to employ it.3
・Understanding the relationship between the value of money and time (e.g., compound interest and present discounted value).

Functions of・Understanding the functions of central banks.

・Understanding how central banks' policies affect households and firms.

money and・Understanding the factors involved in interest rate fluctuations.

finance・Understanding settlement means other than cash, such as credit cards and electronic money.

・Using settlement means other than cash, such as credit cards and electronic money, appropriately
depending on the purpose.

Business

・Understanding the types of economic policies.

cycles and・Understanding how inflation and deflation affect ・Understanding how inflation and deflation affect households and firms.

economic
policies

・Understanding how changes in economic policies affect households and firms.

the economy.
・Understanding major financial and economic ・Understanding domestic business trends based on major financial and economic indicators.
indicators.

・Understanding global economic trends based on major financial and economic indicators in foreign countries.

Understanding

・Understanding the functions and roles of the three sectors of the economy (households, firms, and the government) and those of financial institutions.

the・Understanding the functions of markets for financial products, securities, and foreign exchange.

mechanisms

・Being able to collect domestic and international economic information with the use of information devices and information and communication networks.

of theThe Rule of 72 is a formula for easily calculating the number of years required to double money (doubling time): the doubling time ≈ 72 / interest rate. For example, when money is invested at an interest rate of 3%, the doubling time
would come to 72/3=24, which means the invested money would double in about 24 years. The interest rate used in this formula is a compound interest rate, and the result is a rough estimate.
3

14

economy

Others・Carrying out activities for self-development as ・Making a career plan and carrying out necessary activities for self-development.
・Making a donation to the extent that one can afford it.

appropriate for one's career path.
・ Developing

one's

skillsandacquiring・Having children understand from where their

qualifications as necessary for occupationalfamily gains income.

choice.

・Having children record their pocket money or・Understanding that one's income would differ

money spent to learn the importance of money

depending on one's work style or occupation.
・Understanding

management.

how much money and whatkind of business plan are needed for starting abusiness.
・Understanding the government's fiscal conditions.
・Understanding the government's role from the national revenue and expenditure.
・Understanding the current status and problems of taxation and social security systems.

・Understanding the current status and problems of
the public pension and insurance schemes.

・Understanding the types of taxes and social ・Understanding the significance of tax payment through understanding what taxes and social insurance
insurance premiums.

premiums are being used for.

Choosing

・Understanding the basic details and the nature of financial products (e.g., savings and deposits, stocks, bonds, investment trusts, insurance, products in foreign currency, and various types of loans).

financial・Understanding how business trends, interest rate fluctuations, inflation/deflation, and exchange rate movements (the yen’s appreciation and depreciation) affect the prices, real values, interest rates (yieldproducts
according to
the financial

rates) and other aspects of financial products (e.g., savings and deposits, stocks, bonds, investment trusts, products in foreign currency, and loans4).
・Understanding the nature of various types of financial products and the relationships between risks and returns, and being able to invest in these products on one's own responsibility in light of the financial
and economic circumstances.

and economic
circumstances
Item 7

・Understanding the details of various types of financial products, such as savings and deposits, stocks, investment trusts, and insurance.
・Understanding that various methods are available for buying financial products and obtaining loans (e.g., face-to-face transactions and Internet transactions).
・Understanding that the fees to be charged and other costs for buying financial products and obtaining loans would differ according to the types of products and trading methods.
・When investing in wealth-building products (e.g., stocks, investment trusts, real estate-related products, and various assets in foreign currencies), choosing the products to invest in while understanding all
costs to be actually incurred (e.g., the fee charged upon purchase, administration costs, and amount retained in trust property).
・Understanding the outline of the taxation system and taxes related to transactions of financial products.5
・When using loans, understanding not only the interest rate but also all costs incidental to the loan contracts (e.g., various fees, taxes, and premiums for group credit insurance).

4

For example, supposing that one buys a loan product, the interest burden at a floating rate would be heavier if the rate increases in the future. On the other hand, the fixed interest rate is generally higher than the floating rate at the initialstage. Therefore, it is necessary to make a choice between a floating rate loan and a fixed rate loan based on the view on the interest rate in light of the financial and economic circumstances.
5

Including a grasp of tax benefit programs for wealth-building (e.g., wealth-building savings for housing, wealth-building savings for pension, personal pension insurance, defined-contribution pension plan, and Nippon Individual
Savings Account (NISA) -- namely, tax exemption for small-amount investment).
15

Category 5. Insurance products
Item 8: Understanding which contingencies (death, illness, fire, etc.) one should seek insurance coverage for
Item 9: Understanding the amount of economic security required should a covered contingency occur
Primary School Students

Secondary School Students

High School Students

Students at this stage gradually acquire experience, knowledge, and skills in dealing with money by actuallyStudents at this stage gain a basic understanding ofStudents at this stage cultivate basic skills to live independently

handling it. Specifically, they should acquire the attitude to take an interest in money, society, and the economy,

how the economy and finance are related to theirwhen they become adults. They can understand the importance of

think by themselves, devise good ways, and make efforts, through experience in buying things, managing pocket

everyday lives, thus cultivating the basic capability

whole life planning and their social responsibility. They have to makemoney and New Year's present of money, and helping housework, thereby forming the foundation of theto live independently in the future. They have moredecisions of their own about their post high school career path.

capability to live in society. Although they may have different levels of knowledge on money in the beginning, theirexperience in managing their pocket money and

Educational programs at this stage should associate gaining

knowledge will be organized step by step through learning. Educational programs at this stage should be carried out

buying things, engage in a wider range of activities,

knowledge on the economy and finance with practical training to be

in tandem with the subjects to be learned in the respective school grades, namely lower (1st and 2nd), middle (3rdand better understand household expense management

able to have a view of their independent lives in the future.

and 4th), and upper (5th and 6th) grades.

and financial life planning. They can comprehend the

1st and 2nd grades

3rd and 4th grades

5th and 6th grades

meaning of working and occupation, and imagine their
future lives in detail to some extent.

Item 8・Becoming aware of・Understanding the possibilities of・Understanding the considerable impact on one's

・ Understanding that various risks exist in one's

surrounding

risks,

various accidents, natural disasters,

own life caused by accidents, natural disasters,

everyday life, and acting cautiously by predicting

understanding

theand illness in one's everyday life,

and illness in which oneself or a family

and responding to the risks.

and acting accordingly.

member is involved, and acting safely to avoid ・Understanding that insurance is one way to reduce theimportance of living
safely,andaccordingly.

acting・Understanding people's means andefforts to prevent accidents and・ Understanding efforts to prevent natural

・Becoming aware of the possibilities

・Imagining the impact of causing injury to othersof causing injury to others oror damaging others' belongings such as whendamaging others' belongings inriding a bicycle, and acting carefully to avoid

one's everyday life, and being

such incidents.

・Understanding the need to prevent

natural disasters.

provideacting cautiously by predicting and controlling the risks.
・Recognizing the heavy burden on household expenses when risks ofillness,

accidents,

etc.,

materialize,

andunderstandingrisk

management methods.
・Understanding the functional difference between insurance andsavings as a method of provision against unexpected events.

・ Understanding that one is insured against

careful to avoid them.

anddisasters, and illness.

disasters.

natural disasters.

accidents

risks of and burdens imposed by accidents, natural

any danger.

・Understanding that various risks exist in one's everyday life, andagainstaccidents and illness during school excursions,etc.
・Understanding that insurance is another way
besides savings to provide against unexpected
events.
・Understanding that one has to compensate when

Item 9causing injury to others or damaging others'
belongings in the event of a bicycle accident, etc.

・ Understanding the complementary relationship between social
insurance and private insurance.
・Understanding that one has to take responsibility and compensate
when, for example, causing a motorcycle (including bicycle) or
automobile accident involving injury.

16University Students

Young Adults

AdultsSenior Citizens

Students at this stage establish their ability to

Individuals at this stage start to become

Individuals at this stage live independently andIndividuals at this stage mainly consist of retired people

live independently as adults. They should independent in terms of lifestyle and financial assume full-fledged responsibility as adults. and pensioners. They cover their living expenses mainly
deepen their understanding of finance and aspects. They also start to assume responsibility Although lifestyles and the sense of value have with pension income and money obtained by cashing out
economy, develop a sense of value, and take as adults. Although lifestyles and the sense of diversified, they assume greater responsibility not financial assets. All in all, they have more financial assets
action on their own, and be conscious of their value have diversified, many individuals in this only for themselves but also for their families and and have more confidence in their financial knowledge thansocial responsibility. They have to pay money age group need specific knowledge and skills in people around them. Many individuals in this age those in other age groups, but many of them are not active
more often, and many of them leave home and savings and asset management to make money for group have to raise and use funds for their housing, in collecting information.
start to live alone, have part-time jobs and earn housing and marriage. Educational programs children's education, and living in old age. They

They may provide financial assistance to people aroundmoney, and use bank cards and credit cards. They should target both unmarried people and people should build wealth in earnest for their future. them (e.g., their children), while they may also receive
should acquire the same level of financial who are about to have their own families.

Educational programs should target both single assistance from people around them who take care of them.

literacy as that of young adults.

people and people raising families.
People raising families should provide financial
education to their children at home.

Item 8・Knowing the basics of risk management, i.e., identifying risks (e.g., injury, death, disease, traffic accident, fire, and earthquake), controlling risks (avoiding, preventing, and mitigating damage), taking risks (acting in
anticipation of the burden of [minor] loss), and transferring risks (passing a loss onto another).
・Knowing that insurance is a means of transferring risks and that it is suitable to cover such an event that would occur less frequently but could cause a greater loss once it does.
・Understanding the types and details of the risks which one should be prepared for.
・As for nonlife insurance understanding risks that ・As for nonlife insurance understanding that at ・As for nonlife insurance when buying a car or home, understanding the respective types of insurance necessary
may arise as university students have more
the company where one has found a job, thefor one's family and oneself from the perspective of risk management.
social contact through living alone or going on
management insures the business sites andtrips.
factories, thus insurance functions in thesociety and economy.
・Understanding the outlines of the characteristics of various private insurance products and the fact that appropriate insurance products differ depending on needs.
・As for life insurance understanding the importance of life planning.
・Checking whether the details of the insurance product that one is planning to buy meet one's needs. Confirming in what cases insurance would not be paid out (exemptions), by checking the document or hearing theservice provider's explanation.
・Understanding that some insurance products also serve as savings programs, and judging whether one should buy such products in light of one's needs.

Item 9・Being able to examine risks that one should be prepared for and choose appropriate insurance products to cover the necessary amount, and to reconsider one's
insurance according to changes in family composition or income.
being able to make a ・As for life insurance having started to make・Understanding the necessity and benefit for the elderly tomedium- to long-term life plan and makefinancial preparations based on a post-retirement

have insurance, and the types of insurance (including theappropriate preparations such as saving money

life plan, by saving money and joining a private

difference between accident insurance and medical

and buying insurance.

pension plan.

insurance).

・As for life insurance

・Being able to consult with one's family and acquaintancesas
necessary when buying insurance.
・Understanding the outlines of pension and social insurance systems (e.g., medical insurance and industrial accident compensation insurance).

17

・ As for life insurance , understanding the ・As for life insurance
respective roles and details of the three types ofprotection against risks in everyday life, i.e.,"public protection," "corporate protection," andbeing able to identify the necessary amount to be covered by an insurance product, while taking into consideration the amount that can becovered by social security and corporate welfare programs, and one's income and savings.
・As for medical insurance, being able to identify the necessary amount to be covered by an insurance product, while taking into consideration the amount that can becovered by social insurance programs (e.g., refund of medical expenses).

"private protection."・Understanding that the damages for a victim's injury in a car accident may not always be covered in full by compulsory automobile liability insurance.
・Understanding that liability to pay a hefty amount of damages to a victim could arise even in a bicycle accident.
・Understanding that taking out an insurance policy is a contractual act and that the terms of the insurance policy are provided in the policy conditions.
・Understanding in what cases one can or cannot receive insurance benefits, and the basic points of the procedure for making an insurance claim.
・As for life insurance, knowing the system for making a claim by the designated agent, and the adult guardianship system.

18

Category 6. Loans/credit
Item 10: Understanding basic precautions when arranging a home loan
(1) Importance of setting a reasonable loan limit and putting together a repayment plan(2) Importance of preparing for the possibility of circumstances that could make repayment difficult
Item 11: Making a habit of avoiding thoughtless/reckless use of credit cards and credit card loans/ personal loans using cards issued by banks, etc., termed “card loans” in Japan

Primary School Students

Secondary School Students

High School Students

Students at this stage gradually acquire experience, knowledge, and skills in dealing with money byStudents at this stage gain a basic understanding

Students at this stage cultivate basic skills to live

actually handling it. Specifically, they should acquire the attitude to take an interest in money, society, and theof how the economy and finance are related to their

independently when they become adults. They can

economy, think by themselves, devise good ways, and make efforts, through experience in buying things,

everydaybasic

understand the importance of whole life planning and their

managing pocket money and New Year's present of money, and helping with housework, thereby forming

capability to live independently in the future.

social responsibility. They have to make decisions of their

the foundation of the capability to live in society. Although they may have different levels of knowledge on

They have more experience in managing theirown about their post high school career path. Educational

money in the beginning, their knowledge will be organized step by step through learning. Educational

pocket money and buying things, engage in a wider

programs at this stage should associate gaining knowledge

programs at this stage should be carried out in tandem with the subjects to be learned in the respective school

range of activities, and better understand householdon the economy and finance with practical training to be

grades, namely lower (1st and 2nd), middle (3rd and 4th), and upper (5th and 6th) grades.

expense management and financial life planning.

able to have a view of their independent lives in the future.

1st and 2nd grades

3rd and 4th grades

5th and 6th grades

lives,

thus

cultivating

the

They can comprehend the meaning of working andoccupation, and imagine their future lives in detailto some extent.
Items

・ Understanding the importance of ・ Acquiring

10 andplanning

beforespending,

11

acquiring the habit of doing so.

and

the

habit

of ・Understanding the need for life planning, and ・Understanding factors affecting one's own lifetime income

spending money according

making a life plan based on one's own sense of

to plan, while consideringvalue.
・Understanding the mechanisms and the functions

one's future.

of loans.

and expenditure, and making a life plan.
・Understanding the mechanism of loans such as for housing
and student loans, and considering repayment methods,
interest rates, and the effects of delayed repayments.

・ Avoiding borrowing money from ・Learning from actual cases of ・Understanding important notices on the use of ・Understanding the roles and functions of various cards andfriends or lending it to them.

financialtroublethatprimary school students are

credit cards, and acquiring the attitude to act

the important features to bear in mind when using them,appropriately.

and acquiring the attitude to use them appropriately.

involved

in,andbeing ・Being able to calculate interest rates on loans, ・Understanding the relationship between interest rates on

cautious

to

avoid

such

trouble.

understanding the burden of payment of interest,

loans and the amount of repayment through case studies,and acquiring the attitude to act appropriately.

and acquiring the attitude to act appropriately.
・Learning about the present situation of multiple debt
problems, and avoiding easy borrowing.
・ Understanding the need to check the feasibility of
repayment taking into account one's life plan when taking
out a loan.

19University Students
Students at this stage establish their

Young Adults
Individuals

at

this

stage

start

to

becomeAdultsSenior Citizens

Individuals at this stage live independently andIndividuals at this stage mainly consist of retired

ability to live independently as adults. independent in terms of lifestyle and financial assume full-fledged responsibility as adults. Although people and pensioners. They cover their living
They should deepen their understanding aspects. They also start to assume responsibility as lifestyles and the sense of value have diversified, they expenses mainly with pension income and moneyof finance and economy, develop a adults. Although lifestyles and the sense of value have assume greater responsibility not only for themselves obtained by cashing out financial assets. All in all,sense of value, and take action on their diversified, many individuals in this age group need but also for their families and people around them. they have more financial assets and have moreown, and be conscious of their social specific knowledge and skills in savings and asset Many individuals in this age group have to raise and use confidence in their financial knowledge than those in
responsibility. They have to pay money management to make money for housing and marriage. funds for their housing, children's education, and living other age groups, but many of them are not active inmore often, and many of them leave Educational programs should target both unmarried in old age. They should build wealth in earnest for their collecting information.
home and start to live alone, have people and people who are about to have their own future. Educational programs should target both single
part-time jobs and earn money, and use families.
bank cards and credit cards. They should

people and people raising families.

They may provide financial assistance to people
around them (e.g., their children), while they may also

People raising families should provide financial receive assistance from people around them who takeeducation to their children at home.

acquire the same level of financial

care of them.

literacy as that of young adults.
Item 10

・Understanding the necessity of money ・Making a life plan while taking into consideration the ・Steadily carrying out one's life plan that takes into ・Being able to review the balance between one's
need for housing.

consideration the current need for housing and theliabilities and assets as necessary for a stable life

・Considering a life plan while taking- Including the need for housing in one's life plan.

need for post-retirement housing.

after retirement.

into account the importance of one's- Considering whether buying a house with a loan iscredit for borrowing money.

more appropriate than buying one with cash, orloans.

renting a house in the course of achieving one's- The loan amount generally exceeds the borrower's

life plan, while taking into account various factors

annual income, and it usually takes a long time to(e.g., income, age, family composition, andrepay the loan, around 10 to 35 years.

inheritance).

- Housing loans are divided into private loans andfor housing.

・Understanding the basic characteristics of housing

・Understanding the basic characteristics of housing

public loans, and loan details (e.g., type of interest

loans.

rate, interest and other costs, loan limit, and loan

- The loan amount generally exceeds the borrower's

terms) vary depending on the type of loan and theannual income, and it usually takes a long time tofinancial institution that provides the loan.

repay the loan, around 10 to 35 years.

- The burden to repay a loan can be mitigated by- Housing loans are divided into private loans andhaving a large amount of one's own funds

public loans, and loan details (e.g., type of interest
rate, interest and other costs, loan limit, and loan
terms) vary depending on the type of loan and thefinancial institution that provides the loan.
- The burden to repay a loan can be mitigated byhaving a large amount of one's own funds.
・Being able to consider when one will need the money
for housing and make a plan to secure such money.
・Having specific knowledge necessary for taking out a housing loan.
20

- Most financial institutions offer loans on several types of interest rates, such as floating rate loans, loans on a
fixed rate for the entire loan period, and loans on a fixed rate for a selected part of the loan period; loans on
a floating interest rate entail the risk that the amount due to be repaid would vary according to thefluctuations of the domestic interest levels after taking out the loan.
- Various expenses (e.g., tax, fees, security deposit, and insurance premiums) are incurred in addition tointerest.
- Loans can be repaid by principal-based equal repayment in addition to principal and interest-based monthly
equal repayment.
- In principle, borrowers can repay their loans early when they have more funds available for loan repayment (however,fees may be applied).

- There is a risk that one may not be able to repay the loan due to events that occur during the long loan
repayment period depending on the changes in the financial and economic circumstances, such as a rise in
the interest rate, or a decline in income because of the loss of a job or for other reasons.
- When one wishes to sell a house after reviewing one's life plan (due to the change in the family composition,need to take care of one's parents, or job change), the selling price may not always be sufficient to cover theoutstanding housing loan.
・Being able to take out an appropriate housing loan in accordance with one's ability to repay.
- Being able to compare several financial institutions and the loan products they provide, and choose anappropriate product that meets one's needs in terms of the type of interest rate, interest and other costs, loan
limit, and loan terms.
- Being able to choose a loan on an appropriate type of interest rate in accordance with the economic
circumstances and one's ability to repay (especially when the interest rate rises) based on the understandingof the advantages and disadvantages of various types of interest rates.
- Understanding that the "amount one can borrow" is not the same as the "amount one can repay" withoutanxiety, and being able to judge and decide the amount of loan, repayment period, and type of interest rate
in light of one's ability to repay, and make a reasonable repayment plan.
- When making a repayment plan, being able to take into consideration the amounts of taxes and otherexpenses required for acquiring and maintaining a house, in addition to the amount to be repaid, savings tosecure funds for education and for living in old age, as well as the possibility to review one's life plan.
・Being able to check the balance between repayment and income and between liabilities and assets regularly
during the housing loan repayment period to ascertain whether it is necessary to review the repayment plan, andconsider prepayment or revision to the terms of loan repayment, while consulting with the financial institution
and experts as necessary.
・Consulting with the financial institution and experts immediately when having a fear of delay in repayment of the
housing loan, and avoiding an idea of obtaining another loan easily to repay the former loan.
Item 11・Having the will to repay student loans

・ Making steady repayment of student loans whileoneself, and being able to make aunderstanding the effect of a delay in repayment and therepayment plan.

moratorium on repayment.

21

・Understanding the effect of a delay inrepayment of the student loans and themoratorium on repayment.
・Keeping in mind that unlike housing loans that are likely to lead to wealth-building, card loans and paying by credit cards can easily lead to using up of the money .
・Understanding that the use of credit cards and card loans should be properly positioned in one's life plan, and haphazard or reckless use should be avoided.
・Understanding the characteristics of consumer finance (e.g. card loans) and credit cards, and the advantages and disadvantages thereof, as well as the possibility that one would not be able to repay the debt due tothe improper use of such means.
・Keeping in mind that credit card debt can be repaid by several methods, and that fees (interest rate) are charged for repayment in installments or revolving repayment.
・Knowing the Rule of 726, and being able to employ it.
・Understanding that when one fails to duly repay a loan, such non-performance is recorded at the credit information agency, which will make it difficult to borrow money in the future from financial institutions orservice providers other than the party to which one has failed to repay.
・Understanding that when one falls into personal bankruptcy, one would be released from debts but would lose property and become subject to some restrictions in one's life (e.g., restricted from taking certain typesof occupations).
・Being able to consult with an appropriate organization when one carries a debt in an amount that cannot be repaid with one's future income.
・Deciding one's own loan limit before using consumer finance (e.g. card loans) and credit cards, while considering the amount one can repay, rather than the amount one
can borrow.
・Making clear the purpose of borrowing money when using consumer finance (e.g. card loans) and credit cards.
・Making a plan up to full repayment before using consumer finance (e.g. card loans) and credit cards.
・Not using consumer finance (e.g. card loans) and credit cards for the purpose of repaying one's debt.
・Making sure to confirm the interest rate and terms of contract when using consumer finance (e.g. card loans) and credit cards.
・Being careful about malicious service providers or scams when using consumer finance (e.g. card loans) and credit cards.
・Keeping in mind that a combination of commodity sale and a loan credit is often used in scams.

The Rule of 72 is a formula for easily calculating the number of years required to double money (doubling time): the doubling time ≈ 72 / interest rate. For example, when money is invested at an interest rate of 18%, the doubling time
would come to 72/18=4, which means the invested money would double in about 4 years. The interest rate used in this formula is a compound interest rate, and the result is a rough estimate.
622

Category 7. Wealth-building products
Item 12: Understanding that seeking higher returns will entail assuming higher risks, although risk tolerance varies from person to person
Item 13: Understanding the effectiveness of diversification in wealth-building (diversifying investment assets and investment start times)
Item 14: Understanding the effectiveness of long-term investments in building wealthPrimary School Students

Secondary School Students

High School Students

Students at this stage gradually acquire experience, knowledge, and skills in

Students at this stage gain a basic understanding of how the economy

Students at this stage cultivate basic skills to live independently when they become

dealing with money by actually handling it. Specifically, they should acquire theand finance are related to their everyday lives, thus cultivating the basic

adults. They can understand the importance of whole life planning and their social

attitude to take an interest in money, society, and the economy, think bycapability to live independently in the future. They have more

responsibility. They have to make decisions of their own about their post high schoolthemselves, devise good ways, and make efforts, through experience in buying

experience in managing their pocket money and buying things, engage incareer path. Educational programs at this stage should associate gaining knowledge on

things, managing pocket money and New Year's present of money, and helping

a wider range of activities, and better understand household expense

the economy and finance with practical training to be able to have a view of theirwith housework, thereby forming the foundation of the capability to live inmanagement and financial life planning. They can comprehend the

independent lives in the future.

society. Although they may have different levels of knowledge on money in themeaning of working and occupation, and imagine their future lives in

beginning, their knowledge will be organized step by step through learning.

detail to some extent.

1st and 2nd grades

3rd and 4th grades

5th and 6th grades

Educational programs at this stage should be carried out in tandem with thesubjects to be learned in the respective school grades, namely lower (1st and2nd), middle (3rd and 4th), and upper (5th and 6th) grades.
・Understanding the basic characteristics of financial products such as bank accounts,

Items 12・Understanding the relationship between risks and returns.

and 13・Understanding the meaning of investing money for one's life planning.

stocks, bonds, and insurance, and taking an interest in relevant developments in the・Understanding that personal investment leads to supporting firms'

economy.
・Understanding the importance of self-responsibility in selecting financial products for

economic activities.

investment.
・Understanding the relationship between risks and returns, taking into consideration thecharacteristic that financial products can generate both profits and losses.
・Understanding how to manage risks such as through allocating funds into various
financial products.
・Understanding that risk-taking ability differs by person.
・Understanding the difference between investment, speculation, and gambling.

Item 14

・Learning principal types ofbank accounts, understanding

・Understanding the calculation of compound interest, and obtaining theattitude to save and invest continuously.

・Understanding that investing in financial products requires a long-term perspective,
and should not be affected by short-term price fluctuations.
・Understanding the relationship between saving periods and the compound interest

the difference of interest rates

obtained, and obtaining the attitude to save and invest in the long run.

on various kinds of deposits,

・Understanding that continuing to save and invest regularly, even in small amounts, isand being able to calculate

beneficial in preparing for the future.

simple interest.

23

University Students

Young Adults

AdultsSenior Citizens

Students at this stage establish their ability to live

Individuals at this stage start to become

Individuals at this stage live independently and assume

Individuals at this stage mainly consist of retired

their

independent in terms of lifestyle and financial

full-fledged responsibility as adults. Although lifestyles and thepeople and pensioners. They cover their living expenses

understanding of finance and economy, develop a sense of

aspects. They also start to assume responsibility as

sense of value have diversified, they assume greater responsibility

mainly with pension income and money obtained byvalue, and take action on their own, and be conscious of theiradults. Although lifestyles and the sense of value

not only for themselves but also for their families and people

cashing out financial assets. All in all, they have moresocial responsibility. They have to pay money more often, andhave diversified, many individuals in this age grouparound them. Many individuals in this age group have to raise andfinancial assets and have more confidence in their

many of them leave home and start to live alone, haveneed specific knowledge and skills in savings anduse funds for their housing, children's education, and living in old

financial knowledge than those in other age groups, but

part-time jobs and earn money, and use bank cards and credit

asset management to make money for housing andage. They should build wealth in earnest for their future.

many of them are not active in collecting information.

cards. They should acquire the same level of financial

marriage. Educational programs should target both

Educational programs should target both single people and people

literacy as that of young adults.

unmarried people and people who are about to haveraising families.

independently as

adults. They should

deepenPeople raising families should provide financial education totheir own families.

their children at home.
Item 12

They may provide financial assistance to people
around them (e.g., their children), while they may also
receive assistance from people around them who take careof them.

・Thinking about how one will build wealth in one's life plan.
・Understanding the mechanism (source) of returns of financial products and the risks entailed in it.
・Understanding that the relationships between risks and returns are generally categorized into "low-risk, low-return," "middle-risk, middle-return," and "high-risk, high-return," and that the higher the return sought from financial
products, the higher the risk to be taken, while the lower the risk, the lower the return.
・Understanding the relationships between risks and ・Understanding the importance of risk-oriented ・Understanding that one's risk tolerance varies according to ・Understanding the relationships between risks andreturns of various types of financial products, andproducts

from

the

perspectiveofage, family composition, and lifestyle.

being able to save and invest in these products on

wealth-building, and being able to consider ・Understanding the desired returns and the tolerable risks.

products claimed as offering high returns with noone's own responsibility.

these products as an investment portfolio.

risks.

・Being able to allocate one's assets and choose financial ・ Understanding the desired returns and the
products in consideration of one's risk tolerance.
Item 13・Understanding that risks can be diversified throughofassets,""diversificationofunderstand.
of ・Understanding that one should review the investment

・ Understanding the necessity to review theinvestment in several financial products withoutlets (countries and products) regularly even in the casepercentages of the investment portfolio in light ofdifferent risk characteristics may mitigate

of diversification of investment.

one's age and lifestyle.

・Understanding that diversification of investment can ・ Understanding"diversificationthatdiversification

risks.
・Understanding diversification of investment

regions," and "diversification of times."・Understanding that investment trusts and savings-type

and being able to carry it out according tofinancial

one's life plan.

products

aredesigned

to・Avoiding investment in products that one cannot

tolerable risks.

mitigate risks.

returns, and being able to suspect financial

enjoy

the

effectiveness of diverse investment.
Item 14

・Understanding that long-term investment is also effective

・Being able to place importance on liquidity andalso effective in preventing a loss resulting

in preventing a loss resulting from a hasty investment

safety rather than long-term investment in light offrom a hasty investment decision in the event

decision in the event of a sudden market slump.

one's age.

・Being able to compare long-term investment outcomes ・Understanding that long-term investment isarising from the difference in the yield rates.
・Understanding the investment strategy called dollar
cost averaging for reducing the acquisition cost by・Understanding the investment strategy called dollar costof a sudden market slump.

buying a fixed amount of a financial product regularly ・Understanding the investment strategy called

averaging for reducing the acquisition cost by buying aover a long term.

dollar cost averaging for reducing the

fixed amount of a financial product regularly over a longacquisition cost by buying a fixed amount of aterm.

・Understanding that long-term investment has an effectof "diversification of times."

financial product regularly over a long term.
24

Category 8. Appropriate use of outside expertise
Item 15: Understanding the importance of appropriately employing outside expertise when selecting/using financial products

Primary School Students

Secondary School Students

High School Students

Students at this stage gradually acquire experience, knowledge, and skills in dealing with money by actuallyStudents at this stage gain a basic understanding of how

Students at this stage cultivate basic skills to live

handling it. Specifically, they should acquire the attitude to take an interest in money, society, and thethe economy and finance are related to their everyday lives,

independently when they become adults. They can

economy, think by themselves, devise good ways, and make efforts through the experience in buying things,

thus cultivating the basic capability to live independently

understand the importance of whole life planning and their

managing pocket money and New Year's present of money, and helping with housework, thereby forming thein the future. They have more experience in managing theirsocial responsibility. They have to make decisions of theirfoundation of the capability to live in society. Although they may have different levels of knowledge on

pocket money and buying things, engage in a wider range ofown about their post high school career path. Educational

money in the beginning, their knowledge will be organized step by step through learning. Educational

activities,

programs at this stage should associate gaining knowledge

programs at this stage should be carried out in tandem with the subjects to be learned in the respective school

managementcanon the economy and finance with practical training to be

grades, namely lower (1st and 2nd), middle (3rd and 4th), and upper (5th and 6th) grades.

comprehend the meaning of working and occupation, andable to have a view of their independent lives in the future.

1st and 2nd grades

3rd and 4th grades

5th and 6th grades

andbetterandunderstandfinanciallife

householdplanning.

expenseThey

imagine their future lives in detail to some extent.
・ Acquiring

theimmediately

consult

close when in trouble.

attitudeto ・Being able to compare and make ・Understanding the basics of contracts, and acquiring the・ Understanding the basic characteristics of financial

attitude not to make promises lightly and to keep promises

products such as bank accounts, stocks, bonds, andin one's everyday life.

insurance,

someonebetterdecisions

everydayin

consumption

one's
by

gathering and using relevant ・Understanding that there are various types of financial
information.

products such as stocks and bonds.

・Learning from actual cases of ・ Being able to calculate interest rates on loans, andandtakinganinterestinrelevantdevelopments in the economy.
・Understanding the relationship between interest rates onloans and the amount of payment through case studies,financial trouble that primary

understanding the burden of payment of interest, andand acquiring the attitude to act appropriately.

school students are involved in,acquiring the attitude to act appropriately.

・Understanding the importance of self-responsibility inand being cautious to avoid such ・Understanding the relationship between risks and returns.
trouble.
・ Learning the functions andcontact addresses of consumer
centers, and the fact that one canconsult the centers when introuble.

selecting financial products for investment.

・Learning from case studies of trouble arising from the use

・Understanding the relationship between risks and returns,of the Internet and cellular phones, and understanding how

taking into consideration the characteristic that financial

to prevent such trouble, and acquiring the attitude to act
appropriately.
・Distinguishing scams and swindles, and avoiding getting
involved.
・Being able to find the consultant offices as necessary when
one encounters trouble.

products can generate both profits and losses.
・Being able to gather information using ICT (informationand communication technologies), etc., and use theinformation in one's everyday consumption.
・Learning specific methods to deal with consumer trouble
and trouble related to working conditions, and being able
to practically use them.
・Being able to find the consultant offices for people caught
up in multiple debt problems and consult with the office
staff.

25

University Students

Young Adults

AdultsSenior Citizens

Students at this stage establish their ability to live

Individuals at this stage start to become independent

Individuals at this stage live independently andIndividuals at this stage mainly consist of retired

independently as adults. They should deepen their in terms of lifestyle and financial aspects. They also assume full-fledged responsibility as adults. Although people and pensioners. They cover their living expenses
understanding of finance and economy, develop a sense start to assume responsibility as adults. Although lifestyles lifestyles and the sense of value have diversified, they mainly with pension income and money obtained byof value and take action on their own, and be conscious and the sense of value have diversified, many individuals assume greater responsibility not only for themselves, cashing out financial assets. All in all, they have moreof their social responsibility. They have to pay money in this age group need specific knowledge and skills in but also for their families and people around them. Many financial assets and have more confidence in theirmore often, and many of them leave home and start to savings and asset management to make money for housing individuals in this age group have to raise and use funds financial knowledge than those in other age groups, but
live alone, have part-time jobs and earn money, and use and marriage. Educational programs should target both for their housing, children's education, and living in old many of them are not active in collecting information.
bank cards and credit cards. They should acquire the unmarried people and people who are about to have their age. They should build wealth in earnest for their future.

They may provide financial assistance to people

same level of financial literacy as that of young own families.

Educational programs should target both single people around them (e.g., their children), while they may also

adults.

and people raising families.

receive assistance from people around them who take

People raising families should provide financial care of them.
education to their children at home.
・Understanding the mechanisms and characteristics of ・Understanding the necessity to appropriately use outside expertise when buying financial products.
basic financial products (e.g., deposits, bonds, stocks,- Understanding that finance is an area of high specialty and complexity.

and investment trusts).

・Understanding that one may be affected by psychological or emotional factors when using money.

・Paying attention to how developments in the economy
affect the prices and other aspects of financial
products.
・Understanding that high returns cannot be gained
without taking high risks.
・Recognizing that when buying financial products, it is- Understanding that high returns cannot be gained without taking high risks.
- Understanding the mechanisms and characteristics of basic financial products (e.g., deposits, bonds, stocks, and investment trusts).
・Knowing the information one would need when judging whether or not to buy financial products, knowing the appropriate and impartial organizations and experts whom one canconsult for advice, and being able to act appropriately.
- Keeping the following points in mind when judging whether or not to buy financial products:(1) Mechanism and evaluation of each financial product from the perspective of the risk-return relationshipnecessary to use outside expertise according to the(2) Availability of competing or similar products and their evaluation from the perspective of the risk-return relationshiplevel of risks.

(3) Evaluation of one's own ability to take risks in light of one's asset conditions

・When buying products, being able to actively collect(4) Know-how and preparation necessary for appropriate risk management

information and compare products, and thereby(5) Conditions and evaluation of related marketschoose the appropriate product in light of the purpose(6) Whether or not the financial product is subject to warning issued by the public authorities for frequently causing problems

and budget, while understanding that one should take(7) Evaluation of the quality of a dealer's after-sales services (e.g., authenticity of the information provided thereby)

final responsibility for one's own investment.
・ Understanding the outline of the provider of the- Being able to collect information and seek advice from outside experts regarding the above points according to the scale of the risk of the financial product.
- Collecting information from the Internet, books, and several dealers to gain a better understanding of the characteristics of the product, and comparing products.

financial products one holds (e.g., bank and securities- Knowing organizations and advisory service providers which provide reliable information from an impartial or purchaser's standpoint, and being able to seekfirm).

advice from them.

・Recognizing the necessity to know the appropriate and- Understanding that one should make a final decision on one's own by taking information and advice into account.

impartial organizations and experts whom one canconsult with when buying financial products.
・Making it a basic policy to avoid buying (complex) financial products that one cannot understand.
・Knowing that consumer centers and various ADR (alternative dispute resolution) schemes are available [as consultation services when in trouble, and being able to consult with these services.

26