“ economies of scale ” under technological innovations, new players may become the providers of new services that incorporate financial solutions. moreover, it could be considered that such changes in financial architecture may change the risk profiles of financial systems and infrastructures. commercial banks have long been the main provider of payment services. commercial banks, based on their deposit - taking as the core of their services, have kept on providing both financial intermediations such as lending through maturity transformation and payments services. various financial infrastructures were built around such structure of commercial banking. for example, access to the current account at central banks, including the bank, have been provided primarily to commercial banks and other depository institutions. the risk of “ bank - runs, ” which stems from maturity transformation by commercial banks, has been considered as the main trigger of systemic crisis. reflecting the above, central banks have traditionally been assumed to provide its “ lender of last resort ” function mainly to commercial banks and other depository institutions. since more and more non - financial institutions are providing payment services under “ fintech ” developments and there seem to be structural changes in the supply - side of financial services, however, risk profiles might also change from those originally assumed. for example, it is hard to assume the risk of bank - runs in “ crowd - funding ”, which directly matches demand and supply of funds through the internet, and in remittance services that are fully covered by deposits. deputy governor ben broadbent of the bank of england pointed out in his speech in march the possible shift towards a risk profile that traditional debates on “ narrow banking ” or “ free banking ” suggested due to the application of technological innovation to finance. 1 on the other hand, with the expansion of access points ben broadbent, “ central banks and digital currencies ” ( speech made at london school of economics on march 2, 2016 ). bis central bankers ’ speeches to financial services through the popularization of internet, mobile phones and other digital outlets, there are risks that would require higher attention, such as cyber attacks and hacking against vulnerabilities on information security. iii. bank of japan ’ s fmi policy taking into account the above - mentioned technological innovation, the bank has been actively enhancing the stability and the efficiency of japan ’ s fmis by utilizing various policy tools. they include providing banknotes and boj - net as basic infrastructures to the economy, conducting on - site examination and off - site monitoring of financial institutions, oversight

, the percentage of correct answers given by " those who recognized themselves as having received financial education " offered by school or workplace was frequently higher than those who did not, and they also exhibited more desirable financial behavior ( chart 8 ). however, the proportion of those who received financial education is still not so high ( chart 9 ). in recent years, owing to the efforts of the people concerned, the proportion among the youngest respondents, the 18 - 29 age group, who received financial education is higher than among the older generations, and has increased slightly from the time of the previous 2016 survey. yet the reality is that it is still less than 20 percent. as i recall, it used to be considered taboo in japan to talk about money to children, but this tendency seems to have faded considerably in recent years. i would like to emphasize that financial education is to learn about money so as to understand the workings of the world they live in and make reasonable assessments and judgments in life. the contents of financial education have been greatly expanded in the new courses of study that will be implemented in primary schools in fiscal 2020, and later in secondary schools and high schools. at universities as well, an increasing number of faculty want their students to have the opportunity to participate in financial education before they graduate. also, the proportion of those who were taught how to manage their finances by their parents or guardians at home is higher among younger age groups than among older generations. as i mentioned at the outset, the momentum to improve financial literacy through financial education is increasing worldwide. amid this trend, the central council for financial services information has been carrying out various activities to promote financial education. the main activities are grassroot initiatives undertaken in coordination with its local committees, such as providing visiting lectures on financial literacy at educational institutions from kindergarten to university, and holding seminars for workers or teachers. the number of people who participated in lectures or seminars offered by the council and other related organizations such as the financial services agency, the japanese bankers association, and the japan securities dealers association totaled around 600, 000 during fiscal 2018. in addition, the council publishes pamphlets and booklets for different age groups to meet their respective needs ( chart 10 ). it also publishes a quarterly public relations magazine about various topics on money, titled kurashi - juku kin'yu - juku ( " first steps toward financial literacy for everyday life " ; available only in japanese ). all of these are provided free of charge, and we would be very pleased