Research on financial education programs in financial institutions as a social responsibility
-Using the PROMISE Financial and Economic Education Seminar as an example-
2023 Volume 10 Pages 63-77
Details
2023 Volume 10 Pages 63-77
In this study, financial education, which became mandatory in Japanese high schools in April 2022, is described. In addition to making financial education compulsory, the age of majority will be lowered, which will increase the importance of financial education, and the plan to double assets promoted by the Kishida Cabinet. In addition, it has recently been reported that a government review subcommittee will set up a new financial education promotion organization in 2024 to create a professional qualification to provide neutral advice on individual asset building.
Amid this growing momentum for financial education, an increasing number of companies are actively promoting financial literacy education not only in the government and industry associations, but also in the private sector, particularly financial institutions. On the other hand, data from past studies comparing Japan with the rest of the world or Asian countries show that Japan’s level of financial literacy remains relatively low.
In light of the current situation in Japan, and with an awareness of the problem of financial education in Japan, the PROMISE Seminar on Financial and Economic Education (hereinafter referred to as “Seminar”), which has been held by SMBC Consumer Finance Co., Ltd. since 2011, will be the subject of analysis and discussed in comparison with previous studies and examples.
Tonogaki (2023) also pointed out that while the national character has a strong influence on the acquisition of financial literacy, Japan is a conservative national character, so it is important to create a form of education in which individual claims can be easily made. Furthermore, Takemoto (2017) suggests that financial education requires a gradual and systematic transition from knowledge education to PBL-style education.
As an analysis method, we validated a questionnaire administered to high school and vocational school students who actually attended “Seminar”. The survey results showed that “Seminar” had a certain effect on improving students’ financial literacy, but it also showed limitations.
The purpose of the study is to suggest the future direction of the “Seminar” and to provide advice for the establishment of a financial education program in Japan.
