Financial Literacy and Household Saving and Borrowing Behavior: An International Comparison of Japan, China, India, and the United States

日本的金融知识水平不高。尽管大多数受访者能够正确回答有关利率的简单问题，但超过一半的受访者无法正确回答有关风险分散的问题。许多受访者表示他们不知道金融知识问题的答案，这可能表明日本人非常谨慎，只有在对自己的回答有信心时才会回答。此外，我发现女性、年轻人以及收入较低、受教育程度较低的人的金融知识水平最低。此外，我发现金融知识增加了拥有退休储蓄计划的可能性，增加了持有股票的可能性，并导致更高的财富积累。

The level of financial literacy is not high in Japan.Although a majority of respondents were able to correctly answer a simple question about interest rates, more than half were not able to correctly answer a question about risk diversification. Many respondents stated they did not know the answer to the financial literacy questions, which might indicate that Japanese are very cautious and only answer when confident in their response.In addition, I found that women, the young, and those with lower incomes and lower educational attainment have the lowest levels of financial literacy. Moreover, I found that financial literacy increases the probability of having a retirement savings plan, increases the probability of holding equities, and leads to higher wealth accumulation.