Yoshihiko Kadoya, an associate professor at the Graduate School of Social Sciences, Hiroshima University, and Mustafa Saidu Rahim Kang, a research assistant, said from the results of a national questionnaire that people who are familiar with finance tend to be less worried about old age, and financial literacy (money). It was clarified that the improvement of the ability to understand the movement of the professor) is an important factor in reducing anxiety in old age.
Associate Professor Kakutani and Mr. Mustafa extracted the results of subsample subjects of all ages and over 4,500 years old from the 40-2010 survey from a nationwide questionnaire survey conducted by Osaka University on about 2012 people. We analyzed how financial literacy, which is calculated from the percentage of correct answers to questions such as compound interest, interest rates, risk avoidance, and government bonds, affects the degree of life anxiety in old age of the subjects.
As a result, it was found that the high level of financial literacy alleviates the anxiety of the subject's life in old age through the accumulation of assets for old age.People with higher financial literacy will have more income and assets and less anxiety about old age, and financial literacy will be more aware of risks and uncertainties, so they are confident in their ability to respond to and address potential challenges in the future. It was found that it also has the effect of deepening.
In addition, having a spouse is also important for reducing anxiety in old age, and it has become clear that married subjects have low anxiety in old age because they can work together to make better plans. There is.In terms of age, anxiety in old age peaks in the 40s.It analyzes that while this age group bears heavy responsibilities at home and at work, it tends to have limited money and time, which tends to increase anxiety now and in the future.
This is the first study to clarify that financial literacy is one of the factors to reduce anxiety in old age by using the method of economic analysis, and the aging of the population is a social issue in Japan. And in other developed countries, it is expected to be a meaningful view of future policies.
Paper information:[Journal of Risk Research] Can financial literacy reduce anxiety about life in old age?
