National Strategies for Financial Education: Japan March 4, 2013 Ryoko Okazaki, Bank of Japan, and the Central Council for Financial Services Information 1

(1) National Strategies for Financial Education （ Japan ） “Agenda for Finance and Economics Education” -- launched in June 2005 by the J-FSA “Financial Education Program” -- launched in February 2007 by the Central Council for Financial Services Information 2

(2) Development of NS for FE in Japan “Agenda for Finance and Economics Education” i) J-FSA organized the Study Group on Finance and Economics Education. ii) did research on foreign practices and held meetings in iii) Minister for Financial Services published the Agenda. iv) J-FSA published educational materials and teachers’ guides and organized symposiums. 3

(2) Development of NS for FE in Japan “Financial Education Program (2007)” i) CCFSI organized the Committee, the Advisory Group, and the Subcommittees for the Program. ii) held meetings in iii) Committee members developed guidelines for teachers. iv) Subcommittee members wrote best teaching plans of financial education in major subjects in each school levels. 4

(2) Development of NS for FE in Japan “Financial Education Program (2007)” v) CCFSI developed the “Contents of Financial Education by Age Groups.” vi) CCFSI surveyed educational materials and seminars for teachers by public and private institutions. vii) Members of the Advisory Group, the Committee and the Subcommittee commented on the draft of the Program. 5

(2) Development of NS for FE in Japan “Financial Education Program (2007)” vii) CCFSI published and disseminated the Program to all schools and educational committees in Japan. viii) CCFSI published teachers’ guidebook and educational materials and holding seminars for teachers every year. ix) CCFSI developed website contents for children and their parents based on the Program. 6

(3) Background of National Strategies “Guidelines for the Promotion of Consumer Education on Finance: 2002” -- based on survey on the Financial Education Programs in the U. S. and in the U. K. -- also based on the “Consumer Survey on Finance (2001)” by CCFSI. -- set the priorities for the promotion of financial education and developed the “Curricula for Improving Understanding of Finance.” 7

(4) Overall Assessments --- Surveys on Financial Literacy, etc. ・ ”Consumer Survey on Finance (2001, 2003, 2008)” ・ ”Survey on Life and Money for Children (2005, 2010)” ・ ”Financial Literacy Survey (2011)“ ・ Overall assessment of the activities of the CCFSI at its general meetings. ・ Exchange of information at the “Forum for Consumer Education on Finance”. 8

(5) Recent Developments relating to Financial Education in Japan ・ Contents of the New National Curriculum for School Education were enriched on money, economy, and finance. ・ The Promotion of Consumer Education Law came into effect in December ・ J-FSA organized a new Study Group on Finance and Economics Education in December ・ CCFSI would develop new materials for the elderly people based on the result of the Financial Literacy Survey. 9

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