1. Financial Education
for Elderly People
* Views expressed in this presentation are those of the speaker, and are not necessarily identical to those of
the FSA or any other institutions.
Financial Services Agency, Japan
ADBI-Japan-OECD High-Level Global Symposium
January 22-23, 2015
Hiroshi Ohata
Director for Policy Planning and Research
Policy and Legal Division

2. Outline
1. Elderly People’s Mindset and Financial Assets
2. FSA’s Strategy of Financial Education
for the Elderly
1) Integrated Approach
2) Public-Private Coordination Approach
3) Community-based Approach
Financial Services Agency, Japan 1

3. Figure 1. Demographic change Figure 2. Population aging rate
Financial Services Agency, Japan 2
Population (million)
1970 2013 2060
Sources: Ministry of Internal Affairs and Communications, Ministry of Health, Labour and Welfare,
National Institute of Population and Social Security Research
0
10
20
30
40
50
7.1%
25.1%
39.9%
(estimated)
1970 2013 2060
1. Elderly People’s Mindset and Financial Assets
• Rapid progress in aging in Japan
0
20
40
60
80
100
120
140
Aged 65 and over
Aged 15-64
Aged 14 and under
Estimated Population
(estimated in 2012)
68.9%
12.9%
7.1%
25.1%
51.0%
39.9%
62.1%
9.1%
24.0%
(%)

4. • Elderly people’s mindset:
- Living expenses in retirement
- Savings
- Confidence in their own financial literacy,
Negative trends in collecting information
• Note that elderly people, who have had fewer
opportunities for financial education, have ended up
in financial trouble and been scammed, such as
through a fraudulent statement like “You will be able
to gain high profit without risk.”
Financial Services Agency, Japan 3
1. Elderly People’s Mindset and Financial Assets

5. • Financial assets are concentrated among elderly
people. Most of them are savings.
• At the same time, there is significant diversity of
asset accumulation among the elderly.
• Note that the amount and composition of financial
assets vary in each elderly household.
Financial Services Agency, Japan 4
1. Elderly People’s Mindset and Financial Assets

6. • Lectures based on “Financial Literacy Map” in
collaboration with the Committee for the Promotion
of Financial Education
• Preventive guide on financial trouble: advise
financial consumers via the FSA’s helpline
• Supervising financial institutions to prevent trouble,
especially in case of soliciting elderly customers
• Focusing on and reviewing financial institutions’
actions to improve investors’ financial literacy
Financial Services Agency, Japan
2. FSA’s Strategy of Financial Education for the Elderly
5
1) Integrated Approach

7. Financial Education
Indirect
Financing
Direct
Financing
Companies
6Financial Services Agency, Japan
Supervision
Households
FSA
1) Integrated Approach
2. FSA’s Strategy of Financial Education for the Elderly
Financial
Institutions

8. Financial
Education
Financial
Education
7Financial Services Agency, Japan
MEXTCAA
CCFSI
(Secretariat: BoJ)
Households
CPFE
Financial Industry Associations
・Banks (e.g. Mega banks, Regional banks)
・Broker-Dealers
・Insurance Companies
・Investment Trust Companies
・Financial Planners
・Japan Exchange Group
2) Public-Private Coordination Approach
FSA
2. FSA’s Strategy of Financial Education for the Elderly
Academics
CPFE: Committee for the Promotion of
Financial Education
CAA: Consumer Affairs Agency
MEXT: Ministry of Education, Culture,
Sports, Science and Technology

9. • Consumer Safety Act was revised in 2014.
• Based on the revision, each local government may
establish the Regional Committee for Consumer
Safety after the middle of next year in order to
effectively prevent consumers (including financial
consumers) from suffering damages, detect
damages early and prevent them from spreading.
• We are discussing the possibility of using the
committee to promote financial education and
financial consumer protection.
Financial Services Agency, Japan 8
3) Community-based Approach
2. FSA’s Strategy of Financial Education for the Elderly

10. （地域協議会の図）
Financial Services Agency, Japan 9
Elderly People
Consumer Affairs Cooperator
Regional Committee
for Consumer Safety
Hospital
- Three Anxieties -
“Money”
“Health”
“Loneliness”
Consumer CenterLocal Government
Consultation Desk
Sharing
Information
Educational Institution
Police
Healthcare Center
Fire Department
*
* They assume the secrecy obligations.
2. FSA’s Strategy of Financial Education for the Elderly
Consumer Affairs Cooperation Group
Consultant for
Consumers
3) Community-based Approach
*
*
*
*
*

11. Financial Services Agency, Japan
Thank you !