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Understanding of the banking business in Japan: Is economic prosperity accompanied by economic literacy?
Author(s) -
Takahashi Keiko,
Hatano Giyoo
Publication year - 1994
Publication title -
british journal of developmental psychology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.062
H-Index - 75
eISSN - 2044-835X
pISSN - 0261-510X
DOI - 10.1111/j.2044-835x.1994.tb00658.x
Subject(s) - prosperity , psychology , quarter (canadian coin) , financial literacy , profit (economics) , developmental psychology , demographic economics , economic growth , economics , finance , history , archaeology , microeconomics
Understanding of the banking business among Japanese subjects in Tokyo was compared with previous data. Twenty 8‐ to 10‐year‐olds, 36 11‐ to 16‐year‐olds, and 24 college students were individually interviewed for 30–40 minutes each. It was found that (1) compared with Euopean 11‐ to 16‐year‐olds, significantly fewer in this age range in Tokyo were classified as possessing either ‘full understanding’ or ‘no understanding’; rather, a higher proportion fell into the ‘transitional’ stage in terms of grasping the bank's profit‐making mechanism; (2) these Tokyo youngsters showed a ‘lag’ behind 12‐ to 13‐year‐olds in Hong Kong; (3) even among the college students only about a half had reached the stage of ‘full understanding’; (4) 45 per cent of the 8‐ to 16‐year‐olds and a quarter of the college students revealed three kinds of ‘alternative conceptions’ about banking: ‘deposited money is safely stored in the bank’, ‘the bank is a non‐profit organization’, and ‘the bank does business itself’.