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Cash demand and financial literacy: A case study using Japanese survey data

机译：现金需求和金融扫盲：使用日本调查数据的案例研究

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摘要

Understanding the statistical relationship between cash demand and financial literacy is important in addressing policy concerns in Japan because the government has tried to reduce cash demands for day-to-day transactions and hoarding. However, few scholars have investigated this point because the available statistics on household cash demand do not contain the standard proxy variable for financial literacy and they do not distinguish cash demands among various households for day-to-day transactions and hoarding. Findings from this research fill these gaps by first imputing the missing financial literacy variable from other surveys and then by comparing the distribution of cash holdings for the high, middle, and low levels of financial literacy groups. In comparing the distributions of cash holdings by the three groups, cash distributions were also compared after dropping the observations above higher percentiles, expecting that the cash demand for hoarding would show up in the higher percentile of the cash distributions. Thus, it was possible to examine cash demands for day-to-day transactions. A comparison of the distribution of the ratio of cash demands to total financial assets holdings plus cash demands (hereafter cash ratio) across three levels of financial literacy groups was also made. It was found that a person with a higher level of financial literacy tends to have a large amount of cash holdings, perhaps mainly for the sake of hoarding; however, the person also tends to have other kinds of financial assets and thus a lower cash ratio value. Taking those findings at face value, the promotion of financial literacy and cashless payments for day-to-day transactions would reduce the relatively small amount of cash demands for day-to-day transactions, but it would not necessarily reduce the amount of cash demands for hoarding.
机译：了解现金需求与金融扫盲之间的统计关系对于解决日本的政策问题而言非常重要，因为政府试图降低日常交易和囤积的现金需求。但是，很少有学者已经调查了这一点，因为家庭现金需求的可用统计数据不包含金融扫盲的标准代理变量，并且他们不会区分各种家庭之间的现金需求，以进行日常交易和囤积。通过从其他调查中抵御缺失的金融扫盲变量，通过比较高，中间和低水平的金融扫盲群体的现金持股分配，从而通过抵消缺失的金融扫盲变量来填补这些差距。在将现金持有的分布与三组的分布相比，在将现有百分位的观察结果下降后，还比较了现金分配，期望囤积的现金需求将出现在现金分配的百分比上。因此，可以检查日常交易的现金需求。还制定了对金融资产总金融资产的现金需求与金融扫盲群体的现金需求比率分布的比较。有人发现，具有更高水平的金融素养的人往往有大量的现金持有，也许主要是为了囤积;但是，该人还倾向于拥有其他类型的金融资产，从而较低的现金比率值。以面值为那些调查结果，促进金融扫盲和无现金支付的日常交易将减少对日常交易的相对较少的现金需求，但它不一定会减少现金需求量对于囤积。

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