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Are the actual and intended sources of financial knowledge the same? Evidence from Japan

机译：是实际和预期的财务知识来源吗？来自日本的证据

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摘要

The recent prolonged period of low economic growth and low interest rates in Japan demands that Japanese households invest in risky assets to accumulate sufficient retirement savings. In so doing, they acquire financial knowledge on these risky assets, typically from financial experts or salespersons in financial institutions. However, they may not necessarily be content with their current sources of financial knowledge because depending on their stage in the life cycle, they require different types of financial knowledge, usually from a variety of sources. Unfortunately, because of limitations in the data available, few studies have investigated whether the actual and intended sources of financial knowledge are the same. To address this research gap, this paper uses a Japanese household survey from 2010 to 2017, which provides unique information on the actual and intended sources of financial knowledge, and obtains two interesting results. First, a household's actual sources of financial knowledge typically differ from its intended sources. More specifically, 33 % of households choosing financial institutions and experts and 52 % of households choosing financial institutions as their actual sources have a different intended source. Second, the discrepancy between actual and intended sources appears to relate to household demographic characteristics. Among those households choosing financial institutions and experts as their actual source of financial knowledge, 14 % choosing financial institutions as their intended source tend to have a lower level of financial knowledge and educational attainment. These results suggest that they have some difficulty understanding the advice of financial advisers. Among households choosing financial institutions as their actual source of financial knowledge, 26 % choosing financial institutions and experts as their intended source tend to have a larger amount of financial assets, better financial knowledge, and a preference for investing in risky assets; however, they also tend to be younger. This suggests they might want to obtain financial knowledge from financial experts to purchase risky financial assets as they age. While the study does not provide any causal evidence, the results suggest that understanding the reasons for any discrepancy in the actual and intended sources of financial knowledge may help financial institutions provide better services to these customers.
机译：最近的经济增长较长的长期和日本的低利率要求日本家庭投资风险资产，以积累足够的退休储蓄。在这样做中，他们通常从金融机构的金融专家或销售人员获得了对这些风险资产的财务知识。然而，他们可能不一定是与他们目前的财务知识来源的内容，因为根据其生命周期的阶段，他们需要不同类型的金融知识，通常来自各种来源。不幸的是，由于可用数据的限制，很少有研究已经调查了实际和预期的财务知识来源是相同的。为了解决这一研究差距，本文采用2010年至2017年日本户籍调查，提供有关实际和预期的财务知识来源的独特信息，并获得两个有趣的结果。首先，家庭的实际财务知识来源通常与其预期的来源不同。更具体地说，33％的家庭选择金融机构和专家和52％的家庭，选择金融机构的家庭，因为它们的实际来源有一个不同的预期来源。其次，实际和预期来源之间的差异似乎与家庭人口统计特征有关。在那些选择金融机构和专家的家庭中，作为他们的实际财务知识来源，14％选择金融机构，因为其预期的来源往往具有较低的金融知识和教育程度。这些结果表明，他们有一些难以理解财务顾问的建议。在选择金融机构的家庭中，作为他们的实际财务知识来源，26％选择金融机构和专家，因为其预期的来源往往有更多的金融资产，更好的金融知识，以及投资风险资产的偏好;然而，他们也往往更年轻。这表明他们可能希望从金融专家那里获得金融知识，以购买风险的金融资产。虽然该研究没有提供任何因果证据，结果表明，了解实际和预期的金融知识来源中任何差异的原因可能有助于金融机构为这些客户提供更好的服务。

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