The Central Council for Financial Services Information (CCFSI) has taken the leading role in promoting and supporting financial education in Japanese schools. The Central Council is an organisation consisting of the representatives of financial and economic organisations, the media, consumer groups, etc., experts, and the deputy governor of the Bank of Japan, with the director-generals of related authorities, including the FSA, and the executive director of the Bank of Japan taking part as advisers. The CCFSI Secretariat is hosted by the Public Relations Department, Bank of Japan.
In 2007, CCFSI published the “Financial Education Programme” with the subtitle of “How to Cultivate the Ability to Live in Society”. The programme was developed with the involvement of scholars, officials from the Ministry of Education, Culture, Sports, Science and Technology (Ministry of Education) and others who have influence over the revision of the National Curriculum. The programme provides an overview of financial education goals and learning outcomes for primary, secondary and high school students; describes the most effective ways to introduce financial education in schools and provides model teaching plans for every major subject in primary, secondary, and high schools, written by experienced teachers.
The new National Curriculum, published by the Ministry of Education in March 2008 and 2009, includes contents of financial education in a number of statutory subjects such as social studies, home economics, and moral education in primary, secondary, and high school. The Guidelines associated to the new National Curriculum were implemented in elementary, junior and high-schools in 2011, 2012 and 2013 respectively. Because of the increased importance placed on financial education, CCFSI has recognised the increasing need to provide training and materials to support teachers to teach financial literacy.
CCFSI has a long history of involvement and achievements in training, support, and provision of educational resources. More recently, Local Councils for Financial Services Information, the Bank of Japan, Government, local governments, governmental organisations, associations of financial institutions, consumer organisations and nonprofit organisations have also started to promote financial education and are providing educational materials, books on good practices and holding seminars to disseminate good practice. CCFSI is working to promote the exchange of information on the publication of educational materials and other activities concerning financial education.
CCFSI organised the National Conference on Pecuniary Education from 1973 until 2003. The purpose of the conference was to exchange effective methods of pecuniary education. Teachers of designated research schools on pecuniary education and supervisors of school education attended the Conference.
The Local Councils for Financial Services Information have also organised local conferences for promoting exchange of practical achievements between designated research schools on pecuniary and financial education. Local councils for financial services information located in each prefecture provide neutral and impartial information and support for study of the economy and finance. Each of the 47 councils consists of the association of financial and economic organisations, financial institutions, a superintendent of schools, the association of broadcasting companies, and the officials of local government in the prefecture. Chairpersons of the Local Councils are either the governor of the prefecture or the head of the branch of the Bank of Japan. The Local Councils are funded by their members and the CCFSI. The secretariat offices of the Local Councils are located in the local government or in the branch of the Bank of Japan.
Since 2002, CCFSI and Local Councils for Financial Services Information have organised seminars of financial education to support teachers to introduce financial education, with over 150 seminars a year now being held. Officials from the Ministry of Education and the local educational committees are invited to give speeches at the seminars to deepen teachers’ understanding on the need of financial education in schools. CCFSI and the Local Councils have asked educational committees to include the contents of financial education in the seminars which they plan as statutory training courses for teachers.
Moreover, financial services information advisers designated by CCFSI and volunteers from other institutions are also invited by schools to give financial education lectures.
All resources and materials developed for teachers are mediated to the teachers through specifically designed workshops. As teacher training is the prerogative of the Department of Education (DBE), the workshops serve to assist teachers in using the resource effectively in the classroom through demonstration lessons. It further serves to create awareness among teachers on personal financial planning issues.
In terms of the South African Council of Educators (SACE) Act of 2000, no person is permitted to practise as an educator unless he/she is registered with the Council. SACE has thus developed a Professional Development (PD) point allocation system. All financial education courses administered through the FSBSA will be registered on the system once SACE’s system is ready. To date, one programme, the mathematical literacy programme “Managing your Money”, has been registered. This will provide teachers with official recognition for financial education courses.