History of the development of the framework

The Central Council for Financial Services Information (CCFSI) has taken a leadership role in the development of a financial education framework for Japan. CCFSI is made up of representatives of associations of financial institutions and economic associations, associations of broadcasting companies, consumers’ organisations and professors of education, consumer education and finance. CCFSI is funded by the Bank of Japan and other member organisations of CCSFI.

In 2006, the year in which the Basic Education Act of 1947 saw a full revision, CCFSI organised a committee involving scholars, senior officials from the Ministry of Education, Culture, Sports, Science and Technology, the National Institute of Educational Policies, the representatives of National Associations of School Principals to develop a financial education programme. The resulting document, “Financial Education Program - How to Cultivate the Ability to Live in the Society”, was published by CCFSI in 2007.

In Japan, financial education in schools is taught as a cross-curricular subject in social studies, civic education and home economics.

Learning Outcomes

Topic: Financial life planning and household expenses management Goals

Fund management skills and abilities of decision making:

  • • understanding that resources are limited;
  • • understanding the significance of building a better life under a limited budget and acquiring the attitude to practice it;
  • • understanding the basics of decisions making and acquiring the attitude to practice it.

Understanding the value of savings and the skill of asset management:

  • • understanding the significance of savings and acquiring the habit of saving;
  • • understanding the relationship between interest obtained and saving periods and recognising the importance of patience; [1]
  • • Understanding the mechanism of the economy:
  • • understanding the role of households, firms and governments and the circulation of goods and money;
  • • learning the functions of markets and understanding the significance of the market economy;
  • • understanding the relationship between industry development and the overseas economy.
  • • Understanding the fluctuations of the economy and the need for economic policy:
  • • understanding the relationship between business fluctuations, prices, interest rates, and stock prices;
  • • understanding the monetary policy of central banks and economic policy of the government;
  • • understanding how business fluctuations and economic policy are related to one’s own life.
  • • Understanding various problems in the economy and the role of the government:
  • • getting interested in the wide-ranging problems that the economy is faced with;
  • • acquiring the attitude to think rationally and subjectively seeking for the settlement of a problem;
  • • understanding the role of the government.

Topic: Consumers’ rights and risks and preventing financial trouble Goals

  • • Obtaining basic skills to enable independent and appropriate decision making and to enable a fruitful life:
  • • becoming aware of rights and responsibilities of consumers;
  • • acquiring the attitude of acting as a self-reliant consumer;
  • • acquiring the skills of gathering of information and utilising it accurately.
  • • Prevent consumer troubles concerning financial transactions and multiple debt problems:
  • • learning the actual situation of financial troubles and multiple debt problems and acquiring the attitude needed to avoid them;
  • • learning the skills of dealing with troubles utilising laws and social systems.
  • • Becoming sensible consumers:
  • • understanding the meaning of controlling one’s desire and acquiring the attitude to do so in one’s daily life;
  • • acquiring the attitude to think about better ways to deal with money.

Topic: Career education Goals

  • • Understanding the meaning of work and the choice of occupation:
  • • understanding the significance of work and the value of money;
  • • acquiring the attitude of thinking about one’s occupational choice subjectively;
  • • understanding the rights and obligations of workers.
  • • Willingness to live and having vitality:
  • • understanding the various efforts are needed to produce added value;
  • • understanding that the creation of added value is the motive power for the development of the economy and society;
  • • acquiring the attitude to have a dream and to make efforts towards its realisation.
  • • Having gratitude for society and being willing to contribute to its improvement:
  • • understanding that people have various ties with society and cultivating the mind to keep rules and to have gratitude for others;
  • • cultivating the attitude of thinking about and practicing what one can do to improve society.

  • [1] understanding the risks and returns of various financial products and learning theattitude of investing under self-responsibility. • Understanding the importance of life planning and obtaining skills for it: • understanding the necessity of life planning and being able to make one’s own lifeplan foreseeing the future; • getting knowledge necessary for making one’s own life plan; • catching the future realistically relating it to life planning and occupationalchoice. Topic: Mechanisms of the economy and financial systemGoals • Understanding the functions of money and finance: • understanding the roles and functions of money; • understanding the roles of financial institutions and the functions of central banks; • understanding the functions of interest rates.
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