Financial literacy, financial education, and financial resilience during the Covid-19 pandemic: Evidence from Japan

Analyzing 3492 Japanese individuals during the COVID-19 pandemic, the empirical study found that financial education, particularly financial education received at the school or workplace, can increase one's financial literacy. In addition, those individuals who received financial education at the school/workplace were less likely to experience a decline in income and financial assets during the pandemic, and were more satisfied with their financial conditions as of March 2022. Women benefitted from financial education to a greater degree than men. The results suggest that financial education can be a venue for reducing the gap in income and wealth.