In 2007, the Financial Services Information Central Council published a financial education program that is mandatory for all schools and universities.
The course was developed jointly with the Ministry of Education, Culture, Sports, Science and Technology of Japan. Teachers, parents, businessmen and experts in the field of economics and finance were invited to work on educational materials.
According to the program, students should gain knowledge about the various functions of money and the role of financial transactions. The purpose of the course is to develop in children the ability to act independently to improve their own conditions of life and the well-being of society.
In Japan, they believe that already at the age of 6-7, children should understand what the cost of a product or service is, be able to make purchases within their budget, and save pocket money. Children 8-9 years old need to be able to distinguish between desires and opportunities, understand the budget constraint, and maintain a financial plan.
At the age of 10-11, Japanese schoolchildren already know how to plan purchases and make them profitable, they know about deposit services. At 12-14 years old, students are told about household income and expenses, they are given knowledge about bonds and loans, as well as risks and returns.
At the age of 15-17, schoolchildren are taught how to manage money and engage in long-term financial planning of their lives.
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