Even knowing these results, one may still wonder to what extent the level of financial literacy can affect his or her retirement savings. In this context, a recent study using U.S. data reported that 30–40% of retirement wealth inequality was accounted for by the difference in financial knowledge alone (See Lusardi, Michaud, Mitchel (2017)). The result was specific to the U.S. data, but the result indicates that the benefits to be gained from financial literacy would be numerous in Japan, especially when a Japanese worker is planning to purchase a stock investment trust as many ordinary American workers do. The changing landscape of the retirement saving opportunities in Japan suggests that a better choice of financial assets for the sake of retirement savings would be stock investment trusts, rather than the conventional bank deposit and personal pension. If you indeed consider starting an investment into stock investment trusts, you might first wish to check your financial literacy to be able to make informed decisions about your investment strategy. There are many public resources available to check and improve your financial literacy, including the website of the FSA at http://www.fsa.go.jp/teach/kyouiku.html, or the website of the Central Council for Financial Services Information at https://www.shiruporuto.jp/public/data/survey/literacy_chosa/ (Japanese version) or at https://www.shiruporuto.jp/e/survey/ (English version).
I hope I have convinced that every Japanese should learn finance now to prepare for his or her retirement savings, unless he or she is very rich. Changing landscape of retirement saving opportunities under the period of slow economic growth, rapid population aging and low interest rates requires more Japanese workers to decide by themselves how much to save and where to invest including the complex financial products such as stock investment trusts. In making a sensible investment decision over some complex financial products, workers need to learn finance to keep a reasonable level of financial literacy.
You should learn finance now to provide for your retirement savings. You will be never too old or too late to start learning finance. You are not studying finance to be a very rich person, but to earn a reasonable return from your investment to make your retirement life enjoyable. At least you will be able to accept the results of your investment decisions, rather than to be offended or dismayed by them after learning finance even if the results turn out to be not as good as you had expected.