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Analysis of Financial Program in Japanese Institutions of Higher Education
Takuji Takemoto
Kyoto University
Ten years have passed since the deregulation policy was carried out in the finance and business fields in Japan. For the consumer, financial instruments and the range of services have increased in these ten years. On the other hand, the consumer has been required to act responsibly. Japanese financial education as a school program was implemented late in comparison with the case in the U.K. and U.S.A., and this was partly the reason for Japan’s financial troubles. It is important that these problems are addressed at minimum cost. In other words, we must develop a policy with which to eliminate the factors that lead to financial problems. From this viewpoint, it is my opinion that we solve this problem not by adopting a short-term economic policy but through a long-term education one.
Many of the recent financial troubles are the result of an ethical and moral lack. I therefore regard Japanese financial education as a form of cultural studies. For instance, the U.K. defines it as “teaching knowledge including the right ethic and moral sense that is necessary to live.” However, in Japan, there are not many teachers who can teach finance. It is necessary for Japanese institutions of higher education to include a subject on financial education. Financial education should not be limited to the teaching course taken by teacher applicants. The reason is that financial education is necessary not just at the school level but for society. Not only teachers but also leaders in local communities should promote financial studies.
A subject called “personal finance” has now been included in some universities. However, in many universities, Personal Finance is regarded as part of the subject of Finance. If Personal Finance is included as a special subject, it can be considered a standard for the qualification examination of financial planners, making it practical education and not culture education. Further, financial education should be provided to all school children. Therefore, in this article, I suggest the development of a systematic curriculum and shift in focus from school education to social education.
