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views or policies of the Asian Development Bank Institute (ADBI), the Asian
Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no
responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.

Session III. Impacts of Fintech


and Financial Literacy on
Financial Behavior
Discussant:
Yoshihiko Kadoya
Director of Hiroshima Institute of Health Economics Research (HiHER)
Hiroshima University, Japan
Comments to
Monjak et al paper
Outline
• The study reviews national level policies and strategies
surrounding financial technology, financial literacy, and consumer
savings and borrowing behavior in Thailand.
• The paper also presents a conceptual framework on the
interrelationship among financial technology, financial behavior,
financial knowledge and attitude.
• Under the circumstance of rapidly expanding financial sector
along with transformation of means and mechanism of financial
services, this kind of study is helpful to understand the present
scenario and the direction to which the situation is heading.
• Overall, the study examines a timely issue and has some merits in
understanding the aforesaid relationships in Thailand.
Comments
1. The objective of the study should be clearer and more
focused.
2. In section 2.3, more discussion is needed on how financial
knowledge explains self-exclusion from financial services.
Also, findings of Rojrattanachai (2019) should be discussed
in a more detailed way.
3. It would be useful to discuss some more empirical studies
on how financial literacy affects household decision on
taking credit from formal financial sectors and reduce
reliance on information credit.
Comments
4. Section 3.1: “Literature in the emerging field of digital financial
services suggests that there is a feedback loop among FinTech,
financial behavior, and financial knowledge.” Reference of
previous studies is needed.
5. In the discussion on conceptual framework, the authors should
review some empirical studies on how the said interrelationship
helps to reduce self-exclusion problem.
6. Do the existing Fintech initiatives and associated laws have
some limitations to address the issues?
7. Thai government already has implemented financial literacy
programs. What are the limitations of the current financial
literacy programs? Do you think the financial literacy program
should be changed?
Appendix: Impacts of Fintech
and Financial Literacy on
Financial Behavior: Challenges
for “super-aged” society
Yoshihiko Kadoya
The challenge in the trend of rapid-
population aging
16

Australia
14

Percent of people aged 80 years and older


Austria
Figure 1-4. Share of Very Old People (80+ Years) in the Population, 1960 to 2040 Canada
12 Germany
Hungary
10 Ireland
Japan
8 Luxemburg
Mexico

6 Netherlands
New Zealand

4 Poland
Spain

2 Sweden
Switzerland
United Kingdom
0
1960 1970 1980 1990 2000 2010 2020 2030 2040 United States

Year

Note: Data for Korea are not available.


Data Source: United Nations (2008)
The speed of the shift from aging and aged
society in East Asian Nations
Financial Literacy in Japan
at glance
Measurement (based on OECD)

Central Council for Financial Service Information (2016) Financial Literacy Survey
Correct answers given to true/false
questions by age group

Central Council for Financial Service Information (2016) Financial Literacy Survey
Comparison with overseas surveys

Comparison with the United States (correct answers)


Comparison with overseas surveys

Comparison with Germany and the United Kingdom


Household (Monetary) Asset by Age
0
4
24 13

25

34

0-29 30-39 40-49 50-59 60-69 70-


High financial literacy eases one’s anxiety
about latter life (through the channel of wealth
accumulation) by Kadoya’s papers)
Financial education is
important but…
・Discouragement for youth
・Targeting the people at the changes of life stage
(e.g., marriage, giving a birth, retirement, long-term care)
Fintech
Increasing the number of dementia
patients
• Over 4 million dementia patients
• Over 4 million mild cognitive Impairment (MCI) patients
Cognitive decline decreases household
expense
It’s me scam/ transfer scam
Number of recognized case Estimate damage (million yen)

09 10 11 12 13 14 15 16 17 2018
09 10 11 12 13 14 15 16 17 2018
Cashless Payment Ratio

S.Korea UK China Australia Canada Sweden US France India Japan Germany

Source: World Bank (2017) Household financial consumption expenditure


*Euromonitor International for Chinese data

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