Household financial services, financial literacy, and COVID-19 pandemic

This paper analyzes the relationship between the spread of the COVID-19 infection and the changes in financial services for households in Japan. Respondents who chose to increase demand for non-face-to-face financial services and cashless payments tended to have more financial assets and to be more financially literate. This result suggests that financial literacy is important in helping households embrace financial services to comply with the demands of social distancing under the spread of COVID-19.

Automated summary

This study found that people who chose to increase demand for non-face-to-face financial services and cashless payments tended to have more financial assets and higher financial literacy as the spread of the COVID-19 infection. Therefore, financial literacy is crucial for households to embrace financial services to comply with social distancing demands during the spread of COVID-19.