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Structure (4. Survey Design (Principles (Simplicity, Relevance, Brevity,…

- - - - Numeracy & interest rate calculation (Lursandi, 2008)
      - Understanding of inflation (Lursandi, 2008)
      - Understanding of risk diversification (Lursandi, 2008)
      - Investment (National Financial Capability Survey, 2009)
      - Mortgage payment (National Financial Capability Survey, 2009)
      - Credit & Loan evaluation (Hilgert, Hogarth, Beverly; 2003)
      - Saving Patterns (Hilgert, Hogarth, Beverly; 2003)
      - Interest compounding (Lusardi & Tufano, 2009)
      - SELF-SUGGESTION: online transaction risk
  - - - University/ College/ Training School
      - Both gender is equal
      - Student school year 1-4
    - - Vietnam
        
        Number of participants: 500
        
        Participating school / faculty: 25 school
        Each school: 20 students
        Each year: 5 student
        
        Survey method: via paper and online
      - Japan
        
        Participating school: 7
        Each school:32 students
        Each year: 8 students
        
        : Number of participants: 224
        
        Survey: online
- - - - together with overall trend of economic development, financial market has become more available to general public, especially small investors and household users.
        
        This is true not only to what are considered as "traditional" service provided by large institution, but also "alternative financial solution" (such as payday loans, pawnshops, rent-to-own shop, and so on.)
      - Opposite to the past whereas older worker depends on either Government (via Social Security) or their employers' savings and retiring programs, nowadays, more and more employees are having their defined contribution (DC) plans and Individual Retirement Accounts (IRAs) during their working years.
    - - What can be done to limit the shortcoming of this trend while advocating its advantages
      - How ready is the mass society facing such trend
        
        how well-equipped today’s households are to make these complex financial decisions
    - - Good: for those who are conscious, and are readily equipped with financial knowledge, this is a great opportunity to amass wealth and prepare for future life, especially toward retirement.
        
        They can actively design, adjust and manage their financial situation, grasping on available opportunity
        
        Can be flexible and have more choice, don't have to depend on traditional method or institution.
      - Bad: Also impose much more pressure and responsibility on potentially unready individual to greater responsibility to borrow, save, invest, or overall taking financial actions beyond their ability.
    - - Thoroughly generalized on what have been studied on the subject of Financial literacy
        
        I focus on modern theoretical research modeling how financial knowledge can be cast as a type of investment in human capital. And while one who build financial savvy can enjoy above average expected returns on their investments, generally within the society there will still be some optimal level of financial ignorance.
      - Based on past studies, redraw a global pictures of financial literacy situation around the word.
        
        (Lusardi & Mitchel) older studies helped identify which groups are the least financially literate.
        
        The literature help generally figure out the implication of financial literacy on economic decision making, and also the costs of financial ignorance.
      - Conduct a comparable survey on my own country Vietnam,
        
        focusing on the younger generation. As they are representatives of future workforce, is thought to be a good indication of future landscape of financial literacy in each country
        
        Create a comparative study with equivalent group in Japan,
  - - - 1.3.2 Financial landscape
      - Financial literacy in Vietnam
      - 1.3.1 Economic development overview
        
        Economic history of Vietnam
        
        Feudal period and French Colonial period (pre-1945)
        
        Until early in the 10th century, Vietnam had been under Chinese domination for most of the times.
        
        Much like several countries in the region during that time, this domination and influence of China upon Vietnam seeds the foundation of Vietnamese feudalism, regarding economy, as well as politics and culture.
        
        Such influence extended long after the 1000 years of Chinese domination , and throughout most of the next 900 years of Vietnamese feudalism
        
        Under the influence of Confucianism values, to serve its feudalism with the signature "four occupation categorization" (Scholars-farmers-artisans-traders), during the majority of the independent feudalism period, Vietnam economy traditionally agrarian with small-scaled industries, mostly handicraft. The foreign trade volume was negligible, and only with other neighboring powerhouses, namely China. Additionally, another characteristic was village-oriented autarky.
        
        The glimmering peak of Vietnamese feudal economy was during the middle of 15th century. During this period, although Vietnam was still follow the four-occupation ladder, government policies also focus on the development beside agriculture and toward both domestic and international commerce.
        
        This period initialized international trading between Vietnam and other, "non-traditional" partners, namely Japan, Dutch, England, France and so on
        
        However, international commerce became of little growth, and even banned, during the subsequent period of civil warfare and closed-border policies adopted by later dynasties.
        
        Since the later half of the 19th century, Vietnam, together with Laos and Cambodia, was put under French Colonization in Asia, with the name "Indochina".
        
        The focus was toward the exploitation of Indochina's wealth for the benefit of France.
        
        Vietnam, with its strategic geographical position, became a source of raw material, also a market for tariff-protected goods from French industries.
        
        Thus, during this period, Vietnamese economy was asymmetrically developed, with the focus on mining industry and agriculture, whose products such as rice, coal, rare minerals, rubber, etc. was exported back to France.
        
        Other industries, unless serving the colonization process and having little competition with French products in the market, were inhibited
        
        Additionally, as most of the investment toward Indochina, and specifically Vietnam, was not for the long-term development of economy, but to attain the immediate return for French investors, merely a small fraction of profits was reinvested if any at all.
        
        In conclusion, if there were any economic progress in this period, it was to support the development of industry and economy in French, not to the colony itself.
        
        First independence and wartime period (1945-1975)
        
        Although having declared Independence shortly after World War II, Vietnam fell into war against France until 1954, and later, America from 1954 to 1975.
        
        The cornerstone of economic development in Vietnam was 1954.
        
        In this time, Vietnamese Northern and Southern regions adopted different economic ideologies: Communism in the North and Capitalism in the South, as influenced by their respective allies: the USSR and the USA.
        
        While both were war-time economies, there were different pictures in the North and South of Vietnam.
        
        In the North, the centralized economy focusing on industrialization and agriculture development was constantly hindered by war bombardments.
        
        1 more item...
        
        Meanwhile, the South followed free market economy, established extensive trade with other non-communist countries, namely USA, Canada, France, Japan, Thailand and so on.
        
        3 more items...
        
        By the time when the war ended in 1975 with the victory of the Northern Communist Vietnam, both region economies had suffered significant loss.
        
        1 more item...
        
        Subsidy phase (1976-1986)
        
        Since 1975, Vietnam economy has always been shaped by Vietnamese Communist Party (VCP), because as the sole legal political party, the VCP can establish policies, map economic strategies, set and monitor growth targets.
        
        This role was of even more significance in the period right after the Vietnam war.
        
        However, Vietnam economy during this period was under serious troubles: Difficulties in manufacture due to post-war damage, imbalance between supply and demand, soaring inflation, governmental corruption and inefficiency. Additionally, southern border conflicts with Cambodia meant cutoffs from international aids, while American blockages resulted in devastated trade relation with other countries.
        
        As a result, Vietnam's early postwar economy was one of the poorest in the world.
        
        In 1984, Vietnam's GDP was measured at roughly$18 billions with income per capital of merely $200.
        
        Economic restructuration period (1986-2000)
        
        Having realized the dire situation of the country, in 1986 the VCP launched a political and economic innovation campaign, namely "Doi Moi".
        
        The core of the campaign was the transition from a traditional centralized economy, to market economy, which was named "Socialist-oriented market economy".
        
        Doi Moi combined the efficiency of market economy with government management to ensure economic development with social stability.
        
        Several notable policies of the campaign included: abolishing of price controls, agricultural reform, and for the first time, encouraging the establishment of private entity and foreign sector in the economy.
        
        The successes of "Doi Moi" was evident during the latter years.
        
        1995 mark the year of normalization between Vietnam and America.
        
        That signaled a boost in Vietnam trade relation with not only USA, but also with several countries which before were hesitant due to the trade blockage.
        
        Early Globalization (2000-2008)
        
        Similar to many other soaring Asian economies, the overall description for Vietnam in this period is the joining into a much larger global market.
        
        July 2000 signing of Bilateral Trade Agreement (BTA) between USA and Vietnam was a significant cornerstone in Vietnam's economic history.
        
        It opened the vast North American market for Vietnam products.
        
        Additionally, the BTA served as an attraction into Vietnam economy for foreign investment, not only from the USA but also from Europe and developed Asia.
        
        on January 2007, Vietnam became the 150th member of WTO
        
        That marked Vietnam’s transformation toward manufacture-based, export-oriented direction, while officially opened Vietnam to a much more promising yet challenging global market.
        
        During this period, Vietnamese economists and Government followed the China's model of growth .
        
        This was solidified during the 10-year economic plan in 2001 which focuses on enhancing the contribution of private sector to the economy.
        
        From 2000 to 2008, before the eve of Global Financial Crisis, Vietnam enjoyed a geometric average growth rate of 6.75% per year.
        
        However, there are several obstacles that hindered economic prosperity.
        
        Vietnam significantly lagged behind its neighbor model China regarding property rights and innovation.
        
        Corruption among public managerial level was also epidemic
        
        Additionally, state-own bank are poorly managed an suffered heavily from non-performing loans.
        
        From Global Financial Crisis to Vietnam Banking Crisis (2008-2011)
        
        The 2008 Global Financial Crisis (GFC) was probably the first major crisis to hit Vietnam after the open of Vietnam economy to the world since 2000.
        
        Fortunately, as by 2008, the integration of Vietnamese financial banking system to the world was at the beginning, the damage from GFC was to some level negated.
        
        However, the connection between domestic and international financial market met difficulties.
        
        Decrease in ability of international banking and transaction severely affect Vietnam's short-term loans.
        
        Consequently, the overall profits in the banking systems suffered, with rising non-performing loans.
        
        1 more item...
        
        The GFC also had negative impacts upon Vietnam's international commerce.
        
        Post banking crisis (2011-present)
  - - - Quantitative Methodology
      - Analytical Methodology
- - - - Pre-retirement: saving/ investment behavior
        
        Relation
        
        Impact
- - - - Specific comparison among demographic differences
        (first with graph about demographic difference)
        
        Subjective assessment of self-ability and attitude toward financial literacy.
        
        Vn bottom 50%
        
        Jpn bottom 50%
        
        Vn top 50%
        
        Jpn top 50%
        
        Occupation
        
        Vn Non-job
        
        Vn Part-time
        
        Vn Full-time
        
        Jpn Non-job
        
        Jpn Part-time
        
        Exposure to financial services
        
        Vn Never
        
        Jpn Never
        
        Vn basic use
        
        Jpn Basic use
        
        Vn high level
        
        Jpn High level
        
        Gender
        
        Vn Male
        
        Vn Female
        
        Vn 3rd Group
        
        Japan Male
        
        Jpn Female
      - Subjective vs Objective marking of Financial Literacy
        
        Both Japanese is higher
        
        Trends
        
        Japanese objective >subjective, Vietnam opposite
        
        Difference is also bigger in Japan
        
        Objective score distribution
        
        Which score is most popular
        
        Percentage of Extreme outcome (lowest 20% and highest 20%)
        
        Vn higher in lowest 20%, while Japan is higher in top 20%
      - Specific financial theme comparison
        
        overall
        
        Vietnam does significantly worse in almost all categories
        
        both original 3 and additional4
        
        only category Vietnamese is better is in investment and risk control
        
        Japan did really well on the 3 original fundamental problems
        
        The gap are significant in the original 3, but narrower in the additional, more complicate problems
        
        LATER IMPLICATION OF IMPROVING EDUCATION ON 3 ORIGINAL IN VIETNAM
      - Overall Financial score
        
        Average financial score
        
        Comparison with previous survey (Finlit and Sekita)
        
        Stress again the difference in calculation purpose
        
        Converting own data for meaningful comparison
        
        Compare which is higher
        
        Can give reason?