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Financial Literacy and Exercise Behavior: Evidence from Japan

School of Economics, Hiroshima University, Hiroshima 739-8525, Japan
Author to whom correspondence should be addressed.
Academic Editor: Jacob Arie Jordaan
Sustainability 2021, 13(8), 4189;
Received: 16 March 2021 / Revised: 3 April 2021 / Accepted: 6 April 2021 / Published: 9 April 2021
Lack of exercise, which increases the risk of many serious physical and mental illness, has been a common health issue in Japan. Recent studies confirm that financial literacy discourages irrational behavior like gambling and smoking. We therefore investigate how financial literacy, as a rational decision-making instrument, relates to peoples’ exercise behavior in Japan. We hypothesize that financial literacy encourages people to exercise regularly. Using Osaka University’s Preference Parameters Study (PPS) for 2010, we categorized respondents into two groups: those who exercise regularly or at least once a week and those who do not. Our probit estimation results show that financial literacy is positively related with exercise behavior, meaning that financially literate people are more likely to exercise regularly. As the COVID-19 health pandemic seems to exacerbate peoples’ physical inactivity, the results of our study show an alternative approach to encourage exercise. We therefore recommend that governments implement a financial literacy improvement policy to alleviate the lack of exercise. View Full-Text
Keywords: exercise; financial literacy; rationality; Japan exercise; financial literacy; rationality; Japan
MDPI and ACS Style

Ono, S.; Yuktadatta, P.; Taniguchi, T.; Iitsuka, T.; Noguchi, M.; Tanaka, S.; Ito, H.; Nakamura, K.; Yasuhara, N.; Miyawaki, C.; Mikura, K.; Khan, M.S.R.; Kadoya, Y. Financial Literacy and Exercise Behavior: Evidence from Japan. Sustainability 2021, 13, 4189.

AMA Style

Ono S, Yuktadatta P, Taniguchi T, Iitsuka T, Noguchi M, Tanaka S, Ito H, Nakamura K, Yasuhara N, Miyawaki C, Mikura K, Khan MSR, Kadoya Y. Financial Literacy and Exercise Behavior: Evidence from Japan. Sustainability. 2021; 13(8):4189.

Chicago/Turabian Style

Ono, Shunsuke, Pattaphol Yuktadatta, Takafumi Taniguchi, Tomoe Iitsuka, Masafumi Noguchi, Sawa Tanaka, Haruka Ito, Kousei Nakamura, Nanako Yasuhara, Chihiro Miyawaki, Katsumi Mikura, Mostafa Saidur Rahim Khan, and Yoshihiko Kadoya. 2021. "Financial Literacy and Exercise Behavior: Evidence from Japan" Sustainability 13, no. 8: 4189.

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