Financial Literacy and Exercise Behavior: Evidence from Japan

Lack of exercise, which increases the risk 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 smoking. We therefore investigate how literacy, as rational decision-making instrument, relates to peoples’ exercise hypothesize encourages people regularly. Using Osaka University’s Preference Parameters Study (PPS) for 2010, we categorized respondents into two groups: those who regularly or at least once week do not. Our probit estimation results show is positively related with behavior, meaning financially literate are more likely As COVID-19 pandemic seems exacerbate inactivity, our study an alternative approach encourage exercise. recommend governments implement improvement policy alleviate lack