Japanese Financial Literacy Tournament:
Best practices
Japan's Experience
In Japan, the national Financial Literacy contest was created back in 2005: in 20 years of its existence, it grew to the largest event in the field of financial literacy education with 47 local banks and 7+ financial companies on the list of sponsors and unusual formats of assessing students’ knowledge and skills. Each year 400 students come to finals held in Tokyo, their participation is free of charge and travel costs are covered. We asked Tatsuro Suzuki, IEO National Coordinator for Japan, to share his experience of establishing and developing such a great competition. Watch the full interview or read the summary below.
Tatsuro Suzuki
IEO Team Leader, Japan
Raising funds
According to Tatsuro, the timing for the Association for Promotion of Financial Literacy (APFL) and Tournament establishment was perfect. The culture of donation has always been part of the Japanese corporate world, however, in 2005, the Japanese Financial Agency introduced a new social responsibility program according to which all local banks should have participated in various initiatives for the benefit of the society and the promotion of economic and financial literacy among the youth. Tatsuro, inspired by the US National Economics Challenge and aiming to create a similar national contest in Japan, sent 20 invitations to banks and received 10 positive replies which helped raise the initial funds and hold the contest for the first time. The competition was a success and in 3 years, it has caught attention of its first big sponsor — US Citibank; in 6 years, the APFL already received 100k$ in donations.
Now, the competition has a split system of funding: each of 47 Japanese local banks pays ~6,000$ to hold the first round at its venue with the materials provided by the APFL, and another 250,000$ come from large sponsors — financial agencies and other companies. Although the list of sponsors changes from year to year, this system helps the APFL cover all the expenses connected to organization and awards. Most of the work during the year is done by a small team, like CO in IEO and a lot of volunteers with no payment, we will come back to this topic a bit later.
To reach this kind of financial stability, Tatsuro recommends focusing on the benefits that participation in the event gives to its sponsors who primarily consider such initiatives as an investment in their positive reputation. It takes time and disciplined work to invite partners one by one. Here is what would also be sufficient:
To begin with, it is important to mark the sponsor’s presence at the event: add their logo to the branded decorations, and invite special guests from the company to take part in the competition in some role.
Second of all, the event should be interesting to watch and participate in. It is essential to try and get media coverage: this way, the event and its sponsors will gain more recognition; besides, it will be easier to find new sponsors. One of the solutions to this is to publish press releases on a regular basis so that media could include the update to their program.
Lastly, Tatsuro recommends to pay close attention to the report book making sure that it is as inspiring and illustrative as possible: e.g. FLT report always has reviews from the contestants along with their photos which helps show that there are young people who gain new opportunities thanks to the event.
Now, the competition has a split system of funding: each of 47 Japanese local banks pays ~6,000$ to hold the first round at its venue with the materials provided by the APFL, and another 250,000$ come from large sponsors — financial agencies and other companies. Although the list of sponsors changes from year to year, this system helps the APFL cover all the expenses connected to organization and awards. Most of the work during the year is done by a small team, like CO in IEO and a lot of volunteers with no payment, we will come back to this topic a bit later.
To reach this kind of financial stability, Tatsuro recommends focusing on the benefits that participation in the event gives to its sponsors who primarily consider such initiatives as an investment in their positive reputation. It takes time and disciplined work to invite partners one by one. Here is what would also be sufficient:
To begin with, it is important to mark the sponsor’s presence at the event: add their logo to the branded decorations, and invite special guests from the company to take part in the competition in some role.
Second of all, the event should be interesting to watch and participate in. It is essential to try and get media coverage: this way, the event and its sponsors will gain more recognition; besides, it will be easier to find new sponsors. One of the solutions to this is to publish press releases on a regular basis so that media could include the update to their program.
Lastly, Tatsuro recommends to pay close attention to the report book making sure that it is as inspiring and illustrative as possible: e.g. FLT report always has reviews from the contestants along with their photos which helps show that there are young people who gain new opportunities thanks to the event.
“
Start small. You will grow large one day, but to begin is the most important step.
Introducing unusual activities
The Financial Literacy Tournament differs significantly from a traditional Economics Olympiad: some of the formats are way more game-like and interactive than a regular test, and extra activities foster networking on a new level. Here are some ideas that can be implemented to make the competition a more entertaining event.
Show-like speed quiz (Grand Finals)
Holding the test in the format of a speed-reply TV show with a short time limit per each answer makes the round fascinating and enjoyable for both contestants and viewers. It does require some specific equipment (brain-ring system with buttons), however, the effect is invaluable.
Card game
In Japanese culture, cards are a very popular kind of activity among school children. At the FLT, the card game is focused on the distribution of resources and their rational exchange. Contestants exchange cards trying to beat each other’s selection — dozens of pairs gathered in one big hall compete which converts the round into a spectacular show. Such card games teach logical thinking and communication skills along with financial literacy.
Business Simulation Game
The most interesting and interactive round based on communication is the game with simulated exchange of resources between the teams. All teams have some raw materials and need to buy the lacking resources from other teams, exchange what they have, then buy the technologies, make more advanced materials, exchange again, and get to produce something complex, like a car or a house. It takes some agreement on pricing for every team with every team. The better the exchange rate is, the more resources are gained and the better the result is.
Standing party
Once the competition is over, the organizers hold a brunch for all the contestants, volunteers, honorable guests and company representatives. There, high-school students can talk to real businessmen, and real businesses can reach out to the youth to get a better understanding of their needs.
Show-like speed quiz (Grand Finals)
Holding the test in the format of a speed-reply TV show with a short time limit per each answer makes the round fascinating and enjoyable for both contestants and viewers. It does require some specific equipment (brain-ring system with buttons), however, the effect is invaluable.
Card game
In Japanese culture, cards are a very popular kind of activity among school children. At the FLT, the card game is focused on the distribution of resources and their rational exchange. Contestants exchange cards trying to beat each other’s selection — dozens of pairs gathered in one big hall compete which converts the round into a spectacular show. Such card games teach logical thinking and communication skills along with financial literacy.
Business Simulation Game
The most interesting and interactive round based on communication is the game with simulated exchange of resources between the teams. All teams have some raw materials and need to buy the lacking resources from other teams, exchange what they have, then buy the technologies, make more advanced materials, exchange again, and get to produce something complex, like a car or a house. It takes some agreement on pricing for every team with every team. The better the exchange rate is, the more resources are gained and the better the result is.
Standing party
Once the competition is over, the organizers hold a brunch for all the contestants, volunteers, honorable guests and company representatives. There, high-school students can talk to real businessmen, and real businesses can reach out to the youth to get a better understanding of their needs.
“
Have a clear message and stick to it. Ours is that one needs financial literacy to have a good life, and we are giving the chance to learn it in a fascinating way. The event you hold should be based on that message.
Working with volunteers
It might come as a surprise, but the Japanese Financial Literacy Tournament is held completely with a volunteer force only. Alumni of the FL Tournament and current students of Japanese universities join the team to prepare the event and hold it: they design all the materials, take part in tasks creation, host the ceremonies, help with grading etc. The work is not just seasonal: the preparation starts a year before the competition. Each year’s team normally has 30 core volunteers who help with preparation and attend to year-round Zoom meetings, and 80 functional volunteers who come to help with the contest. Those volunteers have their own democratic government, choose a president for every year, and get the decision power over many aspects of the competition, even changing its format and creating new games for finals.
To bond the team, Tatsuro holds an annual volunteer camp where they get to know each other and work on the majority of essential processes. This helps to reach cohesion and help students become more self-organized and responsible.
To maintain motivation, Tatsuro tries to give each volunteer their moment of glory: they are asked to adhere to a formal dress-code which helps them feel more significant at the event, and are given the floor for at least some time on stage. Tatsuro makes sure volunteers always feel that their work is appreciated.
To bond the team, Tatsuro holds an annual volunteer camp where they get to know each other and work on the majority of essential processes. This helps to reach cohesion and help students become more self-organized and responsible.
To maintain motivation, Tatsuro tries to give each volunteer their moment of glory: they are asked to adhere to a formal dress-code which helps them feel more significant at the event, and are given the floor for at least some time on stage. Tatsuro makes sure volunteers always feel that their work is appreciated.
“
I always give volunteers the responsibility to decide on some contents. When people have the power to influence something, they work harder. It is also important to show the progress they made to everybody so that the volunteers could get recognition and applause for their achievements. If they feel appreciated, they are happy to be with the team. In my mind, everyone is the main character of their life so I want everyone to have a moment in the spotlight at the tournament.
Japanese Financial Tournament
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