Lowered Adult Age Impacts Young Japanese: Debt Crisis Looms
Effects of Lowered Adult Age on Young Japanese
In 2022, Japan lowered the legal adulthood age from 20 to 18, leading to significant shifts in financial responsibilities. This policy change has resulted in a notable rise in young people encountering debt challenges.
Debt Management Concerns
With increased financial autonomy, many young Japanese individuals are finding themselves ill-prepared for the obligations that accompany adulthood. As a result, debt accumulation has surged.
- Financial Literacy is critical
- Young consumers need education
- Authorities must intervene
Government and Financial Institutions' Role
Financial institutions and the government must work together to implement educational programs aimed at debunking common financial misconceptions and providing guidance on prudent financial practices.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.