Understanding the statistical relationship between cash demand and financial literacy is important in addressing policy concerns in Japan because the government has tried to reduce cash demands for day-to-day transactions and hoarding. However, few scholars have investigated this point because the available statistics on household cash demand do not contain the standard proxy variable for financial literacy and they do not distinguish cash demands among various households for day-to-day transactions and hoarding. Findings from this research fill these gaps by first imputing the missing financial literacy variable from other surveys and then by comparing the distribution of cash holdings for the high, middle, and low levels of financial literacy groups. In comparing the distributions of cash holdings by the three groups, cash distributions were also compared after dropping the observations above higher percentiles, expecting that the cash demand for hoarding would show up in the higher percentile of the cash distributions. Thus, it was possible to examine cash demands for day-to-day transactions. A comparison of the distribution of the ratio of cash demands to total financial assets holdings plus cash demands (hereafter cash ratio) across three levels of financial literacy groups was also made. It was found that a person with a higher level of financial literacy tends to have a large amount of cash holdings, perhaps mainly for the sake of hoarding; however, the person also tends to have other kinds of financial assets and thus a lower cash ratio value. Taking those findings at face value, the promotion of financial literacy and cashless payments for day-to-day transactions would reduce the relatively small amount of cash demands for day-to-day transactions, but it would not necessarily reduce the amount of cash demands for hoarding.

了解日本的现金需求与金融素养之间的统计关系对于解决日本的政策问题非常重要，因为日本政府一直在努力减少日常交易和ho积的现金需求。但是，很少有学者对此进行过调查，因为有关家庭现金需求的可用统计数据不包含金融素养的标准代理变量，也没有区分日常交易和ho积中各个家庭的现金需求。这项研究的发现填补了这些空白，方法是首先估算其他调查中缺失的金融知识水平变量，然后比较金融知识水平高，中和低水平群体的现金持有量分布。在比较三组现金持有量的分布时，在将观察结果降低到更高的百分位数之上之后，还对现金分配进行了比较，预计ho积现金的需求将出现在现金分配的更高百分位数中。因此，可以检查日常交易的现金需求。还对三个层次的金融素养群体的现金需求与持有的全部金融资产加现金需求（以下称现金比率）之比的分布进行了比较。人们发现，金融知识水平较高的人往往持有大量现金，可能主要是出于of积之嫌；但是，此人还倾向于拥有其他种类的金融资产，因此现金比率值较低。将这些发现看成是有价值的，