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MONTHLY NEWS February 1997 Japanese Children Operate Postal Saving Service |
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Many Japanese learn the merits of putting their money away early through a saving system run by and for kids at their schools. As of March 1996, there were 3,838 such in-school "branches" across Japan, with nearly 460,000 young savers depositing a total of Y17.5 billion ($159 million).
The system began in 1948 with the support of the Posts and Telecommunications Ministry as part of a nationwide postal saving service. The latter was inaugurated in 1875 and was originally intended for small savings, although the ceiling on deposits is now Y10 million (about $91,000) per person. The Japanese government uses the money deposited with the postal system to invest in public projects and offer loans to home buyers, farmers, small businesses, and others. A school "branch" is operated by a "postmaster" and "clerks," selected from the student body, under the supervision of teachers. The branch opens once a month, when young "tellers," "ledger keepers," and others carry out the work on their own. The money deposited by schoolchildren is placed in accounts at local post offices.
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