초록 열기/닫기 버튼
본 연구는 기존 연구에서 주장한 금융이해도와 위험감수성향을 포함하여 개인연금 가입과선호의 5개 결정요인 중 어느 요인이 지배적인가를 확인하는 실증연구이다. 전국 7대 도시에거주하는 928명의 일반인 대상의 설문자료를 활용하여 이분형 로짓분석과 다중회귀분석을실시하였다. 분석 결과, 개인연금 가입에는 인지요인(장수 가능성, 장수에 따른 대처, 장수관련지식)이 가장 큰 요인이며, 금융이해력과 보험사 신뢰가 영향을 미쳤다. 개인연금 선호에는보험사 신뢰가 가장 유의한 요인으로 나타났으며, 개인연금 가입자와 미가입자 집단 사이에뚜렷한 차이를 보였다. 가입자 집단의 선호에는 인지요인과 위험회피성향이 유의한 영향을미치고, 미가입자 집단의 경우 정서요인(장수에 따른 걱정)과 위험추구성향이 관련이 있는것으로 나타났다. 본 연구결과는 개인연금 시장 확대를 위해 보험사의 신뢰도와 금융이해력을높이는 노력이 매우 중요하며, 연금보험 미가입자의 니즈 환기를 위해 장수의 정서적 측면을강조하여야 함을 시사한다. 또한 연금시장에 역선택이 존재하고 있음을 재확인한 본 연구의결과는 금융당국, 보험사 등 금융기관, 보험설계사에게 개인연금 활성화 방향을 제시하는 유용한자료가 될 것이다.
Korea is under the situation of being increasingly exposed to lon-gevity risks due to rapid population aging. Pension is a crucial tool to transfer financial risks after retirement. Korea has a three-tier welfare system, however national pension (the first tier) and retirement pension (the second tier) do not play their role. The importance of individual pension (the third tier) is growing bigger, however those who have a individual pension are few in reality. The previous studies on individual pensions have been mainly about the analysis of demographic and socioeconomic factors influencing the purchase(intention) of individual pensions. We feel keenly the necessity of a study on the relationship between psychological factors and purchase of individual pension, as people are more affected by psychological factors than economic factors. Unfortunately, however, there are few studies on that. So, this study aims to analyze major determinants of customers' pur-chase and preference of individual pension from the perspective of psy-chological and financial factors. The methods of analysis implemented were binary logit analysis and multiple regression analysis based on the survey data (N = 928) from lay people living in the seven biggest cities in Korea. The result shows that the cognitive factors-potential longevity, coping efficiency to the financial risks from longevity and subjective knowledge on longevity - influence the most in peopleʼs purchasing individual pension, while the trust in the in-surer is the biggest influence on their preference. The cognitive factors influence peopleʼs purchasing of individual pensions more than the emo-tional factors. Financial factors like financial literacy and trust in insurers have a positive influence on peopleʼs purchasing of individual pensions. But risk tolerance does not have a meaningful influence. There was a distinct difference in the preference of individual pen-sions, however, between those who already have a subscription and those who donʼt. People who have an individual pension were found to be most influenced by the cognitive factors and their risk aversion in purchasing it, while emotional factor (worry about longevity) and risk seeking were related to purchasing it among those who donʼt have an individual pension. This implies that those who have high trust in insurers and high perception of worry about longevity, and those who are risk averters are more likely to purchase an individual pension. Thatʼs because preference toward goods results in purchase intention of goods. The results of this study show a couple of implications. Firstly, financial literacy affected the purchase of individual pensions and insurer trust had a strong influence on the pre-ference of individual pensions. These imply that improving insurer trust and financial literacy are very crucial to vitalize sales of individual pen-sions. Secondly, when life planners evoke customerʼs needs for individual pensions, it is more effective way for non-subscribers, namely potential customers to highlight on emotional side toward longevity and for sub-scribers to emphasize cognitive side. Thirdly, potential longevity positively affected subscription of individual pensions. That means that adverse selec-tion in the pension market exists, so differentiating benefit through risk segmentation is required.
키워드열기/닫기 버튼
Individual Pension, Emotional Factor, Cognitive Factor, Financial Literacy, Trust, Risk Tolerance
