본 연구는 종신연금 의사결정이 소비자의 심리적인 편향에 의해서 달라질 수 있는지를 탐색하기 위하여 프 레이밍에 따른 종신연금의 가입의향을 살펴보았다. 선행연구에 의하면 프레이밍은 소비자의 의사결정에 영 향을 미치며 이러한 사실은 광고에 다양하게 활용되어 왔다. 현재까지는 종신연금이 그 중요성에도 불구하 고 소비자로부터의 활용은 기대에 미치지 못하는 연금퍼즐현상이 나타나고 있으나 인구구조의 변화에 따라 은퇴이후 포트폴리오에서 중요한 역할을 차지하게 될 것으로 생각된다. 선행연구에서는 종신연금의 선택을 개인의 경제학적인 의사결정으로 분석한 경우가 많았으나 경제학적 의사결정의 분석만으로는 종신연금의 선택에 대한 설명에 한계가 있음이 주장되어 왔으며 본 연구에서는 심리학적인 요인인 프레이밍 효과를 탐 색하였다. 40세 이상의 응답자 179명을 편의표집하여 목표지향 프레이밍을 활용한 일시납 종신연금(즉시연 금보험)의 광고를 시청하게 한 후 간략한 질문지를 작성하도록 하였다. 연구의 결과 긍정적인 프레이밍이 부정적인 프레이밍보다 종신연금 가입에 긍정적인 영향을 미칠 수 있는 것으로 나타났다. 응답자의 다양한 특성을 고려하여 분석한 결과, 자신의 건강상태가 보통이라고 생각하는 응답자의 경우에 긍정적 프레이밍 광고를 시청한 경우 부정적인 프레이밍 광고를 시청한 경우보다 종신연금 가입의향이 높게 나타났다. 또한 위험회피적인 응답자의 경우에도 긍정적 프레이밍 광고를 시청한 경우가 부정적인 프레이밍 광고를 시청한 경우보다 종신연금 가입의향이 높을 수 있음을 보였다. 장수위험에 대하여 걱정을 많이 하는 경우에도 긍 정적 프레이밍 광고가 종신연금 가입의향에 영향을 미칠 수 있는 것으로 나타났으나 추가적인 연구가 필요 하다. 종신연금에 대한 의사결정의 이해를 확대하기 위하여 보다 다양한 심리적인 변수와 정교한 연구설계 를 활용한 지속적인 연구가 필요할 것이다.

This study explores possible framing effects on consumers' life annuity decision making. Life annuity products can be one of the best options for hedging longevity risk however, these products have been under-utilized by consumers in the market. This is called as 'annuity puzzle,' and the annuity puzzle is an universal phenomenon. Researchers have examined the possible reasons of the annuity puzzle and recently the significance of psychological factors in explaining the annuity puzzle have been argued in the literature. Among the various psychological factors, this study focused on the framing effect. To determine whether consumers' life annuity decision is influenced by framing, this study developed a 2-minute long media clip advertisement of a hypothetical immediate life annuity product using goal framing. The advertisement clip is consisted with explanation of the product features and interview with a client. The positive goal framing advertisement included an interview with a hypothetical client who purchased an immediate life annuity and the negative goal framing advertisement included an interview with a hypothetical client who failed to purchase any immediate life annuity. Respondents were recruited by non-probabilistic sampling and are delimited to those who are age over 40. Respondents were asked to watch the advertisement clip and to fill out a short questionnaire measuring their willingness to purchase a life annuity product, demographic characteristics, concerns about longevity risk, level of health status, financial risk tolerance, investment horizon, and some retirement planning questions. Based on t-tests and 3,000 bootstrapping, it was found that for those who evaluate their health status is average, positive framing had positive influence on the willingness to purchase a life annuity. In addition, for those who are risk averse, positive framing showed a positive relationship with the willingness to purchase a life annuity at 10% significance level. Even though this research showed possible positive effects of positive framing on life annuity purchase it is recommended to further examine the framing effect on life annuity decision with more elaborated research design with larger sample.

This study explores possible framing effects on consumers' life annuity decision making. Life annuity products can be one of the best options for hedging longevity risk however, these products have been under-utilized by consumers in the market. This is called as 'annuity puzzle,' and the annuity puzzle is an universal phenomenon. Researchers have examined the possible reasons of the annuity puzzle and recently the significance of psychological factors in explaining the annuity puzzle have been argued in the literature. Among the various psychological factors, this study focused on the framing effect. To determine whether consumers' life annuity decision is influenced by framing, this study developed a 2-minute long media clip advertisement of a hypothetical immediate life annuity product using goal framing. The advertisement clip is consisted with explanation of the product features and interview with a client. The positive goal framing advertisement included an interview with a hypothetical client who purchased an immediate life annuity and the negative goal framing advertisement included an interview with a hypothetical client who failed to purchase any immediate life annuity. Respondents were recruited by non-probabilistic sampling and are delimited to those who are age over 40. Respondents were asked to watch the advertisement clip and to fill out a short questionnaire measuring their willingness to purchase a life annuity product, demographic characteristics, concerns about longevity risk, level of health status, financial risk tolerance, investment horizon, and some retirement planning questions. Based on t-tests and 3,000 bootstrapping, it was found that for those who evaluate their health status is average, positive framing had positive influence on the willingness to purchase a life annuity. In addition, for those who are risk averse, positive framing showed a positive relationship with the willingness to purchase a life annuity at 10% significance level. Even though this research showed possible positive effects of positive framing on life annuity purchase it is recommended to further examine the framing effect on life annuity decision with more elaborated research design with larger sample.

life annuity, longevity risk, framing effect, retirement planning, retirement asset management, annuity puzzle