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http://dx.doi.org/10.14400/JDC.2015.13.4.137

The necessity of developing various convergence financial services in preparation for the aging  

Choi, Jeong-Il (Division of Business, Sung Kyul University)
Ahn, Chang-Yong (Dept. of International Business, Suwon Science College)
Publication Information
Journal of Digital Convergence / v.13, no.4, 2015 , pp. 137-146 More about this Journal
Abstract
The aging process in this country is underway at the fastest pace compared to those of the leading countries. On the other hand, preparing for retirement funds is more difficult than before due to the impact of slow interest rate and slow growth. The purpose of this study is to examine the necessity of providing various financial services in preparation for the future aging era. After analizing the various materials and utilizing a survey of the bank employees and the general public, we have found the followings. The replacement rate of this country, 55%, is much lower than the suggested level of World Bank, 75%. Also, the pension ratio in the income after retirement of this country is much lower compared to those of the States and Japan. The most people who participated in the survey needed ￦2,000 - ￦2,990 thousand for monthly living expenses after retirement. For the retirement funds, the higher the age the higher proportion of savings deposits they want, and the lower the age the higher proportion of insurance and pension products they want. Based on these analyses, the necessities of developing financial life planning which includes both financial and non-financial sides, retirement funds management according to age, revitalization of housing pension and developing diverse retirement funds are suggested.
Keywords
Aging society; Convergence; National pension; Personal pension; Retirement pension; Housing pension;
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Times Cited By KSCI : 1  (Citation Analysis)
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