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Differences in Household Economic Status and Financial Behavior between Household Conducting and Not-conducting Financial Preparation for Retirement  

Yang, Se-Jeong (Dept. of Consumer & Housing Studies, Sangmyung Univ.)
Lee, Seong-Lim (Dept. of Consumer & Family Sciences, Sungkyunkwan Univ.)
Publication Information
Journal of Families and Better Life / v.27, no.1, 2009 , pp. 1-16 More about this Journal
Abstract
Using the 2007 Fund Investors Survey, we investigated (1) the differences in economic status in terms of household income, consumption, saving, assets and debts, (2) the differences in financial management behavior, (3) and the differences in confidence in economic status after retirement between households conducting and not-conducting financial preparation for retirement. The major study findings were as follows. First, only 46.4% of the households were financially preparing for retirement. The levels of income, consumption, and saving were higher among households conducting financial preparation for retirement than among those not-conducting such financial preparation. Second, households conducting financial preparation for retirement had a relatively high propensity to save. Their financial asset portfolio had a higher weight in safety assets and investment assets than in retirement assets. Due to their lack of confidence in their economic status after retirement, their demand for financial preparation for retirement remained. Third, the households which did not conduct financial preparation for retirement tended to have a relatively heavy debt burden and not to implement general household financial management practices. Fourth, among the three-pillar retirement income system, the second pillar, of individual retirement account was not well established. Based on these results, various implications were suggested.
Keywords
financial preparation for retirement; household assets and debts; household income consumption; saving; financial management practices; confidence in economic status after retirement;
Citations & Related Records
Times Cited By KSCI : 5  (Citation Analysis)
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