Browse > Article
http://dx.doi.org/10.5934/KJHE.2013.22.1.117

Capability of Retirement Planning and Implementing and the Influencing Factor  

Kim, Jung-Hyun (Research Institute of Human Ecology, Seoul National University)
Park, Joo-Yung (Dept. of Consumer's Life Information, Chungnam National University)
Publication Information
Korean Journal of Human Ecology / v.22, no.1, 2013 , pp. 117-129 More about this Journal
Abstract
The purpose of this study is to examine the factors affecting on CRPI (capability of retirement planning and implementing) and to identify the critical point of financial factors to increase CRPI. 908 Korean individuals' data were used for descriptive statistics, t-test, F-test, and Generalized Linear Mixed Model Analysis. As a result, CRPI was influenced by attitude toward retirement planning, gender, income, and propensity to save. Some mid-group did not make a significant difference in CRPI compared to the lower-group. Men were more capable at CRPI than women in terms of sense of independence and getting a consulting service. Most consumers appear to have difficulty in calculating their retirement fund. People who have income over 3,000,000 won have dramatically greater CRPI than people who have income under 3,000,000 won. And people who have saving ratio over 23% have significantly greater CRPI than people who have propensity to save under 23%. The monthly income 3,000,000 won and propensity to save 23% were considered as critical points related to CRPI.
Keywords
retirement; retirement planning; CRPI(capability of retirement planning and implemmenting); propensity to save; critical point;
Citations & Related Records
Times Cited By KSCI : 5  (Citation Analysis)
연도 인용수 순위
1 Bae, M. J. & Jeon, K. Y. (2004). The Effect of Variables on Attitudes and Preparations toward Retirement, Journal of the Korean Home Economics Association , 42(7), 89-102.   과학기술학회마을
2 Choi, Y. J. (2010). The Effect of Youth's Financial Literacy on Consumption Behavior, Youth Culture Forum, 25, 172-205.
3 Godwin, D. D. (1997), "Dynamics of Households' Income, Debt, and Attitudes Toward Credit, 1983-1989," Journal of Consumer Affairs, 31(2), 303-325.   DOI   ScienceOn
4 Kim, J. H. & Choe, H. C. (2011). The Development of Consumer Financial Competency Measure, Financial Planning Review, 4(3), 1-36.
5 Lee, J. Y. & Choe, H. C. (2009). A Study of Korean Retirees' Retirement Wealth Adequacy and Its Determinants: A Comparison of between Objective Estimation Results and Subjective Recognition, Journal of the Korean Gerontological Society, 29(1), 215-130.
6 Rhee, K. C. & Park, K. J. (1997). A Study on the late payment behavior of the Consumer Credit, Korean Journal of Home Management, 15(3), 139-151.   과학기술학회마을
7 Samsung Life Retirement Research Center (2012). Koreans' Retirement Readiness 2012, White Paper on Retirement, Samsung Life Insurance.
8 Sung, Y. A. & Jung, H. Y. (2008). Household Financial Status, Credit Attitude and Financial Management Behavior of Debt Delinquents: A Comparison with Non-delinquents, Journal of Consumer Studies, 19(4), 65-82.
9 Thaler, R. H. (1990) "Anomalies_Saving, Fungibility, and Mental Accounts," Journal of Economic Perspectives, 4(1), 193-205.
10 Seo, E. S. & Jang, Y. O. (2008). The Effect of Consumer Knowledge, Money Attitude and Consumption Values on Rational Consumption Behavior in Adolescent, Korean Journal of Home Management, 26(5), 241-257.   과학기술학회마을
11 Van Rooij, M, Lusardi, A., & Alessie, R. (2007). Financial Literacy and Stock Market Participation, NBER Working Paper, No. 13565, October 2007.
12 Malroutu, Y. L. & Xiao, J. J. (1995), "Perceived Adequacy of Retirement Income," Financial Counseling and Planning, 6, 17-24.
13 Yuh, Y. K., Joung, S. H. & Moon, S. J. (2007). Preparation for Retirement of Korean Households, Consumption Culture Study, 10(3), 129-155.   DOI
14 Yuh, Y. K. (1999). Retirement Wealth Adequacy, Journal of Consumer Studies, 10(4), 41-58.
15 Li, J., Montalto, C. P., & Geistfeld, L. V. (1996), "Determinants of Financial Adequacy for Retirement," Financial Counseling and Planning, 7, 439-486.
16 Mandell, L. (2006), Financial Literacy : Improving Education Results of the 2006 National Jump$tart Survey, Washington, DC.: Jump$tart Coalition.
17 Park, C. J. (2008). Economic Preparations for Aging of the Middle and Old-Aged and Their Determinants, Korean Journal of Social Welfare, 60(3), 275-297.   과학기술학회마을
18 Ministry of Health and Welfare (2012). Retirement Readiness Index by Ministry of Health and Welfare-National Pension Service, Press Release.
19 Moon, S. J. & Kim, S. M. (1997). Research : A Preliminary Study on Financial Program Development for Retirement Preparation - Focused on Family Life Cycle Stage -, Journal of the Korean Home Economics Association, 35(5), 1-15.
20 Morgan, L. A. & Eckert, J. K. (2004), "Retirement Financial Preparation : Implications for Policy," Journal of Aging and Social Policy, 16(2), 19-34.   DOI   ScienceOn
21 Parrotta, J. L. & Johnson, P. J. (1998), "The Impact of Financial Attitudes and Knowledge on Financial Management and Satisfaction of Recently Married Individuals," Financial Counseling and Planning, 9(2), 59-75.
22 Rhee, K. C (1985). A Study on Consumer Education to Develop Consumer Capability, Doctoral Thesis.
23 Samsung Economic Research Institute (2007). Consumer Sentiment Index in Fourth Quarter 2007 - Additional Survey : Household Survey of Retirement Readiness.
24 Schultz, P. W. (2002), Knowledge, Information, and Household Recycling: Examining the Knoweldge- Deficit Model of Behavior Change, in New Tools for Environmental Protection -Education, Information, and Voluntary Measures-, Washington DC: National Academy Press, 67-82.
25 Godwin, D. D. (1994), "Antecedents and Consequences of Newlyweds' Cash Flow Management," Financial Counselling and Planning, 5, 161-190.
26 Grable, J. E., Park, J., & Joo, S. (2009), "Explaining Financial Management Behavior for Koreans Living in the United States," Journal of Consumer Affairs, 43(1), 80-107.   DOI   ScienceOn
27 Hira, T. K. & Loibl, C. (2005), "Understanding the Impact of Employer-Provided Financial Education on Employee Commitment," Journal of Consumer Affairs, 39(1), 173-194.   DOI   ScienceOn
28 Hana Bank-Gallup Korea (2007). The State of Koreans' Retirement and Awareness, Survey Report.
29 Heo, M. H. (2012). SPSS Statistics Advanced Linear Models, Seoul: SPSS
30 Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003), "Household Financial Management : The Connection between Knowledge and Behavior," Federal Reserve Bulletin, 89, 309-322.
31 Hong, S. H. & Kwak, I. S. (2007). Causal Effects on Attitude toward Retirement and the Level of Retirement Planning, Korean Journal of Home Management, 25(2), 89-104.   과학기술학회마을
32 Jeon, E. S. & Yoon, B. C. (2009). The Financial Literacy of the Deaf and the Reality of their Financial Management, The Journal of Special Education: Theory and Practice, 10(3), 1-15.
33 Foster, A. C. (1996), "Emploee Participation in Savings and Thrift Plans," Monthly Labor Review, March, 17-22.
34 Kim, J. H. & Choe, H. C. (2012). The Financial Competency of Korean Consumers, Journal of Consumer Studies, 23(1), 229-254.
35 Korea Investors Protection Foundation (2007). 2007 Fund Investors Survey, Survey Report.
36 Lea, S. E. G., Webley, P., & Walker, C. M. (1995), "Psychological Factors in Consumer Debt: Money Management, Economic Socialization, and Credit Use," Journal of Economic Psychology, 16, 681-701.   DOI   ScienceOn
37 Ajzen, I. (1991), "The theory of planned behaviors," Organizational Behavior and Human Decision Process, 50, 179-211   DOI
38 Cha, K. W., Park, M. Y. & Kim. Y. J. (2008). Financial Planning for Retirement among Paid Workers Aged 20s and 30s, Korean Journal of Home Management, 26(1), 149-163.   과학기술학회마을
39 Bernheim, B. D., Garrett, D. M., & Maki, D. M. (2001), "Education and Saving: The Long-term Effects of High School Financial Curriculum Mandates," Journal of Public Economics, 80, 435-465.   DOI   ScienceOn
40 Bettman, J. R. (1979), An Information Processing Theory of Consumer Choice, MA: Addison-Wesley.
41 Choe, H. C., Joo, S. H., Cho, H. J., Kim, M. J. & Kim, J. H. (2012a). Samsung Life Insurance-Seoul Nat'l University Retirement Index -Samsung Life Insurance RAINBOW Retirement Index-, Working Report.
42 Choe, H. C., Joo, S. H., Cho, H. J. & Kim, M. J. (2012b). The Change of the Retirement Readiness Indexes of Wage-Earners During the Financial Crisis, Consumer Policy and Education Review, 8(1), 45-71.
43 Choe, H. C. & Kim, J. H. (2010). The Financial Capability of Debt Delinquents: A Comparison with Non-Delinquents, Journal of Consumer Studies, 21(3), 83-105.
44 Choe, H. C., Joo, S. H., Kim, M. J. & Kim, J. H. (2009). Developing of the Retirement Readiness Indexes of South Korea, Journal of Consumer Studies, 20(3), 189-214.
45 Danes, S. M. & Haberman, H. (2004) Evaluation of the NEFE High School Financial Planning Program 2003-2004, St. Paul, MN: University of Minnesota.
46 Fishbein, M & Ajzen, I. (1975), Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research, MA: Addison-Wesley.
47 Financial Supervisory Service (2003). Financial Literacy of Youth in Korea, Seoul: Financial Supervisory Service.