• Journal of Families and Better Life
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• v.27 no.1
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• pp.1-16
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• 2009

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.

• Journal of Families and Better Life
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• v.34 no.5
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• pp.53-68
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• 2016

Financial preparation for retirement means making financial plans by predicting expected incomes and expenditures needed for maintaining success in later life. Because this preparation needs long-term planning, preparing as early as possible is recommended. This study, therefore, uses theory of planned behavior for examining the intention of financial preparation for retirement of consumers in their 20s and 30s. By using financial education and its understanding as additional variables, this study also intends to examine the ultimate effects on the intention. The following is a summary of the main results and suggestions. First, the level of consumer financial education is lower than the average. The level of understanding finance is lower than the average, and particularly, the level of understanding retirement related finance is much lower. Second, the more the attitude of financial preparation for retirement is positive, and the higher the level of subjective norm or perceived behavioral control is, the level of the intention of financial preparation for retirement tends to be more higher. Therefore, relevant efforts to encourage this preparation are needed. Third, the level of the intention of financial preparation for retirement is higher than the average, whereas financial education has no effects on the intention. This means that despite the importance of the financial education, its current implementation has many problems. The suggestions of this study are as follows. First of all, this study can provide preliminary data for developing retirement planning programs. In addition, in terms of the policy, given that this study targets relatively young consumers in their 20s and 30s, it can provide preliminary data for making policies for their future retirements.

• Journal of Family Resource Management and Policy Review
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• v.16 no.4
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• pp.131-152
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• 2012

The aims of this study were to analyze middle-aged households' financial preparation for retirement. Specifically, this study surveyed the relation between human capital investment for children and the middle-aged households' financial preparation for retirement and investigated factors influencing financial preparation for retirement. Data were obtained from the 3rd Korean Retirement and Income Study (KReIS) in 2009, and a sample of 757 households was selected. The statistical methods were frequency, percentile, mean, standard deviation, ${\chi}^2$, t-test, Pearson's correlation coefficient, and logistic regression analysis. The findings of this study are as follows. First, the percentile of preparation for living costs for old age was 49.9% for the middle-aged households. In terms of the types of preparation for living costs for old age, the results showed 61.6% of personal preparation, 33.9% of pension system, and 1.3% for children and relatives. In relation to the adequacy of the preparations for living costs for old age, preparations made by 57.4% of the middle-aged households were inadequate. Observing the minimum living costs for old age and adequate living costs after retirement for single and couple, the minimum living costs of the middle-aged households was 1.46 million won for couple and 0.91 million won for single. The adequate living costs for old age was 2.07 million won for couple and 1.34 million won for single. Second, there were 757 households with total education expenditure. Of these, 208 incurred annual expenditure on public education, and the annual expenditure for public education was 7.28 million won. There were 170 households with annual expenditure for private education, and the annual expenditure for private education was 2.50 million won. 243 households of middle-aged households had annual expenditure for human capital investment, including both public and private education, with annual expenditure for human capital investment for children of 7.82 million won. Furthermore, in the human capital investment factor, there was a difference in the middle-aged households' financial preparation for retirement according to their annual expenditure for human capital investment including both public and private education. In addition, there was a difference in financial preparation for retirement based on their public education expenditure. Third, in the logistic regression model 1, which included human capital investment, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and human capital investment. In the logistic regression model 2, which included annual expenditure for public education and annual expenditure for private education, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and annual expenditure for public education.

• The Journal of the Korea Contents Association
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• v.16 no.7
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• pp.522-531
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• 2016

Extension of life expectancy and retirement of baby-boomers from 2010 made big population senior citizens, and concerns about retirement was heightened. Researches to remove the concerns about retirement found out that awareness for senior age life and financial preparation actions for retirement influence retirement life both directly and indirectly. This research identified the influence of financial retirement preparation on related variables, and analyzed its control effect on retirement and senior life perception, retirement preparation actions, and retirement satisfaction level. For that, from Nov 2015 to Feb 2016, this research surveyed 1,500 people from 20 to 69, by mailing or visiting with survey, noting purpose and process of research, eliminating 83 insufficient replies, and analyzing 1,417 surveys. This result shows the better retirement preparation, the more positive retirement and senior life perception, retirement preparation actions, and retirement satisfaction level. This research is significant as basic data for general and practical retirement preparation program development.

• Journal of Family Resource Management and Policy Review
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• v.22 no.2
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• pp.25-43
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• 2018

The purpose of this study was to analyze the factors that influence middle-aged people's retirement planning and financial preparation for old age. The data was derived from "the National Survey of Families 2015". The samples included 1,462 people from 40 to 64 years of age. The findings from the analysis showed that the level of retirement planning was significantly associated with gender, age, education level, employment status, monthly family income, monthly expenditure on spending to support parents, and perceived household economic condition. When the samples were divided by sex, the results showed that the perceived household economic condition was the most significant factor for both men and women's level of retirement planning. Age and education level were the significant factors for women's level of retirement planning but not for men's. Logistic regression was used to analyze whether middle-aged people made financial preparation for old age. For the whole sample, whether or not a person was a regular employee, monthly family income, monthly expenditure on supporting parents, perceived household economic condition, and retirement planning were significant variables in determining financial preparation. For men, whether or not a person was a regular employee, monthly family income, perceived household economic condition, and retirement planning were significant factors, for women whether or not a person was a regular employee, and retirement planning were the significant factors in determining financial preparation. The results implied that retirement planning is needed for middle-aged people to prepare for old age financially while the financial preparation should differ depending on sex.

• Journal of Family Resource Management and Policy Review
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• v.17 no.1
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• pp.199-219
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• 2013

The purpose of the study was to investigate the effects of money transfer between generations on preparation behaviors for retirement, separated into assets and saving for retirement. The survey was conducted by targeting 422 married people across the nation. The factor of money transfer between generations was defined as the inheritance and gift variable. The data were analyzed using SPSS 20. Correlation, analysis of variance (ANOVA), and multiple regressions were utilized. The results indicated that preparation behaviors for retirement are affected by the economic independence of parents, inheritance, expenses for children's education, and marriage. Retirement assets were significantly affected by inheritance, the economic independence of parents, educational expenses for children, financial assets, and amount of debt, while the significant factors related to retirement savings were interests on retirement, income, wedding expenses for children, economic independence of parents, and educational expenses for children. It was concluded that the financial preparation for retirement ought to be expanded from one household's finances to finances between generations.

• Journal of Family Resource Management and Policy Review
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• v.18 no.4
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• pp.27-52
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• 2014

This study aims to investigate the financial soundness of Korean households and its effects on the retirement preparation of these households. The sample consisted of 1,031 households selected from the 4th Korean Retirement and Income Study (KReIS) by the National Pension Research Institute in 2012. The empirical results are as follows. According to the logistic regression model, the statistically significant factors affecting the retirement preparation of Korean households are gender, occupation type, residence, satisfaction with economic condition, and type of financial soundness-sound households or insolvency-risky households. In other words, more female-headed households and households with higher levels of occupation are less likely to prepare for retirement. The households that are more likely to prepare for retirement are those that are lived in metropolitan areas as opposed to the countryside; further, households that are more economically sound are also more likely to prepare for retirement. In particular, sound households and insolvency-risky households are less likely to prepare for retirement compared to liquidity-risky households.

• Korean Journal of Occupational Health Nursing
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• v.30 no.4
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• pp.175-185
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• 2021

Purpose: The purpose of this study was to explore the influence of care stress for older patients, self-perceptions of aging, and anxiety about aging on preparation for retirement in clinical nurses. Methods: This was a cross-sectional descriptive study in which participants were 222 nurses who had at least six months of work experience and were involved in caring for older patients in the last six months at the work site. Data were collected from August to September, 2020 using an online survey questionnaire. Data were analyzed using the IBM SPSS/WIN 25.0 program. Results: The mean level of preparation for retirement in the participants was moderate (3.21 out of 5 points). Among the sub-domains of preparation for retirement, financial preparation had the lowest score. Self-perceptions of aging and aging anxiety were significant predictors for retirement preparation in nurses, accounting for 16% of the variable's total variance. Conclusion: A greater level of preparation for retirement was associated with a positive perception of aging and a decreased level of aging anxiety in the clinical nurses. Further research should focus on exploration of specific determinants of financial preparation for retirement and development of intervention strategies for improving preparation for retirement in the nursing workforce.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.279-290
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• 2020

This study examines how economic preparation for later life directly influences life after retirement. As people's life cycle is gradually getting longer, preparation for the later time with less economic activity after retirement is becoming more important. Thus, this study analyzes the factors influencing life after retirement. Data comes from the Korean Retirement and Income Study (KReIS) surveyed carried out by the National Pension Research Institute in 2015. The analysis includes Cronbach's alpha, Pearson Product Moment Correlation Coefficient and Sobel Test. This study confirms that voluntary retirement has a positive influence on life satisfaction. Results are in line with previous research about the relationship between voluntary retirement and retired life. When a person retires voluntarily, financial preparation can be made in advance for retirement. In case of involuntary retirement, people may experience a sense of loss in personal standing and financial difficulties due to the unexpected situation. Especially, early retirement from the main workplace leads to unstable later life. The study's policy recommendation, in particular, calls on government and businesses to agree on social responsibility for helping employees to retire in the predictable retirement time and, thus, enabling the retiree to decide all aspects of the path after retirement.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.10 no.5
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• pp.151-163
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• 2015

This study aims to clarify factors having effect on the turnover and entrepreneurial intention of financial institution workers. Particularly, this study analyzed the effect of job satisfaction, job insecurity, retirement expectation and retirement preparation activities. As research subjects, this study selected financial institution workers residing in Seoul and the capital area and used a total of 508 samples as analysis data. This study analyzed job satisfaction, job insecurity, retirement expectation and retirement preparation activities as factors having effect on the turnover and entrepreneurial intention of financial institution workers. The research results can be summarized as follows; Firstly, all the factors of job satisfaction had negative (-) effect on their turnover intention, and compensation satisfaction and interpersonal relation satisfaction also had negative (-) effect on their entrepreneurial intention. Secondly, since job insecurity had positive (+) effect on their turnover intention and entrepreneurial intentions, the more insecure their jobs became, the more their turnover and entrepreneurial intention increased. Thirdly, in the retirement expectation, forced frustration and continuation had positive (+) effect on their turnover intention, and forced frustration, new start and continuation also had positive (+) effect on their entrepreneurial intention. Fourthly, in the retirement preparation activity, entrepreneurial preparation, social preparation and physical preparation of retirement preparation activity had positive (+) effect on their turnover intention, but economical preparation had negative (-) effect on their turnover intention, while entrepreneurial preparation had positive (+) effect on their entrepreneurial intention. In other words, as they prepare business start-up more for retirement, their turnover and entrepreneurial intentions increase more. Although they receive higher wages than other workers in different job fields as financial institution workers, they showed significant results about turnover and entrepreneurial intentions, which indicates that job satisfaction, job insecurity, retirement expectation and preparation activities function as important variables in the relation with their turnover and entrepreneurial intentions. Such research results imply that it is necessary to develop various educational programs and turnover and business start-up support programs so that financial institution workers may have better understanding of both success and failure cases when they actually work on business start-ups.