• Journal of Consumption Culture
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• v.15 no.1
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• pp.93-118
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• 2012

The purpose of this study was to examine the effect of a householder's working type on household saving from the perspective of precautionary saving behavior theory and the determinants of household saving by householder's working type. The data for this study was from the 2009 year of the Korea Welfare Panel Survey (KOWEPS), consisting of 2,463 households with householders whose working type was regular or non-regular employment(temporary, daily or public work). OLS regression analyses and Chow-tests were performed. In the regression analyses, the dependent variables for household saving were precautionary saving and precautionary asset. Precautionary saving was operationalized with the amount of average monthly saving and the ratio of average monthly saving to average monthly disposable income, and precautionary asset was operationalized with the amount of financial assets and the ratio of financial assets to net assets. The independent variables were household income, household assets, householder's working type(regular, non-regular), householder's age, sex, education level and marriage status, income level, the number of household members, housing type, debt, and public transfer income. Monthly average total consumption expenditures for household income, and net assets for household assets, the existence of spouse for marriage status, poverty for income level were used. Public transfer income was classified into three, social insurance, basic assistance and government assistance. For the analyses, Stata 11.0 version was used. The results are as follows: Householder's working type was significantly related to the precautionary saving behavior of a household. However, the precautionary saving and the precautionary asset of a household with a householder in non-regular working type was lower than those of a household with a householder in regular working type. This result is not consistent with the expectation from the perspective of precautionary saving behavior that the saving of a household with a householder in non-regular working type is expected to be higher than that of a household with a householder in regular working type. According to the analyses of the determinants for precautionary saving behavior by householder's working type, monthly average total consumption expenditures, debt, net assets, poverty, the number of household members, basic assistance were statistically significant variables. The positive relation of basic assistance to precautionary saving(the amount of average monthly saving and the ratio of average monthly saving)is a noteworthy result in the analyses of the determinants for household saving by householder's working type. The above results suggest the followings. First, it is easy to predict the unstability of economic life of a household with a householder in non-regular working type because of relatively low precautionary saving and precautionary asset. The reason for the low precautionary saving and the low precautionary asset may be a low current income of the household in spite of its willingness to save. If this reasoning is possible, it suggests that policies are needed for households with householders in non-regular working type to save. Second, the relatively low precautionary saving and precautionary asset of a household with a householder in non-regular working type suggest also their long-term economic stability. This suggests they need to try a long-term financial planning even though they have limitations to save for future because of their low current income. It is necessary to develop the financial planning for the households with unstable incomes. Third, the determinants for precautionary saving behavior by householder's working type were mostly the ones which reflect the economic condition of a household. This suggests that the economic condition of a household is a core factor for household saving. Consequently, it emphasizes the efforts for a household to acquire the adequate level of income for saving. Forth, the positive relation of basic assistance to precautionary saving(the amount of average monthly saving and the ratio of average monthly saving) suggests the possibility for a household to accumulate the precautionary saving and the precautionary asset in the channel of basic assistance.

• Korean Journal of Culture and Social Issue
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• v.8 no.1
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• pp.103-139
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• 2002

Korean society has significantly changed with the onset of a dramatic economic crisis in 1998. From 2000, however, the Korean economy has recovered and currently Korea is enjoying a similar standard of living and economic growth as the pre-1998 levels. This study is a follow-up analysis, comparing the results examining the success attribution of Korean students and adults in 2001 with the results obtained before the economic crisis in 1997. Using the indigenous psychological approach, this study compares the similarities and differences in Korean students and adults' attribution of their personal success before and after the economic crisis. A total of 988 participants, consisting of 481 primary, junior high, senior high and university students and 507 adults (236 fathers and 271 mothers of the students) completed the questionnaire developed by Kim and Park (1998). The results indicate that students perceived their academic achievement and adults perceived successful family life as their most proud achievement. Successful family life included items such as academic success of children, healthy development of their children, and harmonious family life. The person who provided the most significant support for students were parents and for adults, it was their spouse. For students, the importance of friends' social support increased during the high school years. In terms of type of social support, emotional support was reported to be the most important for both students and adults. As for the reason for their success, majority of students and men reported self-regulation and for women, supportive family environment was reported as being the most important. Comparing 2001 results with the 1997 results, the importance of family increased after the economic crisis. Even with the dramatic economic crisis, however, some of the underlying pattern remain strong (such as importance of academic achievement for students, family life for adults, the importance of social support, especially emotional social support from family members, and believing that self-regulation would lead to success). The similar pattern of results obtain before and after the economic crisis indicate that the above results reflect a fundamental values and belief system deeply imbedded in Korean mentality.