개인연금 보유 및 연금불입액의 관련요인 분석: 상속동기를 포함하여 (Factors Related to Private Pension Product Investment: Including Bequest Motives)

서지정보

· 발행기관 : 한국소비자학회
· 수록지 정보 : 소비자학연구 / 22권 / 3호 / 183 ~ 206페이지
· 저자명 : 주소현

초록

은퇴기간동안 자금조달을 위한 상품으로 연금은 일정한 기간 동안 정해진 수입을 보장한다는 측면에서 중요성이크지만, 개인연금은 예금이나 적금보다 은퇴대비 저축수단으로 활용되지 못하고 있는 실정이다. 본 연구에서는 투자자보호재단에서 실시한 2007년 투자자조사 자료를 이용하여 개인연금보유 현황을 분석하고, 개인연금을 보유한 가계와 보유하지 않은 가계의 특성을 비교하며, 개인연금 보유 및 월평균 연금불입액과 관련된 요인을 분석하고자 하였다. 특히 직접적으로 측정된 상속동기가 개인연금 보유와 관련을 가지는 가를 살펴보아 연금퍼즐관련 문헌에서밝히고 있는 요인이 우리나라 개인연금 가입에도 적용될 수 있는지를 살펴보았다. 본 연구에서는 개인연금을 은퇴소득재원으로 사용되는 은퇴준비 저축의 일환으로 여겨서 은퇴를 이미 한 경우를 제외하고 분석(총 3,068사례)하였으며 개인연금 보유 및 월평균불입액과 관련된 요인을 Heckman 2 단계 분석을 이용하여 살펴보았다. 연령이 낮을수록, 미혼보다는 기혼의 경우에, 가계의 월평균 소득이 높을수록, 가계의 총자산이 높을수록, 기타의 목적보다는자녀양육이나 노후대비의 저축목적을 가진 경우일수록, 예측하는 은퇴기간이 길수록, 저축계획기간이 없는 경우보다는 3년 이상 혹은 10년 이상의 저축계획기간을 가지는 경우일수록, 펀드에 투자하는 가계일수록 다른 변수를 통제한 상태에서 개인연금을 보유할 확률이 높아지는 경향이 있는 것으로 나타났다. 본 연구의 분석에서는 응답자의 상속동기와 개인연금보유의 직접적인 관련성을 발견하지 못하였다. 개인연금의 월평균불입액에 영향을 미치는 변수는결혼상태(미혼일수록), 직업(무직 혹은 주부와 비교할 때 자영업일수록), 주거형태(자가가 아닐수록), 월소득(높을수록) 및 총자산(높을수록)으로 나타났다. 은퇴설계의 관점에서 본 연구의 결과를 바탕으로 각 변수의 영향력을 고려한 노후계획에 대한 교육이 필요하다. 추후에는 보다 다양한 자료를 활용하여 개인연금과 상속동기와의 관계를규명하고, 개인연금 가입 및 은퇴시 자산의 연금화 의사결정과 관련한 정보를 제공하는 연구가 수행되어 질 것을제안한다.

영어초록

Retirement planning is one of the most important financial objectives to individuals when considering increasing life expectancy in recent years. Recently, Korean society is experiencing rapid aging and dramatic changes in financial markets and due to the complexities in financial products, planning for retirement is getting harder. Typically retirement income sources are prepared with three-tier approach: national pension, employer-sponsored pension, and personal savings. Among these three, the income replacement rate for the government pension is expected to be decreased due to the rapid growth of aged population compared to the working population and the employer-sponsored pension system is not yet fully established to provide enough income streams during the retirement in Korea. Therefore, the role of personal savings in retirement planning is very significant and urgent. However, in Korea, individuals consider other savings objectives such as preparing for child education expenses or money for a house more significantly than the savings for retirement. In fact, survey in 2009 showed that almost 1 in 4(24.7%) individuals over the age 18 do not save anything for retirement(Korean Statistics Bureau, 2010). For those who answered that they are currently saving for retirement utilized national pension the most(42.6%) and this reveals rather passive savings behavior in retirement planning.
Among the various retirement savings products, this study focuses on private pension(annuity)products. Pension products and especially annuity products have a strong benefit as a retirement savings tool because annuity provides constant income streams during the retirement no matter how long the individual survives in retirement. Annuity by nature provides guaranteed and steady stream of income for the rest of the life of a purchaser and due to this characteristic,annuity could be a perfect hedge for a longevity risk. However, the overall annuity markets in the advanced economies(such as US) are less than expected and this phenomenon is called as “annuity puzzle.” Many researchers tried to examine the annuity puzzle with economic models,psychological models, and other decision making models and proposed several reasons of the phenomenon. One of the factors that influence annuity decision is bequest motive. When people have bequest motive, they do not want to use up their entire wealth for their retirement expenses therefore the bequest motive prohibits people from fully utilize annuity products to provide retirement income.
The purpose of this research was to examine the factors related to the personal pension (annuity) products purchases. A special attention was paid to bequest motives; whether bequest motive is related to private pension purchases when considering individuals’ demographic,socioeconomic, and financial planning related factors. This research utilized a direct measurement of bequest motive by asking individuals whether they definitely want to leave any assets to their heir after they die. The research also included a comprehensive list of related factors such as anticipated retirement period, savings motive, savings horizon, and financial risk tolerance along with demographic and socioeconomic characteristics.
The data of this research was the 2007 Investor Survey from the Korea Investors Protection Foundation. The 2007 Investor Survey was conducted in November and December of 2007 by utilizing both web-based and personal interview survey with a structured questionnaire with 3,500 adults who aged between 20 to 65 from Seoul and its vicinity and six large metropolitan cities in Korea. The survey tried to gauge investment and financial management behaviors of individuals in Korea and paid special attention to mutual fund investment. The survey also included detailed investment behavior in various financial products and it included decision making in private pension products(personal pension products which belong to the tax benefited financial products according to the income tax code in Korea). To investigate private pension product utilization and its related factors this study limited the sample to non-retirees (N=3,068) and the data was analyzed with descriptive analysis, t-test, χ^2-test, and Heckman two step model.
Among the non-retirees in the 2007 Investor Survey, 54.4% of the respondents possessed private pension products and average monthly investment amount for the owners of pension products was 263,000 won. The factors related to the private pension product investment were age, marital status, monthly income, total household asset, savings motive, savings horizon,anticipated retirement period, and mutual fund investment behavior. Specifically, those who were younger, married, had higher levels of monthly income and household assets, with savings motive of child education and retirement income preparation, with longer savings horizon,with longer anticipated retirement period, and were investing in mutual funds were more likely to have private pension products when controlling other factors. The relationship between bequest motive and private pension possession could not be identified in this research.
The factors related to monthly investment amount on private pension products included marital status, occupation, home-ownership, monthly income and total household asset. Contrary to the ownership analysis, non-married individuals invested more money on private pension products than married individuals when controlling other factors. The self-employed individuals' monthly investment on private pension product was greater than those who are not working while homeowners’ monthly investment was smaller than those who rent their house. The monthly income and total household asset had positive influences on the monthly investment amount on the private pension products when controlling other factors.
Based on the factors identified in this research, retirement planning professionals, educators,and consumers could develope effective retirement savings strategies or decision-making tools.
For example, this research revealed that the savings motive(preparing for retirement) and anticipated retirement period were positive factors on private pension investment decision therefore, setting up specific savings goals and understanding realistic life expectancy and retirement period could be included in retirement planning education to encourage people save more for retirement. The savings horizon also positively related with private pension product investment therefore individuals should be encouraged to avoid myopic perspectives in retirement planning.
Even though this research could not confirm the relationship between bequest motive and private pension investment decision, more research on this topic is recommended in the future.
Especially research about annuitization decision in retirement could provide useful information about the relationship between bequest motives and private pension and annuity products purchases.

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