: (Personal Financial Planning of Korean Consumers: Differences in Attitudes and Behaviors Across Income Classes and Generations)

Abstract

Korean Abstract: 본 연구의 목적은 우리나라 소비자의 재무관리 태도와 행동의 대체적인 경향을 소득계층과 세대에 따라 나누어 살펴보는 것이다. 소득계층은 OECD의 중위소득 기준 소득계층 구분 방식에 따라 통계청 가계동향조사에서 발표된 중위소득을 기준으로 50% 이하를 저소득계층, 50~150% 분위를 중간소득계층, 150% 이상을 고소득계층으로 구분하였으며, 세대는 전쟁세대(~1954년 생), 베이비붐 세대(1955~1963년 생), X세대(1964- 1978년 생), 그리고 에코 세대(1979-1994)로 구분하였다. 그리고 재무관리 태도 척도와 행동 척도는 한국소비자원이 2014년 실시한 “한국의 소비자역량지표” 조사 내의 8문항과 9문항으로 각각 구성하였다. 주요한 분석 결과를 요약하면 다음과 같다. 첫째, 현재지향 재무관리 태도의 경우, 에코 세대에서 가장 낮게 나타나며, 소득계층에 따라서는 차이가 없었다. 둘째, 미래지향 재무관리 태도의 경우, X세대에서 가장 높게 나타나며, 고소득층에서 높게 나타났다. 셋째, 건전한 재무관리 행동은 X세대와 베이비부머 세대에서 높게 나타나고, 전쟁세대와 에코세대에서 낮게 나타났다. English Abstract: The purpose of this study is to investigate attitudes and behaviors of Korean consumers in terms of personal financial management. Using the Consumer Empowerment Index sponsored by the Korea Consumer Agency, we compared the value orientation and the financial management behavior of Korean consumers across income classes and generations. For statistical analysis, the SPSS 23.0 program was used: principle component analysis (PCA), one-way ANOVA, and two-way ANOVA were conducted. The main results of this study are as follows. First, as a result of principle factor analysis using the Varimax rotation method, two types of financial attitudes were revealed. The first one was named a “present-oriented financial attitude,” and the second one was named a “future-oriented financial attitude.” To be specific, the eco-generation (those born between 1979-1994 in Korea) had the lowest mean score in terms of the present-oriented financial attitude. On the other hand, the X-generation (those born between 1964-1978 in Korea) had the highest mean score in terms of the future-oriented financial attitude. In terms of the income class, the highest-income class had the highest mean score for the future-oriented financial attitude. However, the results of two-way ANOVA showed that no interaction effect was supported for the financial attitudes by the income classes and the generations. Instead, only the main effect of the generations was significant. Second, sound financial behaviors were exhibited for the X generation and the baby- boomers, compared with the eco-generation and the war-generation. If the vulnerability in performing financial management is not a feature of a generation but a kind of problem that every generation experiences in a particular life cycle, the eco-generation’s vulnerability will be cured as they age. Otherwise, the eco-generation’s vulnerability should be regarded as their unique characteristic. All in all, the results of this study showed who is vulnerable and who is less vulnerable with respect to financial attitudes and behaviors. Differences in financial attitudes and financial behaviors across income classes and generations were investigated. The findings of this study can contribute to understanding the characteristics of Korean consumers’ personal financial management.