Factors Affecting Economic Opinion and Behavior of Adults

Abstract

Public opinion and economic behavior in large-scale surveys has become an increasingly important research field. This study contributes to this field by analyzing the Korean case for the first time using a nationwide survey database. It investigates factors that influence not only public opinions on economic issues but economic behavior of adults. None of the variables in the model are consistent in estimated signs and statistical significance, implying that the influential factors vary by economic opinion and behavior. Even economic knowledge shows erratic effects on public opinion about economic issues and only has a limited power to predict economic behavior of adults. This study also discloses personal economic and socioeconomic characteristics that are significant in explaining public opinion and economic behavior. Overall, those males who live in the capital city, read economic news, and assess their economic knowledge highly are more likely to hold the same opinions that economists generally have. Highly educated adults, those who are interested in economic matters, and the respondents assessing their economic knowledge highly have a greater tendency to behave positively.