중년층의 개인연금 보유 및 납입액에 관한 연구

초록

Private pensions are introduced to the Korean insurance market in 1994. Unlike previous studies, this study empirically examines determinants affecting policy ownership and payment behavior focused on middle-aged persons who will receive payments from their private pensions, and we derive implications from the examination. We analyze factors affecting private pension ownership and annual payments of persons aged between 50 and 65 years-old by the logistic and linear regression model, respectively. In particular, reflecting recent social trends of low birthrates, the models include explanatory variables such as the number of children in a household, bequest motive to their children, and willingness to rely on them. Analysis results showed that the lower the age, the longer the years of education, the higher the net assets, the more likely the middle-aged persons are to have a private pension. The smaller the number of children, when they are willing to bequest to their children, when they are not willing to rely on their children, and when they hold a public pension or a coverage insurance, the more likely they are to hold a private pension. The longer the years of education, in the case of no spouse, the more the net assets, and when they hold a coverage insurance, the more likely they increase amounts of private pension payments. These findings imply the followings: first, the need for private pensions is expected to increase as the number of family members per household decreases owing to both decreasing birthrates and increasing numbers of one-person households. Second, a well-designed private pension that considers willingness to bequest can meet the middle-aged persons’ demand for private pensions. Third, it might be necessary to strengthen private pension promotion and policy support for the low-education or low-income class.

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