노후리스크에 대한 인식과 절세효과가 개인연금 가입에 미치는 영향의 분석

초록

This study investigates the effects of perceptions of longevity risk and tax benefits on individual annuity demand, using the financial panel survey data from Korea Institute of Public Finance. Specifically, this study examines whether the effects of perceptions of longevity risk (psychological factors) and tax effect (institutional factors) are differentiated by income levels (financial factors), using quantile regression. Overall, the results of this paper show that the degree of expectation of longevity risk does not significantly affect individual annuity payment, whereas the tax effect significantly increases the individual annuity payment. The results of our analyses vary among separate income quantiles. We find that the perception of longevity risk has a significant positive effect in the first quantile representing the highest income level. And the tax effect has a significant positive effect in the third and fourth quantiles. The results of the quantile regression show that the perceptions of longevity risk and the tax effect are significant determinants of individual annuity investment decision, mainly for higher income households. It is interpreted that the lack of economic ability of lower income households restricts their individual annuity payment and the available tax benefit in reality, even if they recognize the longevity risk enough. This study is expected to contribute to the policy discussion to improve private pension policy.

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