소비자의 재무상담 활용현황 및 관련 요인에 관한 연구

주소현(Joo, So Hyun),조영란(Cho, Young Ran) 한국소비문화학회 2012 소비문화연구 Vol.15 No.1

가계를 둘러싼 금융환경이 복잡하게 변화함에 따라 재무설계와 재무상담의 필요성이 커지고 있다. 재무상담이란 전문가에게 가계의 목적에 맞는 재무설계를 받는 것을 뜻하며 목돈마련, 투자관련, 은퇴관련 상담을 포함한다. 그동안 재무설계와 관련된 연구 중에서 소비자의 재무상담 활용에 관한 연구는 활발하게 진행되지 못하였다. 본 연구의 목적은 한국투자자보호재단의 2009년 펀드 투자자조사 자료를 이용하여 소비자의 재무상담 활용현황을 파악하고 그와 관련된 요인을 탐색해 보는 것이다. 2009년 펀드 투자자조사의 응답자 2,530명 중에서 약 19.4%가 재무상담을 활용한 경험이 있으며 재무상담의 주제로 가장 많은 사람들이 상담 받은 내용은 노후설계와 관련된 것이었다. 재무상담을 받은 사람들의 54%와 재무상담을 받지 않은 사람들의 34%는 재무상담시 상담수수료를 지불할 의사가 있었으나 지불하고자 하는 금액은 그리 크지 않았다. 로지스틱 회귀분석 결과 재무상담과 관련된 요인은 연령, 결혼상태, 교육수준, 부동산자산규모, 금융자산규모, 부채규모, 주가전망, 투자자교육수혜여부, 및 상담수수료 지불의사로 나타났다. 연령이 낮을수록, 기혼일수록, 부동산자산, 금융자산, 부채의 규모가 클수록, 주가전망이 중립적인 경우와 비교하여 낙관적일수록, 투자자교육을 받았고, 상담수수료 지불의 의사가 있을수록 재무상담을 받을 확률이 높았다. 전문대졸 이상의 학력과 비교하여 고졸이 하의 학력을 가진 경우에는 재무상담을 받을 확률이 낮았다. 재무상담의 활성화를 위해 전문가의 질 제고와 소비자 입장에서 수준 판단을 위한 제도적 장치가 마련되는 것이 좋을 것이라고 생각된다. 이 분야의 연구가 미흡한 실정에서 재무상담 뿐 아니라 재무설계의 도움추구 대안 활용에 관한 후속 연구를 제언한다. Korean households encounter complex financial environment and the needs for professional financial planning and advising is greater now than any other time. In Korea the concept of financial planning has introduced to general public in 2000. Since then in Korea, not much research has examined the utilization of professional financial advising and its relating factors. The purpose of this research was to examine the utilization of professional financial advising by consumers. Introducing the financial planning helpseeking model, this study examined the factors associated with professional financial advising. The 2009 Investor Survey (N=2,530) from the Korea Investor Protection Foundation was analyzed using t-test, chisquare test, and logistic regression. Among the respondents 19.4% have utilized professional financial advising and the number one topic of professional financial advising was retirement planning. Even though about 54% of those who utilized professional financial advising and 34% of those who have not utilized professional financial advising were willing to pay consulting fees, the amount of the maximum willingness payment was not high. From the logistic regression analysis it was found that those who are younger, married, have higher levels of real estate assets, financial assets, total debt amount, anticipated optimistic outlook for stock market compared to neutral outlook, received investor education, and are willing to pay consulting fees were more likely to utilize professional financial advising. Compared to those who received higher than college education, those who are lower than high school graduates were less likely to utilize professional financial advising. Implications for practice, policy, and research were discussed.

중고령층 금융소비자의 펀드투자에 관한 이해력

주소현(Joo, So Hyun) 한국소비자원 2011 消費者問題硏究 Vol.- No.40

IEEE 802.11ba 에서의 멀티캐스트 연구 이슈

주소현(Joo So Hyun),김태윤(Kim Tae Yoon),김원중(Kim Won Jung),백상헌(Pack Sang Heon) 한국통신학회 2018 한국통신학회 학술대회논문집 Vol.2018 No.1

소득계층별 재무상태 비교 및 Financial Fitness 분석

주소현(So-Hyun Joo),차경욱(Kyung-Wook Cha),김민정(Minjeung Kim),김소연(So-Yun Kim) 한국FP학회 2016 Financial Planning Review Vol.9 No.2

본 연구는 2014년 가계동향조사와 2014년 가계금융복지조사 원자료를 활용하여, 소득계층별 재무상태를 비교하고, 주요 재무비율을 활용하여 Financial Fitness를 진단하였으며, 가계특성에 따라 가계의 재무건전성이 어떠한 차이를 보이는지 분석하였다. 소득계층별 재무상태를 파악하기 위해 저소득층(소득 1분위), 중간소득층(소득 2-4분위), 고소득층(소득 5분위)을 구분하고, 소득유형별 구성비, 소비지출비목 간 구성비, 자산유형별 규모와 구성비, 부채유형별 규모와 구성비, 순자산규모 등을 비교하였다. 또한 가계수지지표, 장기부채부담지표, 거주주택마련부채부담지표, 투자성향지표 등 4개의 주요 재무비율을 활용하여, Financial Fitness를 진단하였다. 각각의 재무비율에 대해 충족, 주의, 위험수준을 구분하여 가이드라인을 제시하고, 가계 특성(소득분위 5집단, 가구주연령 3집단, 가구주 근로형태 3집단, 가구원수 4집단, 자가보유여부 2집단)에 따라 구분한 총 360개의 가계 유형별로 재무건전성을 평가하였다. 추가적으로 가계의 다양한 특성을 통제한 상태에서 각각의 가계 특성이 재무지표와 어떠한 관련성을 보이는 지를 살펴보기 위해, 각각의 재무비율을 종속변수로 한 OLS 회귀분석을 실시하였고, 재무비율 가이드라인 충족여부를 종속변수로 한 로지스틱 회귀분석을 실시하였다. 가계수지지표를 통한 Financial Fitness를 진단한 결과, 소득수준 뿐 아니라 가구주 연령대, 교육수준, 근로형태, 가구원 수, 자가보유여부 등 가계 특성에 따라 가계수지지표를 충족할 확률이 달라졌다. 장기부채부담지표를 통한 Financial Fitness를 진단한 결과, 전반적으로 위험수준인 가계가 많지는 않았으나, 소득수준이 낮은 경우, 자가를 보유하지 않은 경우, 가구주 근로형태가 기타인 경우가 위험수준에 속하는 경향이 높았다. 거주주택마련부채부담지표의 경우, 대부분의 가계가 가이드라인을 충족하는 것으로 나타났다. 투자성향지표를 통한 Financial Fitness를 진단한 결과, 가이드라인을 충족하지 못한가계는 2030대가 많았고, 여성가구주 가계와 임금근로자 가계, 가구원 수가 많은 가계일수록 투자성향지표를 충족할 확률이 낮았다. 본 연구의 결과는 재무설계에서 가장 기본이 되는 가계의 재무상태 평가에서 유용한 벤치마크가 될 수 있으며, 재무비율 진단을 통해 재무건전성, 성장가능성을 파악함으로써, 가계의 재무목표 달성을 위한 조정과 평가에 활용될 수 있다. Using the 2014 Household Income and Expenditure Survey and the 2014 Survey of Household Finances, this study compared the financial status of households by income class and analyzed their financial fitness. The households were divided into three groups: low-income, middle-income and high-income classes, and analyzed in terms of their income-expenditure and asset-liability status. This study analyzed the financial fitness using four financial ratios: expenditures to total income, total debt to total assets, total housing debt to total assets, and investment assets to total assets. A specific guideline for each financial ratio was applied to evaluate the households" financial security and growth. The financial fitness analyses were conducted for 360 types of households which were categorized by income, age, type of work, household size, and home ownership. Also, this study investigated the household characteristics which were related to the financial fitness by OLS and logistic regression. The financial fitness of the expenditures to total income ratio varied according to the householders" age, education level, type of work, household size, home ownership and income level. As regards the financial fitness of the total debt to total assets ratio, those households in the low-income category and did not own their homes were less likely to meet the guideline for financial security. The financial fitness of the investment assets to total assets ratio was less for the 20 to 30 age group, female householders and wage earners than for their counterparts.

중국 20~30대의 MMF 위어바오에 대한 투자현황연구

황보현(Huang Baoxian),주소현(So-Hyun Joo) 한국FP학회 2016 Financial Planning Review Vol.9 No.1

위어바오(余額寶)는 현재 중국에서 가장 크게 주목 받고 있는 온라인 금융상품의 하나이다. 위어바오는 출시할 때부터 비(非)금융회사인 알리바바 그룹에서 운용하는 온라인 금융상품이라는 사실로 큰 관심을 끌어 왔다. 본 연구에서는 중국 20~30대의 위어바오에 대한 투자 현황을 조사하기 위하여 844명의 중국인을 대상으로 온라인 설문조사를 통해서 자료를 수집하여 분석하였다. 위어바오에 대한 투자금액, 투자 계획, 투자 기간, 정보의 획득 경로 및 투자의 직접적인 계기 등을 중점적으로 살펴보았다. 연구 결과에 의하면, 응답자 중 517명(61.3%)이 현재 위어바오에 투자하고 있었고 투자자 중 228명(투자자의 약 44%)은 6~12개월 간 위어바오에 투자하고 있는 것으로 나타났다. 정보획득 경로를 보면 대부분의 투자자(53.4%)는 위어바오 홈페이지로부터 정보를 얻었고, 상당히 많은 투자자(53.2%)가 주변 사람의 권유로 위어바오에 투자하는 것으로 나타났다. 투자할 때 최우선으로 고려하는 것은 ‘이용의 편리성’이라고 응답하였다. 투자여부에 관한 요인을 분석한 결과, 성별(남성), 학력(낮을수록), 직업(블루칼라), 거주지(기타와 비교하여 화동, 화중, 화북지역에 거주할수록), 그리고 투자경험(없을수록)이 투자여부에 통계적으로 유의한 영향을 미치는 것으로 나타났다. 그리고 투자규모에 대한 영향력 변수를 살펴보면, 학력 중 ‘고졸 이하’ 및 ‘대졸’ 투자자는 ‘대학원 이상’학력을 가진 투자자보다 투자규모가 적은 것으로 나타났다. 또한 월 소득(높을수록), 여유자금(많을수록), 금리전망 변수(보통보다는 비관인 경우)가 투자규모에 영향을 미치는 것이 나타났다. The development of China’s online economy has necessitated research on the investment status and associate factors of online financial products in order to identify Chinese investors and also China’s investment environment. YuEbao is a famous online financial product in China. In this study, an online survey with 844 respondents was conducted to investigate the investment status of YuEbao among Chinese investors in their 20s and 30s. The investment amount and investment plan of YuEbao, channel for accessing information and immediate cause of investment were investigated. Among the survey participants, 517(61.3%) respondents were investing in YuEbao. About 44% of investors had invested for 6 to 12 months and more than half of investors had invested 5,001~8,000 RMB (about 90,000~540,000 KRW) in YuEbao. The majority of the investors (60.2%) said that their investment in YuEbao amounted to 0~1% of their financial assets. Most of the investors obtained information from YuEbao’s homepage. Many investors said that advice from acquaintances was the immediate cause for them to invest in YuEbao. When they decided to invest in YuEbao, many investors said that ‘User Convenience’ is one of the top criteria in their investment decision. About investment decision factors, gender, ‘high school or below’ educational experience, white collar and blue collar, investment objective, investment aptitude and residence significantly influenced the investment decision. Among other factors, people with ’high school or below’ and ‘undergraduate’ educational experience invested less than did those with postgraduate educational experience. Those who have an average opinion about the market interest rate invested less than those who have a pessimistic opinion. It showed that people who have more monthly income and discretionary money invested more in YuEbao.

투자 위험수용성향 척도의 활용성에 관한 연구 - Grable & Lytton의 시나리오형 문항과 단일문항 측정방법의 비교

주소현 ( Joo So Hyun ) 한국소비자학회 2017 소비자학연구 Vol.28 No.1

개인의 투자의사결정에서 가장 중요한 요인은 본인의 투자성향을 파악하는 것이다. 본 연구는 투자위험과 관련한 개인의 심리적인 성향을 파악하기 위해 활용되는 투자위험수용성향 측정도구의 활용가능성을 탐색하고자 하였다. 시나리오형 질문으로 구성되어 있는 Grable & Lytton(1999, 2003)의 13개 문항을 한국어로 번역하여 서울 및 수도권에 거주하는 40대 남녀 806명을 대상으로 투자위험수용성향을 조사·분석하였고 이를 국내 금융사에서 많이 사용하고 있는 투자유형선택 단일문항의 응답과 비교하였다. 특히, 응답자의 투자행태를 상품이 가지고 있는 위험의 정도에 따라 분류하여 주관적으로 응답한 투자위험수용성향이 실제 투자행태에 반영되는 지를 살펴보았다. 분석결과 두 가지 유형의 투자위험수용성향 척도는 서로 의미 있는 상관관계를 보였으며 다수의 응답자가 동일한 응답을 하였으나 완전히 일치하는 것은 아니었다. 두 가지 유형의 투자위험수용성향 척도로 측정한 개인의 투자위험수용성향은 선행연구에서 밝혀진 관련 변수 중에서 성별, 재무지식, 재정만족도와 동일한 관계를 보였다. 두 가지 척도는 모두 응답자의 위험자산투자행동(주식이상 투자)에 영향을 미치는 변수로 나타났다. 투자행태에 대한 분석을 통해, 우리나라에서 많이 사용되고 있는 단일문항은 개인의 투자유형을 측정하는 항목으로 개인의 심리적인 성향을 측정하는 데에는 다소 미흡할 수 있으나 개인의 투자행태를 구분하는 데에는 유용한 도구가 될 수 있음을 알 수 있었으며, Grable & Lytton의 13개 문항은 개인의 성향을 측정한다는 측면에서 단일문항을 보완하는 도구가 될 수 있음을 알 수 있었다. 따라서 투자위험수용성향을 측정함에 있어서 다양한 문항을 검토·종합하여 사용할 것을 제안하며, 향후 지속적으로 금융소비자의 투자위험수용성향을 파악하는 다양한 방법에 대한 연구가 필요할 것으로 보인다. The most important factor that influences individual investment behavior is the investment risk. The uncertainty of investment risk can influence individual investor`s financial well-being in a great degree, therefore suitability is a very important rule. To identify suitability, it is recommended to estimate individual investor`s investment profile. Individual investor`s investment profile is consisted with investment knowledge and experience, risk or investment capacity, and risk attitudes. The risk attitudes of the investment profile is personal trait that is relatively stable over time and it is called `financial risk tolerance.` This study tried to explore the usefulness of two different financial risk tolerance measurements: single item measurement that identifies individual`s investment type and a 13-item measurement developed by Grable & Lytton (1999, 2003). A survey with 806 individuals on their 40s were conducted to examine their financial risk tolerance and investment behaviors. According to the analyses, it has been found that the degree of Korean adults` financial risk tolerance is not high. The outcomes of the two financial risk tolerance were significantly correlated each other. Korean adults` financial risk tolerance that were measured with the two measurements was related with gender, financial knowledge, and financial satisfaction. Individuals` investment behavior can be predicted with financial risk tolerance and the two measurements can properly estimate individual`s attitudes toward financial risk. While the single item could be used to predict individual`s investment type, the 13-item measurement could be used to measure individual`s psychological traits. Further research on identifying financial risk tolerance is necessary.

개인연금 보유 및 연금불입액의 관련요인 분석: 상속동기를 포함하여

주소현 ( So Hyun Joo ) 한국소비자학회 2011 소비자학연구 Vol.22 No.3

은퇴기간동안 자금조달을 위한 상품으로 연금은 일정한 기간 동안 정해진 수입을 보장한다는 측면에서 중요성이 크지만, 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 문헌에서 밝히고 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 목적보다는 자녀양육이나 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 변수는 결혼상태(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 관계를 규명하고, 개인연금 가입 및 은퇴시 자산의 연금화 의사결정과 관련한 정보를 제공하는 연구가 수행되어 질 것을 제안한다. 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, χ2-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.

22.1분기 부산 일자리 동향 및 이슈분석

고영근 부산연구원 2022 일자리 브리프 Vol.32 No.0

종업원 재무교육과 은퇴설계

주소현 ( So Hyun Joo ) 한국소비자학회 2008 소비자학연구 Vol.19 No.1

기대수명 증가와 종신연금

주소현 ( So Hyun Joo ),김세완 ( Sei Wan Kim ) 한국소비자학회 2012 소비자학연구 Vol.23 No.4

개인의 기대수명이 증가함에 따라 개인들은 자신이 은퇴기간을 예측하여 준비한 은퇴자산보다 오래 생존하게 되는 장수위험(longevity risk)에 더욱 크게 노출된다. 지금까지 재무설계 분야의 은퇴연구는 은퇴 이후에 필요한 생활비를 충분하게 축적하기 위한 은퇴설계에 초점이 맞추어져 왔지만 장수위험에 대처하기 위해서는 은퇴 시점부터 사망 시까지 생활비를 조달하는 자산배분 및 인출전략을 포함한 은퇴자산관리가 중요하다. 본 연구에서는 기대수명의 증가가 은퇴기간 자금조달에 어떠한 영향을 미치는 지를 종신연금을 포함한 전략을 비교함으로 살펴보고자 하였다. 구체적으로 본 연구는 연금화와 관련된 선행연구 결과를 고찰하고, 종신연금 가격을 결정하는 모델을 설정하고, 기대수명 증가와 연금화 정도에 따라 은퇴이후 소득조달 및 자산고갈 등을 분석하는 것을 목적으로 하였다. 이러한 분석을 위하여 자산의 수익률 및 사망확률 등을 확률변수로 가정한 시뮬레이션을 실시하였으며 종신연금이 기대수명 증가에 따라 은퇴이후 생활비 조달에 어떤 역할을 하는지 탐색해 보고자 하였다. 본 연구에서는 은퇴시점에 연금, 주식, 채권에 대한 의사결정이 이루어진다고 가정하고, 2011년 가계금융조사의 은퇴하지 않은 60세 평균가계가 주거를 제외한 전 자산을 은퇴자금으로 활용한다는 가정하에 연금화 비중에 따라 은퇴이후 자산고갈 시점, 평균 은퇴생활의 질을 도출하였다. 모델의 설정에서는 연금을 제외한 자산은 주식과 채권에 6:4의 비율로 투자된다고 가정하고 주식 및 채권의 수익은 로그정규분포를 따른다고 가정하여 연금에서 조달되는 자금을 제외한 적정 은퇴생활비의 부족분을 조달하고 나머지는 주식과 채권에 재투자 된다고 가정하였다. 연금가격을 결정하기 위하여 보험개발원의 6차 및 7차 경험생명표를 활용한 사망확률을 계산하였으며 6차에서 7차로 늘어난 기대여명의 증가에 대하여 연금화 정도(0~100%, 5% 간격)에 따라 자산고갈 시점과 평균 은퇴생활의 질을 분석하였다. 크리스탈 볼을 사용한 시뮬레이션 결과 기대수명 증가에 따라 연금수령액의 감소, 자산고갈 시점의 조기 도래, 평균 은퇴 생활의 질 감소 경향을 뚜렷하게 볼 수 있었다. 연금화 정도는 은퇴자가 원하는 생활의 질을 고려하여 수행되어져야 하는 의사결정임을 논하며 은퇴설계 및 은퇴자산관리 분야의 연구 및 실제 적용을 위한 제언을 도출하였다. As individuals` life expectancy increases, retirees are exposed to greater risk of out-living their wealth. This longevity risk is one of the most serious risks to individuals who prepare for retirement, because when they do not have enough money to fund their retirement years, people will experience deteriorated retirement level of living and the cost for supporting elderly will be a great burden for a society. So far, research and practical focus of retirement planning have been on accumulating enough wealth for retirement, in other words, saving for retirement has been the major retirement planning goal for many people. However, retirement wealth management during retirement is also important as people`s retirement years become longer due to the increased life expectancy. The aim of this research is to explore the relationship between increased life expectancy and life annuity effectiveness. Specifically this research tries to provide comprehensive reviews on previous research on annuitization, to set up a model to calculate annuity prices based on increased life expectancy, to explore average number of years of needing extra support in retirement to cover desired level of living, and to calculate average level of living in retirement years. Annuitization refers to converting retirement wealth in life annuity form and produce constant stream of income during retirement. Therefore, researchers have been suggested full annuitization of retirement wealth as a utility maximization strategy under longevity risk(Yarri 1965). However, annuity markets are under-utilized compared to annuity`s known benefits of hedging longevity risk. Many possible reasons of the annuity puzzle have been suggested in literature (e.g., Lockwood 2010; Vidal and Lejarraga 2004). One of the reasons of the annuity puzzle is the low interest rates and actuarially unfair set up of annuity prices due to the adverse selection of annuity products. Therefore, some people will prefer managing their retirement wealth by investing other financial products such as stocks and bonds instead of buying annuity products(i.e., annuitization). Previous literature has been compared the advantages and disadvantages between annuitization and portfolio management of retirement wealth and suggested utility maximization time of annuitization for retirees under various risk tolerance levels (eg., Dus, Maurer and Mitchell 2005; Kingston and Thorp 2005; Milevsky and Young 2007). This research tries to measure annuitization effectiveness on hedging longevity risk by measuring average number of years of needing extra support in retirement to cover desired level of living, and calculating average level of living in retirement years. Using 2011 Korean Survey of Household Finances, the average non-retired 60 year old household wealth was identified to simulate retirement income funding during retirement based on various levels of annuitization. To run the simulation, it was assumed that the household would use its entire wealth except its primary residence on funding retirement income. The retirement wealth was assumed to invested annuity and portfolio and the portfolio was assumed to be divided into 60% stock and 40% bond. The annuitized wealth level was varied 5% increment starting from 0%. Every year retired household would receive annuity income from the annuitization wealth based on its investment size and the shortfalls to their desired retirement income was assumed to be supported from the portfolio. The remaining portfolio asset after the shortfall withdrawal was assumed to be re-invested into stock and bond as 6:4 without any cost. The portfolio asset was assumed to follow lognormal probability distribution. The average rate of return and standard deviation for the past 10 years were used in the simulation. To set up an annuity prices, market mortality tables from the Korean Insurance Development Institute were used. To capture life expectancy changes, the two most recent market mortality tables have been used. The 6th market mortality table was published in 2009 and the 7th market mortality table was released in July 2012. Using Crystal Ball software, Monte Carlo simulation method has been utilized to explore the average number of years of needing extra support in retirement to cover desired level of living and average level of living in retirement years. After 10,000 simulation of each scenario it has been found that increased life expectancy negatively influences on the average number of years of needing extra support in retirement to cover desired level of living and average level of living in retirement years. As life expectancy increases, retirees will need to support longer years during retirement to cover desired consumption level using extra assets and the average level of living during retirement will be deteriorated. When retirees annuitize more portion of their wealth, they will need to support longer years with extra cost but the overall average level of living during retirement will be improved. The findings of this research suggested that retires and practitioners will need to consider their desired level of living and life expectancy in retirement asset management. This research utilized a model with one time decision at retirement therefore, the findings of this research could provide practical example of retirement asset management at retirement, even though phased decision making and gradual annuitization could be better options for some retirees. Readers should keep in mind that the mortality risk fees from insurance companies were not fully incorporated in annuity pricing model therefore; annuity income examples from this research are not fully comparable to commercial life annuity products.