소비자의 확정기여(DC)형 퇴직연금 관리역량 및 심리적 편향이 관리행동에 미치는 영향 = Effects of Consumers' Defined Contribution(DC) Retirement Pension Management Capability and Psychological bias on Management Behavior

다국어 초록 (Multilingual Abstract)

This study attempted to solve the problem that the subscribers of defined contribution(DC) retirement pensions are very passive in managing their pensions despite the investment decisions determining the asset size at the time of retirement. This study examined the retirement pension management capability and behavior of DC subscribers, to understand the current situation and determine the effect of the retirement pension management capability and psychological bias on the retirement pension management behavior.
The Wiggins & McTighe (1998) method of organizing the hierarchy of knowledge (big ideas, core knowledge, and content that needs to be familiar) was used to clarify the details of management knowledge and management skill required for DC subscribers. As a result of the analysis, the level of retirement pension management capability of the DC subscribers in Korea was 74 points (out of 100 points), with the highest management attitude of 76.3 points, followed by management knowledge of 73.3 points and management skill of 67.9 points. In the case of management behavior, more subscribers did not act than those who did in the first stage (management goal setting and checking behavior) or in the third stage (management execution behavior). In the second stage (management method search and comparison behavior), the information search behavior was relatively higher than that of the other management stages. In the fourth stage (management performance evaluation behavior), the subscribers regularly check the management performance but are passive in reflecting the results in their investment portfolios.
An analysis of the effect of DC retirement pension management capability on management behavior found a statistically significant effect on the overall management behavior and each stage of the management behavior. In other words, the higher the retirement pension management capability, the more actively the retirement pension is managed. This is commonly applied to all stages of retirement pension management. The methods were compared and searched, and the execution and management performance evaluations were more active.
These results confirm that a higher level of retirement pension management capability indicates a higher level of management behavior. Moreover, these results can be used as an empirical basis to prove that retirement pension management capability needs to be improved for active retirement pension management behavior. Finally, as a result of examining the moderating effect of psychological bias on the effect of retirement pension management capability on retirement pension management behavior, the moderating effect of self-confidence in the second stage(management method search and comparison behavior) and the moderating effect of status quo bias in the fourth stage(management performance evaluation behavior) were confirmed.

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