가계 주 소득 원천과 소득 분위에 따른 가계 유형별 심적 회계 분석 = Analysis of Households` Mental Accounting According to Main Income Source and to Income Quintile

다국어 초록 (Multilingual Abstract)

Financial planning is a popular method of household financial management, and the lifecycle/ permanent income hypothesis is an excellent normative theory of financial planning in the field of financial management. However, because of strict rationality assumptions, empirical tests have shown that many cases have been dismissed. This study considers an aspect of mental accounting in Korean households, based on Shefrin and Thaler’s behavioral life-cycle hypothesis. For this study, households were classified into the following types: 1) wage income household, business income household, and household with both types of incomes, according to main income source and 2) quintile, according to the scale of household income. Following the classification, each type of household was then analyzed. The National Survey of Tax and Benefit for 1st-4th wave were used to form a balanced panel. Then, a one-way random effects model was used for the analysis. The results were used to make inferences about the aspects of mental accounting in different types of households. The results are as follows: First, the results of the regression analysis indicate that assets and income, which are explanatory variables, have different characteristics in terms of their influence on consumer expenditure. In addition, these characteristics showed different aspects for different types of households. Second, the results of the test for mean difference in the regression coefficient indicated that the null hypothesis (there is no difference between the marginal propensity to consume out of variables) was dismissed. Therefore, there is a difference in the amount of influence on consumer expenditure. Once again, these characteristics showed different aspects for different types of households. Finally, an inference about the mental accounting of households was made from the above analysis. This indicated that the households in the study were carrying out mental accounting, and that the aspects of mental accounting were different for different types of households. The discussions based on the results are as follows: First of all, financial planning may fail if the mental accounting and book accounting do not match in terms of financial management. Therefore, the financial planner must be able to understand the mental accounting of the clients. To achieve this, a separate subject for “behavioral finance” should be examined, with the Financial Planning Standard Board conducting a CFP certification program. In addition, the financial institution needs to develop educational programs to help financial planners understand the mental accounting of their clients. In addition, the aspects of mental accounting differ by type of household, and thus, the sources of main household income and the scale of household income should be considered when conducting financial planning.

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