장수기대가 금융소비자의 은퇴대비 저축에 미치는 영향 = The Effects of Longevity Expectations on Retirement Savings in Korea

다국어 초록 (Multilingual Abstract)

This study examines financial consumers’ perceptions of subjective life expectancy by gender and age groups, and analyzes how these longevity expectations influence pension enrollment and savings. Using data from the 9th to 15th waves of the National Survey of Tax and Benefits, we analyze the relationship between longevity expectations and retirement preparedness. Our results show that men, on average, expected to live two years longer and women one year longer than objective life tables suggest. Overall, we find evidence of longevity optimism, with stronger optimistic tendencies among younger age groups and men, which gradually decline with age. For men, greater longevity expectations were associated with a higher likelihood of enrolling in personal pensions. In contrast, women tended to rely more on general savings while avoiding pension participation. However, unmarried women exhibited patterns similar to men, showing an increased likelihood of pension enrollment, suggesting that marital status and childbearing play a significant role in shaping women’s pension decisions. Our findings underscore the need for institutional incentives and policy support to encourage women’s active participation in personal pension plans.