프레이밍효과에 따른 종신연금 가입의사

다국어 초록 (Multilingual Abstract)

This study explores possible framing effects on consumers' life annuity decision making. Life annuity products can be one of the best options for hedging longevity risk however, these products have been under-utilized by consumers in the market. This is called as 'annuity puzzle,' and the annuity puzzle is an universal phenomenon. Researchers have examined the possible reasons of the annuity puzzle and recently the significance of psychological factors in explaining the annuity puzzle have been argued in the literature. Among the various psychological factors, this study focused on the framing effect.
To determine whether consumers' life annuity decision is influenced by framing, this study developed a 2-minute long media clip advertisement of a hypothetical immediate life annuity product using goal framing. The advertisement clip is consisted with explanation of the product features and interview with a client. The positive goal framing advertisement included an interview with a hypothetical client who purchased an immediate life annuity and the negative goal framing advertisement included an interview with a hypothetical client who failed to purchase any immediate life annuity. Respondents were recruited by non-probabilistic sampling and are delimited to those who are age over 40. Respondents were asked to watch the advertisement clip and to fill out a short questionnaire measuring their willingness to purchase a life annuity product, demographic characteristics, concerns about longevity risk, level of health status, financial risk tolerance, investment horizon, and some retirement planning questions.
Based on t-tests and 3,000 bootstrapping, it was found that for those who evaluate their health status is average, positive framing had positive influence on the willingness to purchase a life annuity. In addition, for those who are risk averse, positive framing showed a positive relationship with the willingness to purchase a life annuity at 10% significance level. Even though this research showed possible positive effects of positive framing on life annuity purchase it is recommended to further examine the framing effect on life annuity decision with more elaborated research design with larger sample.

참고문헌 (Reference)

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