54 0

투자자교육 여부가 금융역량에 미치는 영향 분석

Title
투자자교육 여부가 금융역량에 미치는 영향 분석
Other Titles
Studies of the Effects of Investor Education on Financial Capability
Author
유진
Keywords
투자자교육; 금융지식; 금융태도; 금융행동; 금융역량; Investor Education; Financial Knowledge; Financial Attitudes; Financial Action
Issue Date
2017-12
Publisher
한국금융학회
Citation
금융연구, v. 31, no. 4, page. 103-131
Abstract
본 논문은 한국금융투자자보호재단의 2007년 및 2016년 투자자서베이를 이용하여 국내연구로는최초로 투자자교육이 투자자들의 금융역량 즉 금융지식, 금융태도, 금융행동에 일관적으로 차이를가져오는지 분석하였다는 점에서 의의가 있다. OECD 등 기존연구를 바탕으로 금융지식으로는펀드지식 및 일반금융지식, 금융태도로는 투자에 대한 기대수익률 및 손실감내율, 금융행동으로는금융자산 중 투자자산 비중 및 경제적 노후준비 여부 등을 대용변수로 사용하였다. 주요 분석결과는다음과 같다. 첫째, 2007년에는 투자자교육을 받은 사람들의 펀드 지식과 금융행동이 다른 사람들의그것들보다 평균적으로(유의하게) 높았다. 반면 손실감내율 평균은 낮았고 기대수익률은 차이가없었다. 회귀분석 결과도 금융교육이 펀드 지식, 금융행동에 영향을 미치지만 금융태도에는 영향이없는 것으로 나타났다. 2016년에는 투자자교육을 받은 사람들이 손실감내율만 평균적으로 높았고노후준비는 평균적으로 낮았다. 또한 펀드지식, 기대수익률, 그리고 투자자산 비중은 차이가없었으나 일반금융지식은 평균적으로 높았다. 회귀분석 결과도 금융교육이 손실감내율, 금융행동에는 영향을 미치지만 펀드지식, 일반금융지식, 기대수익률에는 영향을 못미치는 것으로 나타났다.특히 2007년에 비해 투자자교육이 더 많이 실행된 2016년에 이러한 비일관성이 더 심화된 것으로나타났다. 또 2007년과 2016년 모두 교육수준 및 월 소득이나 재산이 투자자교육에 양(+)의 영향을주는 것으로 나타나 투자지식이 있거나 이미 투자를 하고 있는 사람들이 투자자교육을 받을개연성도 있다. 더불어 투자자교육이 금융지식, 금융태도, 금융행동에 영향을 미치지 못하는 것으로나타났다. 이 같은 결과는 실효성을 위해서는 기존 투자자 교육을 개선할 필요가 있음을 시사한다. Increasing attention and concern have been paid to financial capability worldwide since the world financial crisis triggered by the US subprime mortgage crisis. Financial capability denotes not only financial knowledge but also financial actions and financial attitudes as well. In short, financial capability encompasses a wide range of factors such as financial actions or attitudes to enable rational financial decision makings.We, for the first time, examine the effects of investor education on financial capability such as financial knowledge, attitudes and actions, employing Investor Survey of Korea Financial Investors Protection Foundation conducted in 2007 and 2016. Specifically, we examine whether financial education improves consistently investors’ financial capability aforementioned.We use knowledge of funds and of general finance as the proxies for financial knowledge, expected returns and loss tolerance as those for financial attitudes, and the ratio of risky financial assets to total financial assets and economic retirement preparation as those for financial actions, respectively, which are based on existing literature such as OECD. T-tests and regression analyses are used.Our findings are as follows. First, the 2007 Survey shows that there is a significant difference in the means, or average values, of both fund knowledge and loss tolerance, whereas there is no such difference in expected returns. Also, the ratio of risky assets and economic preparation for retirement is higher or better for those who have been educated on finance than others. Second, the 2016 Survey shows that these educated financial consumers have a higher mean of fund knowledge than others but not so in financial knowledge. The former do have a higher mean in loss tolerance but not in expected returns. Although they do not have a higher mean of the ratio of risky assets, they do prepare better for their post-retirement lives. All these combined results imply that financial education do not consistently affect financial knowledge, financial attitudes or financial actions. In additon, this inconsistency strengthens even in 2016, when there are more educated consumers. This might be due to the ineffectiveness of current financial education. Besides, financial consumers’ level of education or that of monthly income or wealth affect whether they are educated on financial capability or not in the Surveys both in 2007 and in 2016. This might imply that consumers who have financial knowledge or have been investing in financial assets are more likely to get financial education than others. All these outcomes show that current financial education should be changed for effectiveness.
URI
http://kiss.kstudy.com/thesis/thesis-view.asp?key=3566630https://repository.hanyang.ac.kr/handle/20.500.11754/116579
ISSN
1225-9489
DOI
10.21023/JMF.31.4.5
Appears in Collections:
COLLEGE OF ECONOMICS AND FINANCE[S](경제금융대학) > ECONOMICS & FINANCE(경제금융학부) > Articles
Files in This Item:
There are no files associated with this item.
Export
RIS (EndNote)
XLS (Excel)
XML


qrcode

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.

BROWSE