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KMID : 0613620180380020133
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Health Social Welfare Review
2018 Volume.38 No. 2 p.133 ~ p.166
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The Impact of Financial Preparation on Life Satisfaction of Baby Boomers: A Comparison of the Early and the Late Baby Boomers
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Park Myeong-A
Cho Si-Wool
Shin Hye-Ri
Park Seol-Woo
Kim Young-Sun
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Abstract
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This study is to analyze financial factors affecting life satisfaction of the baby boomers based on Baltes & Baltes’ SOC model. To achieve the aim of this study, 2,140 baby boomers were selected from the 6th KReIS (2015). And then baby
boomers were divided into two groups according to the year of their birth. Early baby boomer cohort consisted of 1,035 respondents who were born from 1955 to 1959 and late baby boomer cohort was composed of 1,105 respondents who were
born from 1960 to 1963. Ordered Logit Model was conducted using the SPSS 21 program. The results were as follows: The variables that had a commonly positive impact on life satisfaction of both cohorts were financial assets and household expenditure. But the life satisfaction of both cohorts differs in terms of variables such as private pension, public transfer income and real estate income. It is expected that similarities and differences between both cohorts will be the basic data for the policy direction and the practical alternatives optimized for the needs of both cohorts. It is significant that this study empirically analyzed the relationship between the baby boomer cohort’s financial preparation and their life satisfaction as a SOC coping strategy.
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KEYWORD
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The Early & The Late Baby Boomers, Financial Preparation, Life Satisfaction, SOC Theory, KReIS
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