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KMID : 0613620200400020556
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Health Social Welfare Review
2020 Volume.40 No. 2 p.556 ~ p.580
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A Behavioral Analysis of Private Pension Consumers: Do Individuals Supplement Public Pension with Private Pensions?
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Kim Dae-Hwan
An Jang-Hyeok
Sung Mi-Eon
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Abstract
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The aging of the population is strengthening the function of private pensions in the multi-tiered income system. In practice, those who are well prepared for public pensions may tend to prepare for private pensions. On the other hand, theoretically, individuals who judge that public pensions lack old-age income security can make decisions to supplement them with private pensions. This study analyzed demand behavior for personal pension, which is determined autonomously among the private pensions. According to panel analyses utilizing 2013-2017 data sets from the National Survey of Tax and Benefit, the individuals are more likely to buy the personal pension as the difference between the desired and the expected pension amount in the public pension is larger. Even after buying the private pension, more premiums were paid to ensure retirement stability. This suggests that economic agents consider shortages in public pensions in the process of demanding private pensions, and furthermore, the larger the shortages, the more decisions are made to demand private pensions.
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KEYWORD
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Public Pension, Private Pension, Logistic Random Effect Model, Logistic Two-Way Fixed Effect Model
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