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KMID : 1023720160710030305
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Journal of Welfare for the Aged
2016 Volume.71 No. 3 p.305 ~ p.333
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Comparing Private Financial Preparations for Aging of BabyBoomers and Pre-BabyBoomers in Korea
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Park Chang-Je
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Abstract
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The purpose of this study is to compare the magnitude and determinants of private financial preparation for Aging of the babyboomers and those of the pre-babyboomers in Korea empirically, and then to discuss policy implications. Subjects used in this study were selected 2,004 pre-baby boomers in first wave(2006) and 1,698 baby boomers in fifth wave(2014) of Korean Longitudinal Study of Ageing(KLoSA) conducted by Korea Labor Institute are. The results is summarized as follows. First, the private financial preparation for aging of babyboomers is low but is higher than that of pre-babyboomers. Second, the percent of babyboomers having private pensions is higher than the percent of pre-babyboomers having private pensions. Second, both babyboomers and pre-babyboomers in the private financial preparation for aging decrease with aging. Third, the lower income is the lower private financial preparation for aging in both babyboomers and pre-babyboomers. Fourth, age has statistically significant negative effects on private financial preparations for aging of both babyboomers and pre-babyboomers together. Fifth, education has statistically significant positive effect on private financial preparations for aging of pre- baby boomers only. Sixth, household income has statistically significant positive effect on private financial preparations for aging of babyboomers only. Seventh, ownership of housing has statistically significant positive effect on private financial preparations for aging of pre-babyboomers only. Eighth, heritage has statistically significant positive effect on private financial preparations for aging of babyboomers only. Ninth, any factor among need factors(number of children, health dissatisfaction, longevity possibility, region) has no effect on private financial preparations for aging of both babyboomers and pre-babyboomers together.
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KEYWORD
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Pre-BabyBoomer, BabyBoomer, Private financial preparation
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