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KMID : 1023720180730040217
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Journal of Welfare for the Aged
2018 Volume.73 No. 4 p.217 ~ p.248
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Financial Preparations Trend for Aging of the Middle-aged over Time and Their determinants 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 analyse financial preparation trend for aging of the middle-aged over time and their determinants empirically, and then to discuss their implications. I used The Social Statistics Survey conducted on 1998, 2007, 2011, 2017 by Korea National Statistical Office. From these dataset, data for the middle-aged between 45 and 59years old were selected and analysed for this study. The results of this study can be summarized as follows. First, financial preparation and public financial preparation level for aging of the middle-aged have increased during about past 20 years in Korea. Second, being male is positively and statistically significantly associated with financial preparations for aging in most years, but it is difficult to ascertain its effect over time. Third, age is not statistically significantly associated with financial preparations for aging in three years except 1917 year. Fourth, education level is positively and statistically significantly associated with financial preparations for aging in all years analyzed, and its effect increase over time. Fifth, having spouse is positively associated with financial preparations for aging in three years except 1998 year, and its effect tend to increase over time. Sixth, economic activities is positively associated with financial preparations, and its effect increase significantly over time. Seventh, total life condition is positively associated with financial preparations for aging in three years except 1917 year but its effect tend to decrease over time. Eighth, income satisfaction is positively associated with financial preparations for aging, and its effect increase significantly over time. Ninth, ownership of house is positively associated with financial preparations for aging in all years, and its effect tend to increase over time. Tenth, being worker is positively associated with financial preparations for aging, and its effect tend to increase over time.
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KEYWORD
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the middle-aged, financial preparation for aging, preparation trend
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