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KMID : 1124020170330040133
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Korean Social Security Studies
2017 Volume.33 No. 4 p.133 ~ p.161
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Changes in Wealth Management Behavior of the Baby Boomer Households and the Determinants of Portfolio Selection
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Back Eun-young
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Abstract
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The purpose of the study were to examine retirement progress of the baby boom generation, to examine changes in wealth management behavior of the baby boom generation as they were getting toward retirement, and to investigate the determinants of the portfolio selection. The baby boomers in 2011 and 2016 Households’ Finance·Welfare Survey were analyzed. The results showed that in 2016, the retirees were doubled compared to those in 2011. During the 5 years, the retirement preparation of the baby boom generation was not getting better. According to the results by asset level of the boomers, about half of the baby boom generation appeared likely to depend entirely on government benefits in retirement. In terms of changes in financial behavior, the baby boomers increased financial asset and safe asset and decreased real asset in their portfolio. Although the direction of the portfolio change was desirable as the boomers approaching retirement but the changes were not significant. Rather, the amount of debt was increased 23% during the period and the propensity to invest to real estate was increased The results of the multinomial logistic analysis showed that the purpose of saving/investment was the most significant factors determining portfolio selection of the baby boomers.
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KEYWORD
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Baby boomer Households, Retirement, Financial behavior, Portfolio selection, Multinomial logit analysis
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