사용자의 퇴직연금상품 제공개수가 가입자의 선택에 미치는 영향 분석
Offering Number and Choice of Investment Options in Defined Contribution Plans
0
조회
0
다운로드
7
인용
0
참고문헌
키워드
초록
본고는 확정기여형제도를 운영하는 사용자가 라인업(line-up)한 상품개수가 가입자의 선택에 미치는 영향을 분석하였다. 분석 데이터는 2개 퇴직연금사업자로부터 입수한 467개 사업체 소속 27,934명의 운용관리 기록이다. 467개 사업체의 사용자가 평균 443개 상품을 라인업 하였음에도 불구하고, 가입자는 4.38개(원리금보장형 1.15개, 실적배당형 3.23개)만 선택하였다. 원리금보장형만 선택한 그룹은 1.4개, 원리금보장형과 실적배당형 모두 선택한 그룹은 9.8개, 실적배당형만 선택한 그룹은 2.7개를 선택하였다. 회귀분석 결과, 제공하는 상품개수가 선택한 상품개수에 영향을 주는 메뉴 효과(menu effect)가 통계적으로 유의하지만, 그 크기는 매우 작은 것으로 나타났다. 사용자가 라인업 상품개수를 100개 늘리면 가입자는 단지 0.55개만 활용하는데, 이는 가입자의 선택상품 1개를 늘리기 위해 추가적으로 180여개 상품을 더 제공해야 함을 의미한다. 본 연구 결과는 가입자가 선택할 수 있는 투자옵션의 개수를 늘리는 것보다 상품특성에 대해 인지한 상태에서 선택할 수 있도록 메뉴 설계를 구조화하는 것이 더 필요함을 시사한다.
Abstract
This paper is to investigate the menu effect in defined contribution plans. Using a cross section data of 27,934 individuals participated in 463 employers, we study how participants choose financial products given the line-up investment options. Typically, individuals choose in fewer than five products (principal-guaranteed type 1.15, risky product type 3.23). Participants with both principal-guaranteed and risky type choose more products (9.8) than individuals only principal-guaranteed chosen (1.4) and only risky type chosen (2.7). Although the size is very small (estimated coefficient: 0.0055), we find the significant plan menu effect. Participants tend to choose in more products when there are more products available, however, individuals use only 1 additional products for every 180 additional products available. Our results imply that the menu design is more important rather than increasing the number of line-up products to make effective choices.
참고문헌 (24)
- 2017년도 퇴직연금 적립 및 운용현황 분석, "금융감독원", ~ (2018)
- 김혜성, "확정기여형 퇴직연금 가입자의 자산배분행동에 대한 연구- 1개 대기업 제도를 중심으로", 리스크관리연구, 24(2), pp.3~39 (2013), 한국리스크관리학회[DOI]
- 2017년 상반기 퇴직연금통계 (2018.4.27.), "통계청", ~ (2018)
- 2017년 하반기 연간 퇴직연금통계 (2018.12.28.), "통계청", ~ (2018)
- Agnew, J., "Portfolio Choice and Trading in a Large 401(k) Plan", American Economic Review, 93(1), pp.193~215 (2003)
- Agnew, J., "Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice, and Investor Experience", Journal of Behavioral Finance, 6(2), pp.57~70 (2005)
- Bailey, J., "A Review of Major Influences on Employee Retirement Investment Decisions", Journal of Financial Services Research, 23(2), pp.149~165 (2003)
- Beashears, J., "NBER Chapters, in: Social Security Policy in a Changing Environment", pp.167~195 (2009), National Bureau of Economic Research, Inc
- Benartzi, S., "Naive Diversification Strategies in Defined Contribution Saving Plans", American Economic Review, 91(1), pp.79~98 (2001)
- Brown, K., "How Good are the Investment Options Provided by DC Plan Sponsors?", International Journal Portfolio Analysis and Management, 1(1), pp.3~31 (2012)
- Individual Investment Behavior: A Brief Review of Research, "Collard, S.", Personal Finance Research Centre University of Bristol, ~ (2009)
- Dunnin, A., "Australia’s Top Superannuation Funds: The Choice is Yours" (2006), John Wiley and Sons
- Choice Overload: Australians Coping with Financial Decisions, "Fear, J.", ~, pp.Discussion Paper (99) (2008)
- Fear, J., "Australia’s ‘Choice of Fund’ Legislation: Success or Failure?", ~
- Gallery, N., "Framework for Assessing Financial Literacy and Superannuation Investment Choice Decision", Australian Accounting, Business and Finance Journal, 5(2), pp.3~22 (2011)
- Exploring the Experimental Economics Approach in Pensions, "Hey, J.", DWP, ~, pp.DWP Working Paper 43 (2008)
- Huberman, G., "Offering vs. Choice in 401(k) Plans: Equity Exposure and Number of Funds", The Journal of Finance, 62(2), pp.763~801 (2006)
- Iyengar, S., "Pension Design and Structure: New Lessons from Behavioral Finance", pp.83~96 (2004), Oxford University Press
- Iyengar, S., "When Choice is Demotivating: Can One Desire Too Much of a Good Thing?", Journal of Personality and Social Psychology, 76, pp.995~1010 (2000)
- Offering vs. Choice in Retirement Plans: A Cross Sectional Analysis of Investment Menus with Traditional and Life-Cycle Mutual Funds, "Kam, T.", University of Iowa, ~ (2016)
- Financial Literacy and Stock Market Participation, "Rooij, M.", NBER, ~, pp.NBER Working Paper No.13565 (2007)
- Suden, A., "Gender Difference in the Allocation of Assets in Retirement Saving Plans", American Economic Review, 88(2), pp.207~211 (1998)
- Implications of Behavioural Economics For Mandatory Individual Account Pension Systems, "Tapia, W.", OECD, ~, pp.OECD Working Papers on Insurance and Private Pension (11) (2007)
- How America Saves 2016: A Report on Vanguard 2015 Defined Contribution Plan Data, "Vanguard", ~ (2016)