은퇴와 가계소비간 관계 분석
The Relationship between Retirement and Household Consumption
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초록
본고는 한국노동패널 자료를 대상으로 처치효과(treatment effect) 기법을 적용하여 은퇴와 가계소비간의 관계를 자산분위 및 소비비목별로 분석하였다. 특히 은퇴를 전후한 불연속적인 소비감소를 나타내는 “은퇴-소비 퍼즐”이 우리나라 자료에서도 관찰되는지 살펴보았다. 추정결과 은퇴는 가계소비지출을 약 9% 정도 감소시키는 것으로 분석되었다. 순자산 기준 자산분위별로 보면 2분위 이상 중상위 계층에서는 은퇴후 유의한 소비감소가 나타나지 않았으나 최하위 1분위 계층에서는 소비 감소폭이 17%에 달하는 것으로 나타났다. 소비비목별로는 차량유지비(21%) 및 대중교통비, 피복비 등 기타소비(14.1%) 지출이 유의하게 감소하여 취업관련 지출 감소가 은퇴후 소비감소에 기여하는 것으로 분석되었다.
Abstract
This paper studies the relationship between retirement and household consumption, both by net wealth quartiles and by consumption items, using the treatment-effect method. We employ the Korea Labor and Income Panel Study (KLIPS) data set. In particular, we investigate whether the so-called “consumption-retirement puzzle,” which means the discontinuous decrease in consumption around the time of retirement, occurs in Korea. Our analysis shows that retirement reduces household consumption by 9%. By net wealth quartiles, households in the 1st quartile (the poorest group) are most severely affected by retirement with 17% decrease in consumption after retirement. However, households in other wealthier quartiles do not experience a significant change in consumption. By consumption items, there is a significant decrease in job-related expenditure after retirement, such as car maintenance costs, clothing expenses, and public transportation expenses.
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