세대별 개인재무관리 관련 태도 및 행동 분석: N, X, 베이비부머, 전쟁세대를 중심으로

Abstract

The purpose of this research is to compare various generations' financial management attitudes and behaviors. The 2007 Investor Survey by Korea Investor Protection Foundation was analyzed to compare the financial management attitudes and behaviors of the different generations. To describe the overall financial management attitudes and behaviors profiles of various Korean generations, attitudes and behaviors such as mutual fund investment knowledge, money attitudes, financial management behavior scores, investment preferences, financial risk tolerance, savings motives, and investment horizons were analyzed using ANOVA, chi-square test, multiple regression, logistic regression and multinomial regression. The demographic, socioeconomic, and household financial characteristics were also compared between the generations. To compare the financial management attitudes and behaviors of various generations, the survey respondents were categorized into four different subgroups: N generation (20 to 32 years old, those who were born between 1975 to 1987), X generation (33 to 43 years old, those who were born between 1964 to 1974), Baby Boom generation (44 to 52 years old, those who were born 1955 to 1963), and War generation (53 to 65 years old those who were born between 1942 and 1954). Even though some of the characteristics could belong to the characteristics of the specific life cycle stage (i.e., middle aged household), each generation possesses unique characteristics that distinguish them from the other generations. For example, Baby Boomers are conservative like the War generation, yet they are more risk tolerant and have longer investment horizon than the War generation. The N generation possesses more positive attitudes toward money, more likely to invest in mutual fund and have longer investment horizon than other generations. The X generation is similar to the N generation in terms of money attitudes however, X generations are less risk tolerant than the N generations. The War generation has lowest level of mutual funds knowledge and financial management behavior scores. Each generation's unique investment and financial behaviors are one of the key issues of future research when considering the significant influences of various generations have on the entire economy. The current manuscript tried to describe different generations' investment behavior and further analyses on identifying the in-depth profiles of the Korean generations are recommended.