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금융이해력 과신에서 과대평가와 우월평가의 관계 및 증권 투자 경험

The Relationship between Misestimation and Misplacement as Overconfidence in Financial Literacy and Securities Investment Experience

이윤호
한국소비자학회 (Korean Society Of Consumer Studies)|2024.04|소비자학연구 (Journal of Consumer Studies)|제35권 제2호|pp. 99-120|DOI http://dx.doi.org/10.35736/JCS.35.2.5

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참고문헌

키워드

금융이해력Overconfidence과신Financial literacy잘못된 본인평가잘못된 비교평가증권 투자 경험MisestimationMisplacementSecurities investment experience
주제분류경제학

초록

이 연구는 금융이해력 과신의 두 형태인 잘못된 본인평가(과대평가)와 잘못된 비교평가(우월평가) 간의 관계 그리고 두 형태의 과신이 증권 투자 경험에 미치는 영향을 실증적으로 분석하고 있다. 분석 결과, 금융이해력 실제 점수와 잘못된 본인평가 간에 유의한 음의 상관성, 잘못된 본인평가와 잘못된 비교평가 간에 유의한 양의 상관성이확인되었다. 실제 금융이해력은 금융이해력이 높은 집단에서는 증권 투자 경험과 통계적으로 무관하나, 금융이해력이 높지 않은 집단에서는 양자 간에 유의한 정의 관계가 확인되었다. 금융이해력에 대한 잘못된 본인평가는 모든금융이해력 수준에서 증권 투자 경험에 정의 영향을 미친다. 특히, 금융이해력 수준이 낮은 집단에서 과대평가가 클수록 증권 투자 경험 확률이 매우 유의하고 상대적으로 크게 높다. 이는 금융이해력이 낮은 개인이나 가계가 자신의 금융이해력을 과대평가할수록 증권 투자 경험의 개연성이 높아지며 그로 인한 재무적 위험과 피해에 노출될 위험성이 높아진다는 것을 시사한다. 잘못된 비교평가는 금융이해력이 중간 이상인 집단에서 자신을 우월평가할수록증권 투자 경험에 긍정적으로 작용하고 열등평가할수록 부정적으로 작용하는 유의한 정의 경향이 관찰되었다. 금융교육은 대부분 지식 전달에 집중되는데, 그로부터 필히 수반되는 금융이해력 과신에 미치는 영향에 주의를 기울기고 이를 통제하는 데 관심을 가져야 한다. 금융이해력 수준이 낮은 개인 투자자에서 금융이해력 과신이 증권 투자피해로 연결될 수 있는 위험성을 줄이기 위해서 이들을 위한 금융교육, 증권 투자 시에 투자위험을 인식하도록 하고 합리적인 투자 의사 결정을 돕는 사회적 노력과 장치의 강화가 필요하다.

Abstract

This study aims to identify the relationship between two forms of financial literacy overconfidence – misestimation and misplacement - and empirically analyze the relationship between these two forms of overconfidence and securities investment experience. The results show a statistically significant negative correlation between financial literacy and misestimation, and a significant positive correlation between misestimation and misplacement. While financial literacy is unrelated to securities investment experience in the domain of high level of financial literacy, they are positively associated in the domain of low and middle level. Misestimation in financial literacy are positively associated with securities investment experience at all levels of financial literacy. In particular, the greater the overestimation among the low financial literacy group, the more significant and relatively larger the increase in the probability of securities investment experience. This suggests that the more individuals with low financial literacy overestimate their financial literacy, the higher the likelihood of securities investment experience and the greater the risk of exposure to financial risk and harm. Misplacement tends to be positively associated with securities investment experience in the domain of middle and high level of financial literacy. Financial education mostly focuses on knowledge transfer, but it is important to pay attention to and control the impact on financial literacy overconfidence that inevitably accompanies it. It is necessary to have a social interest in enhancing financial literacy for financial consumers with lower financial literacy, as well as ensuring awareness of investment risks in securities investment and providing social efforts and institutional mechanisms to help make rational investment decisions.

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