Financial Status and Behaviors of Female-headed Households in South Korea: On the Financial Consumer Policy Implications
Financial Status and Behaviors of Female-headed Householdsin South Korea: On the Financial Consumer Policy Implications
0
조회
0
다운로드
10
인용
0
참고문헌
키워드
초록
This article presents the results of a study that investigated the financial status and behaviors of female-headed households in comparison with those of male-headed households. Based on the empirical results, although female-headed households are generally in worse financial condition, the gender effects turn out to be statistically insignificant. However, it can be argued that there exist vulnerable and alienated groups of female-headed households among those whose heads are elderly and little educated. Also, the fact that most female-headed households are a one-person household raises the weakness of the groups. Aging and lower educational attainment are considered as the major factors that can account for financial behaviors of female-headed households. The risky asset ratio and diversification index of female-headed households are lower than those of male-headed households, which implies essential differences in financial behaviors between male- and female-headed households. The findings and their implications will be the ground for the policy to improve the financial condition of female-headed households and ultimately to lead them to attain their financial wellbeing.
Abstract
This article presents the results of a study that investigated the financial status and behaviors of female-headed households in comparison with those of male-headed households. Based on the empirical results, although female-headed households are generally in worse financial condition, the gender effects turn out to be statistically insignificant. However, it can be argued that there exist vulnerable and alienated groups of female-headed households among those whose heads are elderly and little educated. Also, the fact that most female-headed households are a one-person household raises the weakness of the groups. Aging and lower educational attainment are considered as the major factors that can account for financial behaviors of female-headed households. The risky asset ratio and diversification index of female-headed households are lower than those of male-headed households, which implies essential differences in financial behaviors between male- and female-headed households. The findings and their implications will be the ground for the policy to improve the financial condition of female-headed households and ultimately to lead them to attain their financial wellbeing.
참고문헌 (24)
- 안창희, "개인재무교육이 재무행동 및 객관적 경제복지에미치는 영향", 소비자학연구, 17(2), pp.197~219 (2006), 한국소비자학회
- Jae-Hee Ahn, "Analysis of Changes in Female Education in Korea from an Education - Labor Market Perspective", Asian Women, 27(2), pp.113~139 (2011), 아시아여성연구소
- Ando, A., "The Life Cycle Hypothesis of Saving: Aggregate Implications and Tests", American Economic Review, 53(1), pp.55~84 (1963)
- The Effects of Financial Education in the Workplace: Evidence from a Survey of Employer, "Bayer, J. P.", National Bureau of Economic Research, ~ (1996)
- The Determinants and Consequences of Financial Education in the Workplace: Evidence from a Survey of Households, "Bernheim, D. B.", Stanford University, ~ (1996)
- Bernheim, D. B., "The Effects of Financial Education in the Workplace: Evidence from a Survey of Households", Journal of Public Economics, 87, pp.1487~1519 (2003)
- Bernheim, D. B., "Education and Saving: The Longterm Effects of High School Financial Curriculum Mandates", Journal of Public Economics, 80, pp.435~465 (2001)
- Campbell, J. Y., "Household Finance", Journal of Finance, 61(4), pp.1553~1604 (2006)
- 최철, "금융자산 배분의 재무행동 분석: 금융소비자 복리증진을 위한 정책적 시사점을 중심으로", 소비자학연구, 24(1), pp.297~325 (2013), 한국소비자학회
- Smart money: The Effect of Education on Financial Behavior, "Cole, S.", Harvard Business School, ~ (2012)
- Efron, B., "An Introduction to the Bootstrap" (1994), Chapman & Hall
- Garman, E. T., "Workplace Financial Education Improves Personal Financial Wellness", Financial Counseling and Planning, 10(1), pp.79~88 (1999)
- Hendershott, P. H., "The Financial Behavior of Households: Some Empirical Estimates", Journal of Finance, 30(3), pp.733~759 (1975)
- Hogarth, J. M., "Financial Knowledge, Experience and Learning Preference: Preliminary Results from a New Survey on Financial Literacy", Consumer Interest Annual, 48 (2002)
- Empowering Women through Financial Awareness and Education, "Hung, A.", OECD, ~ (2012)
- Joo, S., "An Exploratory Framework of the Determinants of Financial Satisfaction", Journal of Family and Economic Issues, 25(1), pp.25~50 (2004)
- Kim, J., "Impacts of Workplace Financial Education on Retirement Plans", Proceeding of Association for Financial Counseling and Planning Education, 28 (2001)
- Milligan, K., "Life Cycle Asset Accumulation and Allocation in Canada", Canadian Journal of Economics, 38(3), pp.1057~1106 (2005)
- Ozawa, M. N., "The Net Worth of Female-headed Households: A Comparison to Other Types of Households", Family Relations, 55(1), pp.132~145 (2006)
- Annual Report on the Economically Active Population Survey, "Statistics Korea", ~
- Household Projections, "Statistics Korea", ~ (2012)
- Annual Report on Vital Statistics, "Statistics Korea", ~ (2012)
- US Department of Commerce, "Women in America" (2011)
- Wakita, S., "Wealth: Determinants of Savings Net Worth and Housing Net Worth of Preretired Households", Journal of Family and Economic Issues, 21, pp.387~418 (2000)