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가계의 은퇴자금으로서 퇴직연금의 자산배분에 대한 한미간 비교연구: OECD 패널자료 및 근로자심층면접 분석

A Comparative Study on Asset Allocation of Retirement Plans between South Korea and the United States

최신애
한국소비자학회 (Korean Society Of Consumer Studies)|2014.08|소비자학연구 (Journal of Consumer Studies)|제25권 제4호|pp. 121-152

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참고문헌

키워드

Retirement퇴직연금Asset AllocationRebalancing은퇴자산배분Retirement Plans리밸런싱가계은퇴자금Households' Retirement Funds
주제분류경제학

초록

본 연구는 가계 은퇴자금의 주요 부분을 차지하는 퇴직연금의 자산배분에 대하여 한국과 미국을 중심으로 비교분석하였다. 이를 위해 2011년 OECD 패널자료를 실증분석하였고, 퇴직연금에 가입한 가계를 대상으로 일대일 심층면접법을 실시하였다. 한국과 미국을 중점적으로 분석하되, 퇴직연금제도가 발달된 유럽 선진국도 함께 포함하여 퇴직연금의 자산배분 현황 및 변화추이를 비교분석한 결과, 한국은 퇴직연금의 투자상품으로 예적금과 같은 원리금보장상품을 강하게 선호한 반면, 미국은 주식과 같은 고위험자산에 편중된 자산배분을 나타냈다. 이에 따라 미국의 근로자들은 안전한 노후자금 마련을 위해 안정자산을 포함한 리밸런싱이 요구되는 반면, 우리나라는 원리금보장상품 위주의 자산배분에서 탈피하여 수익성 자산에 장기투자하는 방향으로 점진적인 리밸런싱이 요구된다. 더불어 퇴직연금의 자산배분에 영향을 미치는 사회경제적 요인을 실증분석한 결과, 여성평균수명이 증가하면 상대적으로 예적금과 채권에, 남성평균수명이 증가하면 상대적으로 주식과 기타자산에 투자하는 비중이 높아지는 경향을 보였다. 또한 가계순저축율이 높아지면 가계의 은퇴자산 마련을 위한 퇴직연금 투자시에는 상대적으로 고위험자산에 해당하는 주식과 기타자산의 비중을 높여 안정성보다는 수익성을 추구하는 성향을 보였다. 그리고 교육수준이 높아지면 주식에 대한 투자비중이 상대적으로 높아지는 경향을 보였으며, 이는 통계적으로 유의미한 차이를 나타냈다. 다음으로 퇴직연금에 가입한 우리나라와 미국 가계를 대상으로 실시한 일대일 심층면접을 분석한 결과 첫째, 미국 가계의 경우 생애주기별로 퇴직연금의 자산배분행동이 상이하게 나타난 반면, 한국의 경우 근로자의 연령이나 직업, 퇴직연금 가입년수, 성별의 차이와 상관없이 모두 현금성 자산인 예적금에 투자한 비율이 압도적으로 높았다. 둘째, 미국 근로자의 경우 퇴직연금의 자산배분 리밸런싱을 보다 적극적으로 자주 하는 반면, 한국에서는 퇴직연금 도입초기에 선정한 상품을 그대로 유지하는 등 리밸런싱에 대한 노력과 인식이 상당히 저조한 타성현상이 발견되었다. 셋째, 미국에서 401(k)와 IRA가 가계의 은퇴자금이라는 목적은 동일하나 퇴직연금 유형별로 자산배분에 대한 인식과 행동이 다소 차이가 있었으며, 한국에서 IRP는 다른 퇴직연금과 서로 연동되기 보다는 추가적인 연금으로 인식되고 있었다. 넷째, 한국에서는 퇴직연금의 자산배분에 관한 의사결정시 직장동료나 친구의 영향을 많이 받았으나, 미국에서는 준거집단보다 퇴직연금운용사의 정보공시자료가 큰 영향을 미쳐 금융소비자정보의 중요성을 확인할 수 있었다. 근로자들의 은퇴자금 마련을 통해 가계의 안정된 노후생활을 보장하기 위한 퇴직연금제도가 도입된 지 8년이 된 이 시점에서 우리나라보다 수십 년 앞서서 도입되어 정착된 미국 퇴직연금의 자산배분과 비교분석한 본 연구는 우리나라의 개인 금융소비자뿐만 아니라 가계, 나아가 정책입안자들에게 직간접적으로 영향을 미치리라 기대된다.

Abstract

The shift in age structure associated with aging populations has a profound impact on a broad range of economic, political and social conditions (United Nations 2002). Specifically, increasing longevity can result in growing demands for retirement funds and rising risks for lack of money earmarked for retirement years. Longevity risk, the risk of outliving retirement savings, is a real concern for retirees. In general, social security, employer-provided pensions, and annuities purchased from personal savings are sources of income that can help retirees to manage their longevity risk (Society of Actuaries 2006) because the benefits extend until death. A key challenge for consumers is to accumulate sufficient savings to finance the kind of lifestyle that is desired in retirement (Kerr 2008). The role of private retirement funds is becoming increasingly important and consumers may underestimate the importance of decision-making regarding allocation of financial assets. The major purposes of this study were (1) to compare the trends of retirement funds asset allocation among OECD countries between 2001 and 2010, (2) to examine current retirement assets and selected national characteristics including life expectancy at birth, household net saving rates, and education attainment, and (3) to compare the perceptions and behaviors regarding asset allocation of retirement plans between South Korea and the United States. This study compared the asset allocation of retirement plans using mixed methodology approach. The study used both quantitative and qualitative analysis. First, this study was concerned with understanding the asset allocation of retirement plans in six developed countries; each representing a very different retirement allocation strategy. Comparison data were obtained from the Organization for Economic Co-operation and Development (OECD) Metadata in 2011 (http://stats.oecd.org). This study focused the analysis on comparisons of allocations toretirement plans, such as 401(k) and IRAs. Second, this study conducted one-on-one in-depth interview with 14 respondents who had retirement plans to compare the perceptions and behaviors regarding asset allocation of retirement plans between South Korea and the U.S. The 7 interviewees were the residents who were living in Iowa State and Illinois State in the U.S. The interviews were conducted between March 2, 2012 and April 6, 2012 for residents in Iowa and between May 2, 2012 and June 5, 2012 for residents in Illinois. In addition to the U.S. residents, the interviews were conducted for 7 respondents in South Korea in August 2012. The interviewees were the residents who were living in Seoul and Gyeonggi-do in South Korea. The results of the analysis are comprehensively summarized as follows. The OECD member nations this study included were the Czech Republic, Denmark, Germany, Italy, Korea, and the U.S. The selection criteria were as follows: first, having a three pillar retirement system; second, a geographic balance among OECD countries [America, Europe (West, North, South, and East), and Asia-Pacific]; and third, data availability. Three of the most important factors to consider for managing the portfolio of retirement funds are life expectancy, education attainment, and household net saving rates. Longer life expectancy needs more sufficient accumulation of assets. Retirement tends to be the most important saving motive, making a change in pensions and expected length of the retirement period important demographic variables in saving decisions (IMF 2010). This study examined life expectancy at birth, education attainment, and household net saving rates as social and financial factors in the description of retirement asset allocation. The descriptive analysis of life expectancy at birth shows that there were significant gender differences in the pensionable years. The average level of pensionable years for women was five years longer than men. The result implies that women need more retirement funding than men. The pensionable years of Italy, Korea, and Czech Republic were longer than average of OECD while Germany, U.S., and Denmark were shorter than the average of OECD. The countries with relatively higher educational attainment were more likely to invest in equities. German household net saving rates as a percentage of household disposable income were the highest while Danish that have the shortest pensionable years were the lowest in selected OECD countries. The household net saving rates in countries such as the U.S. have been steadily low while it has fluctuated in Korea. The existing retirement programs may need to be recalibrated because Korean household net saving rates were very low even though Korean pensionable years were long. This study compared and contrasted the trends of retirement funds’ asset allocation. Since the onset of the recent global financial crisis, the percentages for equities in total investment of retirement funds were decreased in selected OECD countries except in Germany which had the highest household net saving rate (11.1%). The results indicate that the asset allocations in the U.S. were concentrated in equities such as stocks and mutual funds. In general, the expected return of equities is higher than other asset classes but expected volatility is also highest among equities. Therefore, the assets of U.S. retirement plans have been most strongly impacted by recessionary stock market conditions. As a consequence, the global economic recession may have hurt retirement prospects for U.S. citizens more than citizens in other countries. Current U.S. retirement assets may need to be rebalanced to increase financial security of retirees. On the other hand, the Czech Republic and Denmark had retirement assets concentrated in bills and bonds, and Korea had retirement assets concentrated in cash and deposits. In good economic times, those countries did not benefit as much by investing in lower-yield funds. These countries might need to gradually rebalance the funds for long-term investment with higher returns. In addition to the results of quantitative analysis, the results of the qualitative analysis with respondents who had 401(k) or IRA in South Korea and the U.S. are comprehensively summarized as follows. First, the strategies on asset allocation of retirement plans among U.S. households were different depending on the stage of life cycle. In Korea, however, it had a very high percentage of GICs (Guaranteed Interest Contracts) regardless age, gender, job, and the number of years having retirement plans. Second, U.S. households often rebalanced asset allocation of retirement plans but most of Korean households had kept the initial asset allocation when they opened the retirement plans. Third, the investment goals of 401(k) and IRA were the same but the perceptions and behaviors of asset allocation were different in the U.S., while the IRP (Individual Retirement Pension) was the additional retirement plans and was separated from employer-provided pensions in Korea. Fourth, the decision making on asset allocation of retirement plans were highly influenced by reference groups such as work colleagues, friends, and family members among Korean but were affected by information disclosure such as flyer, reports, and websites information among U.S. households. The asset allocation of retirement plans has important implications for individual, household, and aggregate social financial welfare. Through this comparative study on the asset allocation of the retirement plans in households’ retirement funds between selected OECD countries, I hope that this contribution will have direct and indirect effects on retirement policies that could ultimately benefit individual consumers, families, and policymakers.

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