소비자의 금융이해력이 판매직원의 고위험상품 유도에 미치는 영향
Consumer Financial Literacy and Broker-dealers’ Suitability Obligation
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본 연구는 소비자의 금융이해력 수준과 금융기관의 고위험 상품 유도 행위 간의 관계를 분석한다. 온라인 설문조사 방식으로 2010-2015년에 금융기관에서 위험성향을 진단받은 후 공모펀드, 변액보험 또는 파생결합상품을 구매한 적이 있는 소비자 1,052명의 금융이해력을 측정하고, 이들에게 상품 구매 당시의 판매직원의 영업행위에 대해 질문하였다. 회귀분석 결과, 소비자의 금융이해력이 낮을수록 판매직원이 고위험 투자성향 도출을 위해 응답을 유도ㆍ재진단하거나, 고위험상품 투자를 위해 요청하지 않은 서류를 안내할 확률이 높았다. 또한 원금손실 가능성에 대한 설명을 듣지 못할 가능성도 소비자의 금융이해력이 낮을수록 증가하였다. 이러한 관계는 소비자의 위험성향이 고위험 투자가 어려운 위험중립형 이하일 때 유의하게 나타났다. 본 연구의 분석결과는 불완전판매를 효과적으로 방지하기 위해서는 소비자의 금융이해력을 높이기 위한 정책이 강화되어야 함을 시사한다.
Abstract
Conflict of interest may exist in the investment product market in Korea, as the commission of broker-dealers is greater for riskier products. This study examines the relationship between the level of consumer financial literacy and the fulfillment of broker-dealers’ suitability obligations. 1,052 consumers who had the suitability test and bought investment products during 2010-2015 are analyzed. The results show that broker-dealers are more likely to induce consumers to be high risk-tolerant or to introduce unsuitably riskier products when consumers are financially illiterate. It implies that enhancing consumer financial literacy can play an important role in mitigating the broker-dealers’ mis-selling problem.
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