소득공제 장기펀드 가입가능자의 펀드투자역량

Abstract

This study aimed to determine fund investment capacity of eligible customers (less than KRW 50-million annual income) of the long-term tax-deductible fund (hereafter referred to as LTF) sold from last March. The fund investment competence is a capability of an investor that can perform investment appropriately, adapt to changes in financial markets proactively and achieve investment goals. The fund investment competency was defined as a mechanism that can perform appropriate fund investment actions in connection with fund investment attitude, fund investment knowledge, and fund investment functions of individual consumers. The main study results and proposals are as follows:First, those who have never done fund investment before among eligible customers of the LTF accounted for 31.4% and their investment competency was low overall in terms of fund investment attitude, knowledge and functions that indicate fund investment competency than those who have experienced fund investment before (current or past investors). Therefore, it is necessary to give sufficient explanation about fund investment and make customers understood when the LTF is sold to inexperienced customers since they are prone to make financial consumer complaints in the future if the LTF is induced to eligible customers only by emphasizing tax benefits. Second, most eligible LTF customers as well as ineligible customers considered less than a five-year term as a fund investment period while a less than three-year term on average was considered as the most appropriate investment period. This early cancellation would affect tax benefit negatively since the LTF requires at least five year period without cancelation. Therefore, information and education about such early cancellation and penalties due to the early cancelation shall be given to customers including the need of long-term investment. Third, 70% of the current fund investor out of eligible LTF customers were intended to continue investment. In particular, about 22% of them were intended to increase investment, which makes the LTF more useful due to the tax benefit. Fourth, since eligible LTF customers had relatively low knowledge about investment, it should not be encouraged for them to open an account of the LTF only based on tax benefit.