• Journal of Family Resource Management and Policy Review
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• v.16 no.4
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• pp.131-152
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• 2012

The aims of this study were to analyze middle-aged households' financial preparation for retirement. Specifically, this study surveyed the relation between human capital investment for children and the middle-aged households' financial preparation for retirement and investigated factors influencing financial preparation for retirement. Data were obtained from the 3rd Korean Retirement and Income Study (KReIS) in 2009, and a sample of 757 households was selected. The statistical methods were frequency, percentile, mean, standard deviation, ${\chi}^2$, t-test, Pearson's correlation coefficient, and logistic regression analysis. The findings of this study are as follows. First, the percentile of preparation for living costs for old age was 49.9% for the middle-aged households. In terms of the types of preparation for living costs for old age, the results showed 61.6% of personal preparation, 33.9% of pension system, and 1.3% for children and relatives. In relation to the adequacy of the preparations for living costs for old age, preparations made by 57.4% of the middle-aged households were inadequate. Observing the minimum living costs for old age and adequate living costs after retirement for single and couple, the minimum living costs of the middle-aged households was 1.46 million won for couple and 0.91 million won for single. The adequate living costs for old age was 2.07 million won for couple and 1.34 million won for single. Second, there were 757 households with total education expenditure. Of these, 208 incurred annual expenditure on public education, and the annual expenditure for public education was 7.28 million won. There were 170 households with annual expenditure for private education, and the annual expenditure for private education was 2.50 million won. 243 households of middle-aged households had annual expenditure for human capital investment, including both public and private education, with annual expenditure for human capital investment for children of 7.82 million won. Furthermore, in the human capital investment factor, there was a difference in the middle-aged households' financial preparation for retirement according to their annual expenditure for human capital investment including both public and private education. In addition, there was a difference in financial preparation for retirement based on their public education expenditure. Third, in the logistic regression model 1, which included human capital investment, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and human capital investment. In the logistic regression model 2, which included annual expenditure for public education and annual expenditure for private education, the significant variables affecting the preparation for retirement of the middle-aged households were as follows : annual household income, total amount of annual household income, experience of inadequate living costs, existence of financial assets, total amount of annual household savings, financial independence, adequate living costs (for single) for old age, and annual expenditure for public education.

• Journal of Family Resource Management and Policy Review
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• v.22 no.2
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• pp.25-43
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• 2018

The purpose of this study was to analyze the factors that influence middle-aged people's retirement planning and financial preparation for old age. The data was derived from "the National Survey of Families 2015". The samples included 1,462 people from 40 to 64 years of age. The findings from the analysis showed that the level of retirement planning was significantly associated with gender, age, education level, employment status, monthly family income, monthly expenditure on spending to support parents, and perceived household economic condition. When the samples were divided by sex, the results showed that the perceived household economic condition was the most significant factor for both men and women's level of retirement planning. Age and education level were the significant factors for women's level of retirement planning but not for men's. Logistic regression was used to analyze whether middle-aged people made financial preparation for old age. For the whole sample, whether or not a person was a regular employee, monthly family income, monthly expenditure on supporting parents, perceived household economic condition, and retirement planning were significant variables in determining financial preparation. For men, whether or not a person was a regular employee, monthly family income, perceived household economic condition, and retirement planning were significant factors, for women whether or not a person was a regular employee, and retirement planning were the significant factors in determining financial preparation. The results implied that retirement planning is needed for middle-aged people to prepare for old age financially while the financial preparation should differ depending on sex.

• Journal of Digital Convergence
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• v.12 no.6
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• pp.579-586
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• 2014

The purpose of the present study was to identify the state of financial preparation of the disabled for their old age, and the influence factors on their quality of life. To this aim, the 4th data from the Panel Survey of Employment for the Disabled were used to examine 3,396 subjects of 40 years or older. First, regarding the difference between life satisfaction according to whether or not the disabled were preparing for their old age, the preparing people had higher satisfaction in daily life. Second, the most popular way of financial preparation of the people with disabilities for old age proved the state-run public pension, and the disabled were cognitive that their preparations were not enough. Lastly, the satisfaction of the disabled in daily life who were financial preparing for the old age proved higher depending on the higher sufficiency of their preparation.

• The Journal of the Korea Contents Association
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• v.14 no.8
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• pp.250-256
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• 2014

This study was carried out in order to seek social support direction by allowing them to recognize necessity of preparing for their stably old age life and by inquiring into the preparation for old age life targeting dental hygienists who work at dental clinics. It sent questionnaire by post to dental hygienists of 1,560 dental clinics, which were sampled with a stratified sampling method, and then conducted a cross-sectional study based on self-administration. As a result of a problem of being worried in old age life, the ratio with the response as saying of being 'economy' was indicated to be the highest. The ratio of financial preparation for old age was shown to be high with 84.3%. Its method was the highest in 'fixed deposit and installment savings' with 62.6%. The satisfaction with financial preparation for old age stood at averagely 2.60, thereby having shown to be dissatisfied. It was shown to be low with 2.97 in the mean score of physical preparation for old age life, 3.59 in emotional preparation, and 2.56 in preparation for leisure. In conclusion, the satisfaction with financial preparation for old age life in our country's dental hygienists was low. Even the physical, emotional, and leisure-based preparations were shown to be low. Hence, it is considered to be likely needed to be planned preparation for old age life from the 30s. Also, for this, Korean Dental Hygienists Association needs to positively develop several kinds of programs such as education, policy and system for old age life following these people's retirement.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.251-265
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• 2022

According to the 2019 statistics of the National Statistical Office, the population of old people over 65 is 7.69 million which consists of 14.9% of total population in Korea, and the world's fastest compressed-aging is being processed. Employees engaged in financial business as representative high-wage workers tend to choose voluntary retirement regardless of their business types, and rarely get a new job or establish their own business successfully. This study analyzes the effects of retirement expectations, social supports, and entrepreneurial intention for employees engaged in financial business, and the differences by individual characteristics on the preparation for their old age. The subjects include 280 people working at Seoul metropolitan and Daegu area. The data were analyzed with the SPSS Win Ver. 18.0 for frequency analysis, reliability analysis, factor analysis, regression analysis, etc. and the results of the study are as follows. First, the result of analyzing the effect of retirement expectations of employees engaged in financial business on the preparation for old age shows that the retirement expectations of the people who consider retirement is a new start meaningfully affect the financial and physical preparations for old age. Second, it is shown that family relations for employees engaged in financial business meaningfully affect the financial preparation, and family relations and friendship relations meaningfully affect the emotional and social preparations, despite social supports do not relevantly affect the financial preparation for old age. Third, it is also shown that the entrepreneurial intention of employees engaged in financial business does not relevantly affect the financial and physical preparations, but meaningfully affects the emotional and social preparations for old age. Fourth, the result of analyzing the effect of the individual characteristics of employees engaged in financial business on the preparation for their old age shows that age, marital status, and job grade do not relevantly affect, but the experience of entrepreneurship education more affects the preparation for old age than no-experience.

• Journal of Family Resource Management and Policy Review
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• v.16 no.1
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• pp.123-148
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• 2012

The main objective of this study was to investigate how people prepare for old age by looking at financial statements from single-person households in Gyeonggi province; the policy implications regarding low fertility and population aging are considered. The subjects were members of 600 households who were aged 26 to 44 years old and not married. The data were analyzed by t-test, ANOVA, and dichotomous logistic regression using SPSS WIN 12.0. Respondents pointed out that financial problems are the greatest challenges for those facing old age in single-person households; they said that a stable job is the most important factor for secure living. About 57% of household residents responded that they have prepared for retirement, and a majority of them said they hoped to spend their elderly years with a marriage partner. The financial statements from single-person households were inferior to those from other types of households. The assets of single-person household members were less than those of other households. Only 10.5% of respondents have owned homes. The study discusses policy implications for those who want marriage and for those who don't want it. For those who want marriage, job-seeking support was proposed, and for the others, tax deductions and family programs for single-person households were proposed.

• Journal of Family Resource Management and Policy Review
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• v.19 no.4
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• pp.19-33
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• 2015

The purpose of this study is to explain. It also examines and compares factors influencing life satisfaction among the middle-aged at various income levels. The data source for this study was the third additional wave and the fourth wave of the Korean Retirement and Income The study sample consisted of 1,723 middle-aged (age 50-64) individuals. The data analysis methods included the chi-square test, ANOVA, and multiple regression analysis. The results were as follows. First, there was a positive relationship between old age preparation and life satisfaction. Second, it was found that old age preparations (physical, emotional, social, financial) and life satisfaction show meaningful relationships among the income levels. Third, old age preparation was found to have different meaningful impacts on life satisfaction among the income levels. The results of this study verify the degree of the relationship between old age preparation and life satisfaction and the different impact factors relating to old age preparation for life satisfaction among the income levels.

• Journal of Digital Convergence
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• v.14 no.2
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• pp.49-56
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• 2016

The purpose of the study is to explore mediation effect of marriage satisfaction when personality traits of married female immigrants would influence the preparation for old age. The survey targets are married female immigrants who live in Seoul, Gyeonggi province, Chungcheong province, and Jeolla province, who are using the programs of Multicultural Center, and who could communicate each other. The analysis was also conducted on 426 of 450 questionnaires. The findings are as follows. First of all, extroversion, agreeableness, conscientiousness, openness of personality traits appear as positive correlation with emotional preparation, physical preparation, financial preparation, marriage satisfaction. However, financial preparation has no correlation with neuroticism. Second, personality traits and marriage satisfaction explain about emotional preparation as 34.6 %, but there is no mediation effect of marriage satisfaction. Third, personality traits and marriage satisfaction explain about physical preparation as 28.1%. In addition, agreeableness and physical preparation have mediation effect of marriage satisfaction. Fourth, personality traits and marriage satisfaction explain about financial preparation as 15.9%.. Moreover, openness and financial preparation have mediation effect of marriage satisfaction.

• Journal of Family Resource Management and Policy Review
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• v.14 no.4
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• pp.193-212
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• 2010

The pre-elderly approaching old age in our society confront having a harsh economic status. The main purpose of this study was to explore the factors influencing the preparation of the pre-elderly for overcoming this status. In particular, it focused on financially stable pre-elderly persons. The data from the 2008 Chungcheongnam-do Welfare Plan for Five Years collected by the Chungnam Women's Policy Development Institute was used to analyze the research questions. The participants in this study included 735 persons (ages 55-64) living in Chungcheongnam-do. Five hundred and eighty-one self-reported questionnaires were used for the final analysis using SAS, version 9.1. This study attempted to identify the important variables needed to find the factors related to socio-demographic and economic characteristics, the adult-child relationship, the preparation plan for old age, etc. The results showed that job and health status were key to preparation for financial stability among the elderly. Another finding was the importance of concrete financial planning for the elderly; that is to say, the pre-elderly who made more concrete plans than indefinite ones were likely to belong to stable households. Another significant finding was that it is important to consider both objective and subjective factors for the financial preparation of the elderly. These results should serve as reference data for the future welfare policy for the elderly, because the financial independence of the elderly will be vital for a healthy relationship between new and old generations.

• Journal of Digital Convergence
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• v.11 no.11
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• pp.117-132
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• 2013

This study shows how financial education for middle-age affects their remaining life (economic, physical, emotional and social) and improves the way of preparing for their old age through 355 questionnaires using SPSS 18.0, factor analysis, t-test and ANOVA program. The results obtained are summarized as follows: Firstly, The importance of financial education has been differently perceived by the age, marital status, income and religion. Secondly, the necessity for early financial education and retirement preparation have been comprehended by analyzing the effects of the financial education on their old life. Thirdly, Attitude for retirement has affirmative effects on the self respect, economic stability and leisure activity.