확정기여형 퇴직연금의 투자의사결정 행태

This study aims at analyzing domestic employees' investment decision and asset allocation behavior considering their respective demographics and risk tolerance. From a structured questionnaire survey, we find that the domestic employees are mainly risk averters, and their risk tolerance depends on occupation, sex, and age with statistical significance. Also, it is shown that they prefer their assets to be withdrawn by annuities or long-term divisional provisions, and they are more cautious of investing their assets to stocks than other products because of their relatively high risk. The empirical study reveals that investment decisions regarding the defined contribution plan should take into account age, sex, occupation, and risk tolerance. This study attempts to systemize domestic employees' investment decision behavior considering various factors including their demographics and risk tolerance, and contributes to find the critical factors of individual investment decisions in asset management market.