중고령층 금융소비자의 펀드투자에 관한 이해력

Due to the complexities of financial markets and changing nature of financial environment, the needs for protecting financial consumers in regulatory ways are increasing. Using [2007 Investor Survey] by Korea Investor Protection Foundation, this study tries to compare mutual funds investment behaviors and mutual funds investment literacy between financial consumers who are over 50 years old and those who are younger than 50 years old to identify possible vulnerability of older consumers in the financial markets in order to provide policy implications in financial consumer protection. In this study the mutual funds investment literacy includes three sub-constructs：subjective mutual funds knowledge, objective mutual funds knowledge, and adeptness of mutual funds investment related information processing. By analyzing mutual funds investment behaviors and literacy, it was found that the older financial consumers who are age 50 and older had lower levels of mutual funds investment literacy and more likely to rely on the advice provided by the sales persons from financial institutions. Based on these results, promoting the concept of fiduciary and possibly regulating fiduciary responsibilities of financial professionals were discussed. In addition the practicality of financial education in improving real life financial literacy should be reconsidered to design effective financial education. Also to help financial consumers make informed decision in financial transaction, information provided to consumers in general and to older consumers in specific should be customized to contribute the improvement of overall financial literacy and financial capabilities of financial consumers.