개인연금의 보유 행태에 관한 연구A Study on the Retention Behavior of Personal Annuity

The purpose of this study is to classify factors affecting behaviors of personal annuity holders into demographic-social factors, health status, life satisfaction levels, labor related factors and economic factors, and to analyze them with the fixed-effect panel logistic model using the 6-year data from 2012 to 2017 announced in March 2018 by Korea Welfare Panel covering all age groups capable of economic activities. The study shows that as for the demographic-social factors, the probability of holding personal annuity increases as age increases, but it decreases at a certain age and after. The probability of holding personal annuity is higher for people with spouses and with higher life satisfaction level. Regarding labor related factors, the larger the company is, the higher the probability of holding personal annuity. On the other hand, people who think they are healthy based on their health status have lower probability of holding personal annuity. The study also shows that the ordinary income and subjective optimal income level has a positive correlation with the probability of holding personal annuity. Also the probability of holding personal annuity becomes lower as the food expense goes up.