행동재무학에 기반한 퇴직연금 내 자동저축계좌 도입 방안 고찰

[Purpose] This study examines the introduction of an automatic savings account, modeled after the UK sidecar structure, as a behavioral finance－ based approach to improving the limited long－ term savings performance of Korea’s retirement pension system. [Methodology] Given the heavy concentration in principal－ protected products and widespread choice deferral among Korean pension participants, the study proposes a dual－ account structure that separates a short－ term emergency account from a long－ term pension account. When the balance in the emergency account exceeds a preset target level, the surplus is automatically transferred to the long－ term pension account. Key behavioral concepts － present bias, mental accounting, default effets, and loss aversion － are used as the analytical framework. [Findings] The proposed structure systematically combines short－ term liquidity provision with sustained long－ term investment and functions as a pre－ default option that guides saving and investment behavior before formal investment choices are made. It also addresses the limitations of existing default mechanisms, which operate only after the investment decision stage. [Implications] By presenting a behavioral design－ based pre－ emptive mechanism within the retirement pension system, this study highlights a practical pathway to enhancing the effectiveness of retirement savings and expanding behavioral policy design. The findings offer foundational insights for developing a Korean version of the sidecar savings model.