개인재무교육의 효과분석

Abstract

The purpose of this study is to analyze the effects of personal financial education through research targeted at adults. That is, the effects of financial education were analyzed on two groups of Koreans, adults who participated in any of a variety of financial education venues, and of adults who did not receive any financial education. The first subject studied was the kind of changes that occurred in the financial behaviors of participants after completing a financial education course per each type of education program. Then, the differences in the standards of subjective/objective economic well-being were studied for each group of adults who participated in the financial education and those who did not. Also, the effects of financial education on subjective/objective economic well-being, financial stress and risk tolerance were measured. Financial education as discussed in this study includes any course of learning the essentials such as attitudes and skills required to effectively plan, manage, protect and invest financial resources, assets and incomes of the present or future in order to increase the economic well-being of an individual or household. In this study, the status of participation in financial education refers to participation in programs of educational institutes as organized by the government, universities, private financial education bodies or the workplace. The areas of financial education consist of 11 sub-areas, such as the fundamentals of personal financial planning, fund management, expense management, loan/credit management, tax management, risk management/insurance, savings, securities investment, real estate investment, retirement planning, donations/ inheritance. In order to fulfill the purpose of this study, a survey was done on 441 Korean adult males and females aged between 30 and 60. The data were analyzed using a frequency analysis, t-test, ANOVA analysis, regression analysis and path analysis. The results indicated by the research can be summarized as follows. First, changes in the financial behaviors of people who participated in financial education were studied in accordance with the types of financial education programs as well as time periods, methods and media used. The results showed that, in terms of the types of financial education programs, higher marks on average in all of the criteria of changes in financial behaviors were achieved by those who participated in regular education programs than those in one-time programs and by those who participated in long-term programs than those in regular programs. In terms of the changes in financial behaviors per time spent in financial education, there was a significant difference found in the changes of financial behaviors in accordance with the increase of time period. A significant difference was also found in the items of decision making and planning for retirement in accordance with the methods of financial education. In particular, the average mark in changes of financial behaviors was found to be the highest when education was carried out with methods centered on practical applications and cooperation among participants, while lecture-type classes were found to record the lowest average mark. In relation to changes of financial behaviors per each learning medium, significant differences were found in all items of decision making, investment strategies and planning for retirement. In particular, the average mark in changes of financial behaviors was found to be high, thus the effects of education increased when audiovisual media, the internet and computer-based teaching methods were used. Second, in terms of the differences in subjective economic well-being in accordance with the status of participation in financial education, there was a significant difference found only in the item of risk management. Also, the average was indicated higher for the participants of financial education. The sub-categories of risk management consist of the degree of satisfaction regarding emergency reserve funds, degree of satisfaction regarding retirement funds, degree of satisfaction regarding funds for children's education and degree of satisfaction regarding the future considering the current financial status, etc. That is, people with financial education displayed a greater satisfaction with their emergency reserve funds to prepare for sudden illness, accident or unemployment than those without financial education. Also, in terms of reserve funds for children's education and retirement, people with financial education showed a greater satisfaction than those without. In relation to the characteristics of objective economic well-being, an analysis was performed on the differences displayed between people who participated in financial education and those who did not in terms of their degree of satisfaction on the basis of financial ratio guidelines. The result indicated significant differences in the emergency reserve fund index, propensity to save index and liquidity index. People who participated in financial education displayed a higher degree of satisfaction regarding ratio guidelines. Also, the analysis on the differences for the average financial ratio in accordance with the status of participation in financial education indicated a significant difference in the growth ratios of indices of the propensity to save and invest. People who participated in financial education displayed higher marks than those who did not. Third, the effect of financial education on subjective economic well-being was studied. The results indicated that the variables of financial education that exert direct effects on subjective economic well-being were financial behaviors, marital status and income level. That is, subjective economic well-being was indicated to be higher when the capacity for financial behaviors is higher, when marital status is single and when income is higher. In terms of the indirect effects exerted by financial behaviors, the variables included participation in financial education, the time period spent in financial education, age group, gender and income level. In other words, the subjective economic well-being was found to be higher for people who participated in financial education, who participated more in financial education, who are in lower age groups, who are female and who are at a higher income level. The variable with the greatest effect on subjective economic well-being as a whole was financial behaviors. The status of participation in financial education was also found to be an important factor to increase the standard of subjective economic well-being. As a result of studying the effects of financial education exerted upon objective economic well-being, it was found that the variable with the greatest effect on the objective economic well-being as a whole was financial behaviors followed by income level. Among the variables of financial education, status of participation in financial education indicated both direct and indirect effects in increasing objective economic well-being. The interpretation can be that financial education produces qualitative effects not only to the subjective, but also to the objective economic well-being. Thus, overall, it is concluded that financial education can contribute towards increasing the standard of household economic well-being. In addition, the important factors that increase objective economic well-being included the time spent on financial education, marital status, gender and age group. Fourth, the analysis on the effects of financial education on the level of financial stress indicated that the status of participation in financial education, marital status and financial behaviors exerted significant effects on the level of financial stress. That is, people who participated in financial education, who are married, who are in a lower income level and who have a lower capacity for financial behaviors showed a higher level of financial stress. Fifth, in terms of the factors exerting effects on the degree of financial risk tolerance, the status of participation in financial education and educational level were found to exert significant effects. As a conclusion, financial education was found to exert an influence on financial behaviors, subjective/objective economic well-being, financial stress and the degree of financial risk tolerance.;본 연구는 국내 다양한 교육기관에서 행해지고 있는 재무교육에 참여한 사람과 참여하지 않은 사람을 구분하여 재무교육의 효과를 살펴보고자 한다. 이를 위해 먼저 재무교육 참여자들이 재무교육을 받은 이후 재무교육 프로그램 방식에 따라 재무행동 변화에 어떠한 차이가 있는지 살펴보고, 재무교육 참여자와 비참여자를 대상으로 재무행동과 주관적·객관적 경제복지 수준의 차이를 파악하고자 한다. 또한 주관적·객관적 경제복지, 재무스트레스, 재무위험감수도에 대한 재무교육의 효과를 측정한다. 이러한 분석을 위해 실증적 자료는 서울, 경기, 인천, 대전, 대구, 전주, 울산에 거주하는 성인 남녀 441명을 대상으로 설문지를 통하여 자료를 수집하였으며, 조사된 자료에 대해 빈도분석, t- test, ANOVA 분석, 회귀분석, 경로분석을 사용하여 분석하였다. 실증조사를 통해 밝혀진 결과는 다음과 같이 요약할 수 있다. 첫째, 재무교육 참여자를 대상으로 재무교육 프로그램 유형, 재무교육 시간, 재무교육 방법, 재무교육 매체에 따른 재무행동변화의 차이를 측정하였는데, 재무교육 프로그램 유형별 재무행동변화에 유의한 차이가 나타났다. 일회성이나 정기적인 교육 프로그램보다 장기적인 프로그램에 참여한 사람이 재무행동 변화의 모든 항목에서 높은 평균 점수를 보였다. 재무교육 시간은 시간의 증가에 따라 재무행동 변화 차이가 유의미하게 분석되었다. 재무교육 방법은 실습·협동식 수업으로 교육이 진행되었을 때 재무행동 변화의 평균 점수가 가장 높았으며, 강의식 수업이 가장 평균이 낮은 것으로 조사되었다. 재무교육 매체 간 재무행동 변화는 시각·시청각·인터넷 및 컴퓨터를 사용하였을 때 재무행동 변화의 평균 점수가 높게 나타났다. 둘째, 재무교육 참여 여부에 따른 주관적 경제복지 차이분석에서는 위기관리 항목에서 유의한 차이가 있는 것으로 밝혀졌으며, 재무교육 참여자의 평균이 더 높은 것으로 나타났다. 위기관리의 하위항목은 비상시를 위한 준비금에 대한 만족 정도, 노후준비금 만족 정도, 자녀교육 준비금, 재무상황을 생각할 때 미래에 대한 만족정도 등으로 구성되어졌다. 셋째, 객관적 경제복지 특성에서 재무비율 준거기준에 대한 만족율에 대한 재무교육 참여자와 비참여자간의 차이분석은 비상자금지표, 저축성향지표, 유동성지표에서 유의한 차이를 보였으며, 재무교육 참여자의 재무비율 준거기준 만족율이 비참여자보다 더 높은 것으로 나타났다. 재무교육 참여여부에 따른 재무비율 평균에 대한 차이분석에서는 성장성 지표인 저축성향 지표와 투자성향 지표에서 유의한 차이를 보였으며 재무교육 참여자가 비참여자보다 평균 점수가 더 높게 나타났다. 넷째, 주관적 경제복지에 미치는 재무교육의 인과효과를 살펴본 결과, 주관적 경제복지에 직접 영향을 미치는 변수는 재무실천행동, 결혼여부, 소득으로 나타났다. 다음으로 재무행동을 매개로 한 간접효과는 재무교육 참여, 재무교육 시간, 연령, 성별, 소득이 주관적 경제복지에 간접효과가 있는 것으로 나타났다. 따라서 주관적 경제복지에 대한 총인과적 효과는 재무교육 참여, 재무교육 시간, 재무실천행동, 연령, 성별, 결혼여부, 소득인 것으로 나타났다. 객관적 경제복지에 미치는 재무교육의 효과를 살펴본 결과 객관적 경제복지에 대한 총인과적 효과가 가장 큰 변수는 재무실천행동이며, 그 다음으로는 소득으로 나타났다. 재무교육관련 변수 중에서 재무교육 참여는 객관적 경제복지를 높이는데 직·간접적인 효과가 있는 것으로 나타났다. 이 밖에 객관적 경제복지수준을 높이는 결정 요인으로 재무교육 시간, 결혼여부, 성별, 연령으로 나타났다. 다섯째, 재무교육이 재무스트레스에 미치는 영향력 분석에서는 재무교육 참여, 결혼여부, 소득, 재무실천행동이 재무스트레스에 유의한 영향을 미치는 것으로 밝혀졌다. 여섯째, 재무위험감수도에 미치는 영향요인 분석에서는 재무교육 참여와 학력수준이 재무위험감수도에 유의한 영향을 미치는 것으로 밝혀졌다. 본 연구 결과를 바탕으로 다음과 같은 결론을 내릴 수 있다. 첫째, 재무교육은 재무실천행동, 주관적 경제복지, 객관적 경제복지, 재무스트레스, 재무위험감수도의 수준을 직접적 또는 간접적으로 높이는 것으로 나타났다. 즉, 재무교육 참여 여부에 따라 재무실천행동, 주관적 경제복지, 객관적 경제복지, 재무스트레스, 재무위험감수도 수준이 다르게 나타날 수 있다. 따라서 가계의 재무실천행동, 주관적·객관적 경제복지 그리고 투자행동에 영향을 주는 재무위험감수도를 증진시키기 위해서 재무교육이 필요하다. 둘째, 재무교육 매체에 따른 재무행동변화 분석결과에서 나타난 바와 같이, 재무교육 효과를 높이기 위해서는 시청각, 인터넷, 컴퓨터를 활용하는 멀티미디어 교육 자료를 개발해야 한다. 또한 재무교육의 방법은 강의식에서 탈피하여 협동식, 실습, 토의식 등 다양한 방식으로 이루어져야 할 것이다. 셋째, 장기적 교육 프로그램과 교육시간이 길어질수록 재무행동변화 수준이 높아진다는 연구 결과는 일회적인 교육 프로그램 실행이 주를 이루는 재무교육 주체들에게 문제점이 있음을 시사하고 있다. 따라서 재무교육 프로그램 설계 시 학습자들이 지식을 숙지할 수 있는 충분한 교육시간이 배정되도록 해야 한다.