ScholarWorks@숙명여자대학교

초록

Since the global financial crisis, confidence in financial markets has declined sharply and each country has made an effort to recover it by reforming financial practices. Particularly in Korea, the Financial Supervisory Service has played a leading role in improving financial practices since 2015. The purpose of this study is to examine how financial consumers recognize and evaluate the reforms of financial practice in Korea and to provide policy implications for enhancing confidence in financial markets. We surveyed financial consumers in three different groups: consumers with low involvement, consumers with high involvement, and consumers with financial careers. The major findings are as follows. First, all the groups have in common a negative perception toward the existing financial practices and they are in favor of reforming the practices. They also agree that the reforms should be fulfilled in collaboration among the financial authority, financial consumers, and financial companies. Most responses reflect the opinion that improving practices in insurance sector is urgent. Second, there exists a difference in evaluation of the reforms between the two groups according to having financial careers or not. Consumers with financial careers tend to approve of the authority’s efforts to reform financial practices, while general consumers do not. Third, reforms of practices closely related to financial consumers’ convenience are more likely to achieve higher degrees of policy experience.

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