ScholarWorks@숙명여자대학교

초록

Financial education has become more important in that it is essential for proactive financial consumer protection. Strengthening financial capability promotes informed choices and market discipline as well. Financial capability is defined as a combination of specific elements belonging to knowledge, skills, attitude, and behavior. This study aims to evaluate the financial capability and financial well-being of Korean financial consumers in terms of financial satisfaction and life satisfaction. Based on the results of the study, the influence of financial variables such as income, net worth, and retirement preparedness is dominant on financial satisfaction. Financial skills are found to have a positive contribution not only to financial satisfaction but also to life satisfaction. Thus its importance needs to be relatively more emphasized. Since a better financial situation is positively associated with financial satisfaction, differences in financial situation between male and female household heads lead to their different financial satisfaction levels. This is because, on average, female-headed households are lower in household income, net worth, and retirement preparedness. It underlies the importance of financial skills that they are very practical in dealing with actual financial matters. Generally speaking, life satisfaction is influenced not only by financial factors but also by non-financial factors. Although financial skills have a positive impact on financial satisfaction and life satisfaction, they have not been highlighted commensurately so far. Therefore, this particular dimension of financial capability should be considered and reflected in designing detailed methods and tools for financial education in the future. It is indeed so in view of the fact that this capability dimension can be achieved primarily through practical experiential learning over a long period of time. Lastly, in follow-up research, a more comprehensive review of financial well-being needs to be done using a wider range of variables, including non-financial areas.

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