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Health and Social Welfare Review

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Health and Social Welfare Review 상세 내용 - 제목, 저자, 페이지, 발행년월, 내용등을 확인하실 수 있습니다.
The Impact of Financial Preparation on Life Satisfaction of Baby Boomers: A Comparison of the Early and the Late Baby Boomers
Author Park, Myeong A; Cho, Si Wool; Shin, Hyeri; Park, Seol Woo; Kim, Young Sun Page 133-166 Date 2018-Jun

This study is to analyze financial factors affecting life satisfaction of the baby boomers based on Baltes & Baltes’ SOC model. To achieve the aim of this study, 2,140 baby boomers were selected from the 6th KReIS (2015). And then baby boomers were divided into two groups according to the year of their birth. Early baby boomer cohort consisted of 1,035 respondents who were born from 1955 to 1959 and late baby boomer cohort was composed of 1,105 respondents who were born from 1960 to 1963. Ordered Logit Model was conducted using the SPSS 21 program. The results were as follows: The variables that had a commonly positive impact on life satisfaction of both cohorts were financial assets and household expenditure. But the life satisfaction of both cohorts differs in terms of variables such as private pension, public transfer income and real estate income. It is expected that similarities and differences between both cohorts will be the basic data for the policy direction and the practical alternatives optimized for the needs of both cohorts. It is significant that this study empirically analyzed the relationship between the baby boomer cohort’s financial preparation and their life satisfaction as a SOC coping strategy. 

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