29. 1..,.. (Federal Reserve Board: FRB) 10 (net worth) 10%. LIMRA FRB (Survey of Consumer Finance: SCF) (financial asset). 1) 25 25, 25., 25 50 (m ass afflu ent), 50 100 (afflu ent), 100 500 (high-net-w orth), 500 (pentamillionaries). LIMRA, 14.2%( 6.5%, 7.7%), 85.8%. 1) LIMRA International(2003b), p. 10.
30 < -1> ( : $, %, ) 249,999 85.8 91.4 m ass afflu ent 250,000 499,999 6.5 6.9 afflu ent 500,000 999,999 4.3 4.6 high net w orth 1,000,000 4,999,999 2.9 3.0 p entam illion aries 5,000,000 0.5 0.5 : LIMRA Intern ational(2003b), p. 10. LIMRA (income), 10 10, 10., 10 20 10.2%, 20 3.8%. < -2> ( : $, %, ) 99,999 86.0 91.6 m ass afflu ent 100,000 199,999 10.2 10.8 afflu ent 200,000 3.8 4.0 : LIMRA Intern ational(2003b), p. 10.,., 10%.
31 10%.,,, (n et w orth).,,, (total investable assets).. 1) (S urvey of Cons ume r Fina nce),., (oversampled the low-incom e h ou seh old).,. FRB 3,,. (Internal Revenu e Service). FRB (Survey of Consum er Finance: SCF),.,,,,,
32,,,,,,,,,,. /, 10%. < -3> SC F - (CD),, (, ), (, ) - (,, ) ( ) (, ) : Kennickell, Arthur B.(2003), p. 22. SCF. 2001 42.2%, 57.8%, 12.1%. 1989 30.9% 2001 42.2%, 1990. 50% 19.1%, 5 50%
33 35.9%, 5 10% 50.7%.. 50% 56.2%, 5 50% 19.4%, 5 10% 8.9%, 1 5% 1% 6.0%, 2.4 %.., 50% 43.8%, 1% 97.6%. < -4> ( ) ( : %) 0 50 50 95 90 95 95 99 99 100 1989 2001 1989 2001 1989 2001 1989 2001 1989 2001 1989 2001 22.5 19.1 26.1 35.9 33.2 50.7 36.8 47.9 32.3 45.1 30.9 42.2 2.5 6.0 5.6 17.1 8.2 28.9 11.6 29.1 11.8 26.8 8.8 23.5 77.5 80.9 73.9 64.1 66.8 49.3 63.2 52.1 67.7 54.9 69.1 57.8 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 57.7 56.2 19.1 19.4 9.5 8.9 5.3 6.0 2.5 2.4 12.4 12.1 42.3 43.8 80.9 80.6 90.5 91.1 94.7 94.0 97.5 97.6 87.6 87.9 : Kennickell, Arthur B.(2003), p. 23. 2), 10% 1989 67.4 % 2001 69.8% 2.4 %p. 2001 5% 57.7%, 1% 32.7%.
34 < -5> ( : %) 0 49.9 50 89.9 90 100 90 94.9 95 98.9 99 100 1989 2.7 29.9 67.4 13.0 24.1 30.3 1992 3.3 29.7 67.2 12.6 24.4 30.2 1995 3.6 28.6 67.8 11.9 21.3 34.6 1998 3.0 28.4 68.6 11.4 23.3 33.9 2001 2.8 27.4 69.8 12.1 25.0 32.7 : Kennickell, Arthur B.(2003), pp. 17 21. 1989 10%. 1989 34.8%p, 2001 39.6%p. < -1> 3), 10% 72.2%, 27.8%
35. 5% 58.1%, 1% 31.5%. < -6> (2001 ) ( : %) 0 49.9 50 89.9 90 100 90 94.9 95 98.9 99 100 100.0 6.0 32.7 61.4 13.3 21.9 26.2 CD 100.0 4.3 53.5 42.2 17.3 18.7 6.2 100.0 0.8 9.4 89.8 8.9 22.5 58.4 100.0 0.5 11.4 88.1 9.9 25.3 52.9 100.0 0.9 20.5 78.6 17.9 32.6 28.1 100.0 3.3 36.4 60.3 17.6 29.1 13.6 100.0 7.2 46.5 46.2 15.6 17.9 12.7, 100.0 0.3 13.0 86.6 12.1 28.3 46.2 100.0 4.1 17.1 78.8 5.3 33.1 40.4 100.0 2.5 25.3 72.2 14.1 26.6 31.5 : Kennickell, Arthur B.(2003), p. 21. 4), 42.9%, 10% 57.1%. < -7> (2001) ( : %) 0 79.9 80 89.9 90 100 31.4 11.5 57.1 : http :/ / www.federalreserve.gov/ pubs/ oss/ oss2., 10%
36. 69.8% 10%, 72.2% 57.1%.,,,.. < -2> / / (2001).., 10%, 2001. 1) 2003 4 10%. 4
37 3. 2003 4 6 50, 65. 5% 32 5, 1% 6 5. < -8> (2003) ( : ) 1 2 3 4 5 6 7 4 2,505 3,076 3,211 4,720 1,387 291 108 6,502 15,298 : http :/ / kosis.nso.go.kr. < -9> ( : ) 2001 2002 2003. 9. (0 90%) 5,851,655 5,851,514 5,852,502 0 75% 4,876,379 4,876,262 4,877,085 75 90% 975,276 975,252 975,417 ( 10%) 650,184 650,168 650,278 5% 325,092 325,084 325,139 1% 65,018 65,017 65,028 6,501,839 6,501,682 6,502,780 2). 3,,
38., 2000 1,424, 80% 788, 10 20% 2,331, 10% 5,611. < -10> (2000) ( : ) 0 80 80 90 90 100 2,408.6 1,632.3 3,663.5 7,362.9 984.2 844.6 1,332.6 1,752.1 1,424.4 787.7 2,330.9 5,610.8 : (2002). 2000 2001 2003, 2003, 1,430, 80% 667. 10 20% 2,482, 10% 6,731. < -11> (2003 ) ( : ) 0 80 80 90 90 100 3,279.2 2,254.2 4,987.7 10,024.3 1,849.7 1,587.4 2,504.5 3,292.9 1,429.5 666.7 2,483.2 6,731.4 (1 )
39 200., 52.1%.,,.,.,,.,,. 2003 9 1,013 8,860, 514 4,780, 499 4,080. < -12> ( : 10, %) 1980 21,200 6,344 14,856 17.8 1985 62,885 27,014 35,871 17.3 1990 195,584 89,383 106,201 22.5 1995 466,891 214,645 252,246 17.2 2000 798,516 329,339 469,176 7.4 2001 878,732 398,732 479,999 2.3 2002 980,876 501,505 479,371-0.1 2003.9 1,013,886 514,478 499,408 - : http :/ / ecos.bok.or.kr.
40, ( ),, ( 3 )....,,. 2001 85.7%, 2002 87.5%, 2003 9 85.5%., 85.5%. < -13> ( : 10, %) 2001 2002 2003.9 (A) 341,673 439,060 439,948 (B) 398,732 501,505 514,478 / (A/ B) 85.7 87.5 85.5 : http :/ / ecos.bok.or.kr. 867, 439 9,480, 427 610., 60.1%( 2.9%, 57.2%), 19.5%, 8.5%, 6.0%.
41 < -14> (2003 9 ) ( : 10, %) 25,422-25,422 2.9 495,634-495,634 57.2 168,921-168,921 19.5 4,893-4,893 0.6 73,978-73,978 8.5 51,688-51,688 6.0-402,303-402,303 0.0-1,814-1,814 0.0 14,874-14,874 1.7-22,989-22,989 0.0 31,599 12,842 18,757 3.6-427,061 - - 867,009 439,948 427,061 100.0 : = -. 3) ) 2003 9. (1993 1998) (1997 2000) (, 2001;, 2003)., (downw ard bias)., 1998 10% 42.7%, 39.8% 2), 29.9%,
42 48.3%. 30%p.,.,,. 3) 2003 9 427 30.2%, 129 3,995. 10% 69.8%, 298 887, 5% 57.7%, 246 4,143, 1% 32.7% 139 6,490. < -15> ( : ) 2001 2002 2003. 9. (0 90 ) 1,246,273 1,271,636 1,293,995 0 75 547,044 558,177 567,991 75 90 699,229 713,459 726,004 ( 10%) 2,870,951 2,929,378 2,980,887 5% 2,373,265 2,421,564 2,464,143 1% 1,344,987 1,372,359 1,396,490 4,113,111 4,196,817 4,270,612 2) 5% 28.5%, 26.5% 29.6%p, 32.2%p., 1% 11.8%, 10.4 % 19.7%p, 22.3%p. 3), 2001 10% 23.2%, 30.5%.
43 < -3>, 2003 9 1 6,567, 2,211. 10% 1 4 5,775, 5% 7 5,787, 1% 21 4,753. < -16> 1 ( : ) 2001 2002 2003. 9. (0 90 ) 2,130 2,173 2,211 0 75 1,122 1,145 1,165 75 90 7,170 7,316 7,443 ( 10%) 44,093 44,991 45,775 5% 73,003 74,490 75,787 1% 206,863 211,078 214,753 6,326 6,455 6,567
44 < -4 > 1 ) 3. 2,, 2,700,,. 10%, 2002 2000. 2000 2001 2003 2003 9 4). 4) (1 10 ),. 2002
45 2000, 1 3,036, 80% 2,142, 10 20% 3,664, 10% 8,749.. 58.3 61.9%, 10% 38.5%., 10% 41.4 %, 7.3%, 10.1%,. < -17> (2000 ) ( :, %) 0 80 80 90 90 100 1,640.2 1,283.3 2,770.6 3,364.0 (54.0) (58.3) (61.9) (38.5) 921.9 549.8 1,194.8 3,625.7 (30.4) (24.1) (26.7) (41.4) 165.9 99.6 225.1 636.5 (5.5) (5.0) (5.0) (7.3) 168.2 161.0 158.0 236.5 (5.5) (10.1) (3.5) (2.7) 139.7 48.0 125.8 886.3 (4.6) (2.4) (2.8) (10.1) 3,035.9 2,141.7 4,474.4 8,748.9 (30.4) (24.1) (26.7) (41.4) :. : (2002). 2001 5.1%, 2002 11.2%, 2003 1 9 10% 3.2%, 80 90 7.1%, 0 80 8.3%.,.
46 9.9%, 2003 9. 3,933, 80% 2,774, 10 20% 5,796, 10% 1 1,333., 1 1.., (undersampling),. < -18> (2003) ( : ) 0 80 80 90 90 100 3,932.5 2,774.3 5,795.9 11,332.8 ) 5 (2004 2008) 10% 1. 10% SCF 1992 2001, 10% 65.2%, 7.24 %. 10% 7.24 %, 2005 343, 2006 368, 2007 394, 2008 423., 1 2005 5 3, 2006 5 7, 2007 6 1
47, 2008 6 5. < -19> ( : ) 2004 2005 2006 2007 2008 3,196,704 3,428,145 3,676,343 3,942,510 4,227,947 1 4.9159 5.2718 5.6535 6.0628 6.5018 < -5> < -6> )
48,,.,.. 2.,.,,. 2001 2003 2003 5). LIMRA Intern ational McKinsey & Com p any 1:1 10. 708 6. 5) ACNielsen,, 2003.
49 < -20> ( :, ) emerging affluent 122 21 44 25 50 young affluent 147 30 54 50 1 mature affluent 108 55 70 50 1 young high net worth 115 30 54 1 3 mature high net worth 132 55 70 1 3 very high net worth 84 30 70 3 : LIMRA International(2002b), p. 30. 5,, 507. < -2 1> ( :, %) 5 10 10 20 20 30 30 50 50 170 156 82 70 29 507 33.5 30.8 16.2 13.8 5.7 100.0. (Fina ncia l Pla n Se rvice) 1) ) 54%, 46%.,
50 68.5%, 31.5%. (84.8%), (57.1%). < -7> : LIMRA International(2002b), p. 10. 89.5%,. 20 21%, 30 43%. < -8>
51 27.8%, (56.7%), (51.1%), (39.7%).. < -9> 60.4 %, 85.1%, 50.8%. ),.,,,,,.,,,,
52,,,... < -22> ( : %) 90 93 78 78 80 73 67 57 73 60 63 51 63 62 42 47 60 53 33 30 54 44 36 26 47 60 46 31 37 50 36 44 34 44 11 35 40 31 45 32 29 32 28 20 28 38 15 43 16 17 16 21 : LIMRA International(2002b), p. 11. 6) (55.6%), (46.5%), (39.8%), (35.3%), (21.1%).,,,,, 6) 1 2
53.. < -10> 2) ) 93% 1, 1 1.7. 3 2.7, 2.4., 45% PFA 7). 44% PFA,, PFA 3%, 8%. 7) primary financial advisors(pfa).
54 < -11> PFA : LIMRA International(2003a), p. 10. PFA, PFA. (certified financial planner: CFP) PFA 43%, 30%, 16%., 4%, 3%, 2%. < -12> PFA : LIMRA International(2003a), p. 11.
55 ) PFA,, CFP PFA,,. 40%, 38%, CFP 31%, 21%, 64 %, 24%. < -13> : LIMRA International(2003a), p. 14. 51%,, 23%, 26%., 23%.,.
56 < -24> ( : %) 26 51 23 : LIMRA International(2002b), p. 16.,. 3 75% PFA, 1 3 66.7% PFA.. 50 64, 65. < -25> ( : %) 40 40 49 50 64 65 31 23 35 21 3 5 6 10 3 14 11 12 8 13 13 22 55 45 35 35 : LIMRA International(2002b), p. 21.,, 1990
57. ),,, PFA. 96%, 82%, CFP 81%.,,.. < -14> FP ) PFA 62%, PFA. 56%, 6%, 38%
58. < -15> PFA : LIMRA International(2003a), p. 19. PFA, 45%. 44%,,,. PFA, 3 18%, 3 5 26%, 6 10 25%, 10 31%. 50% PFA 5 PFA.
59 < -16> PFA : LIMRA International(2003a), p. 18. ), 50%. 1/ 3, 1/ 4... 1).,
60. 96%, 2.1, 55%, 1.6. 51% 2.2, 47% (full service brokerage firm s). < -26> ( : %, ), 96 2.1 46 36 55 1.6 39 39 51 2.2 43 41 fu ll-service brokerage firm s 47 1.4 39 40 d iscou n t brokerage firm s 31 1.2 36 39 financial planing firm s 24 1.1 47 34 3 1.5 - - : LIMRA International(2003a), p. 24. 2) (prim ary financial in stitution : PFI) 61%. 10%, 6%, 4 %.
61 < -17> : LIMRA International(2003a), p. 27., PFA, PFA. < -27> PFA ( : %) PFA PFA 53 84 6 0 3 1 fu ll-service brokerage firm s 13 2 discou nt brokerage firm s 1 0 financial planning firm s 15 8 1 3 8 2 : LIMRA International(2003a), p. 19.
62.,.,,., 16.8%, 12.8%, 27.0%.. < -18>, (ch ecking account),,.,,.,
63 (fin ancial p lannin g firm ) PFA,. < -28> checking account / full-service brokerage firm ( : %) financial planning firm s 51 58 33 40 39 47 49 71 28 1 7 23 42 27 38 57 72 66 37 39 49 43 32 28 20 16 40 19 33 29 PFA 19 6 21 12 56 64 : LIMRA International(2003a), p. 28.. 78.1%. 28.2%, 17.6%, 15.3%, 38.7%..
64 < -19> 3) 48% (retirem ent accou nts), 93%. 31 6, 401(k), 403(b) 80%, IRA, Keogh 72%. 52%,, 17%, 14 %, 9%, 6%, 3%, 1%.,,,,,,.
65 < -29> ( : %, $) 93 316,300 48 401(k), 403(b) 80 224,200 33 IRA, Keogh 72 164,700 15 98 497,600 52 91 85,600 17 65 319,300 14 60 140,600 9 25 192,400 3 44 105,100 6, 8 214,000 1 20 204,800 4 : LIMRA International(2002a), p. 12. 69%,, 3. 28%, 30%, 20%, 8%. < -20> : LIMRA International(2003a), p. 25.
66,, 44.7%, 20.2%, 15.9%, 9.1%, 9.0%, 8) 1.0%.,. 20,,, 20. < -21> 4). 37%,. 47%, 45%, 8%. 8),,.
67 < -22> : LIMRA International(2003a), p. 32., (security).,,,. 9),.,., (save m on ey),,,,. 9) 50% PFA 5,.
68,.., fu ll-service brokerage firm s 52%, 48%, financial planning firm s 42%, 40%, discou nt brokerage firm s 30%, 13%. < -23> : LIMRA International(2003a), p. 39. full-service brokerage firm s,., (60.0%), (44.9%), (41.8%).
69. < -24> : 1+2.. 1). LIMRA, 75%, 50%, 88%, 67%.., (17%) (22%). (w ealth transfer).
70. < -30> ( : %) 67 49 27 88 : LIMRA International(2002a), p. 23.,. 83% 1.9, 77% 1.8, 76% 1.8, 75% 2.4.,,,,,,,,., 3. < -25>
71 14.8%, 6.3%, 3.7%. + 77.1%, 75.5%, 74.0%. < -26> : 3. 74.0%. 30%., 44 48%..,,. financial advisor
72.,,. < -31> ( : %) 32 31 18 15, 44 46 47 48, 24 23 35 37 100 100 100 100 : LIMRA International(2003c), p. 29. 2) PFA, PFA.,, CFP,, PFA. PFA., CFP 1 41%, 21%, 20% 2. PFA 51%, 46%.
73 < -27> (s econda ry advisors) : LIMRA International(2003a), p. 17. 3),,.,,.,,. CFP,, 1,,,.
74 < -28> :. : LIMRA International(2003a), p. 30.. 38.3%, 21.7%, 18.3% 10). < -29> 10) ' ' 28.3%, ' ' 5.0%, ' ' 2.5%, ' ' 0.8%.
75, (85.1%) (50.8%). ' ' 34.6%, ' ' 27.1%, ' ' 14.7%, ' ' 10.8%., 51.1%, 51.3%, 15.5%. < -30> 3),,. (insu rance) (fin ance),
76,.,.. 60.4 %,,.,,,,..,,.,.,,.,,,.