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Fund investor survey data was investigated in February 2022 by the Korea Financial Consumer Protection Foundation and used in this study. This study was conducted to help fund investors understand their decision-making and revitalize the Korean fund market in the future. To achieve these research objectives, first, the factors that affect fund investment satisfaction and investment continuation intention were analyzed. Second, the characteristics of each consumer type were compared to deepen and expand the first analysis after classifying consumer types according to fund investment satisfaction and investment continuation intention. Third, the factors affecting the possibility of belonging to each consumer type were analyzed. In results, first, the satisfaction with the fund product characteristics and satisfaction with fund service affected the investment continuation intention. Second, the dissatisfied/continue group has the highest online non-face-to-face investment ratio, excellent financial understanding, and relatively aggressive risk-taking tendency compared to other types. Among the four consumer types, the group with the highest financial capability was likely to have decided to continue investing to buy at a low price in a falling market, suggesting that the fund decided not to move. Even if the rate of return is temporarily low, bank deposits/installment savings. On the other hand, the ‘dissatisfied/ discontinued’ group has a risk-averse propensity to accept risk, so bank deposits/installment savings are more suitable than fund products. Furthermore, all of them were in a state of principal loss at the time of the investigation, so they seemed to decide to stop investing in the fund. On the other hand, in the case of the ‘Satisfied/Discontinued’ group, they were satisfied with the fund products, but all had negative returns at the time of the survey, and they decided to stop fund investing. Third, considering that the influence of financial literacy was insignificant in stock market declines, it is judged that fund investors have difficulty making rational investment decisions based on fund knowledge and financial knowledge in negative return situations.
최근 우리나라 펀드시장은 주식시장 부진, 직접투자 열풍과 예적금 등 안전자산으로의 회귀 등과 함께 성장세가 둔화되고 과거에 비해 시장규모가 축소되고 있다. 이러한 상황에서 본 연구는 펀드투자자의 의사결정에 대한 이해를 확장하고 향후 펀드시장 활성화에 필요한 함의를 도출하기 위해 수행되었다. 연구목적을 달성하기 위해 첫째, 펀드투자 만족도와 투자지속의도에 영향을 미치는 요인을 분석하고, 둘째, 펀드투자만족도와 투자지속의도에 따른 소비자유형을 구분한 다음 각 소비자유형별 특성을 비교하는 한편, 셋째, 각 소비자유형에 속할 가능성에 영향을 미치는 요인을 분석하였다. 분석결과, 첫째, 펀드상품특성만족도와 펀드서비스만족도가 투자지속의도에 영향을 미치는 것으로 나타났다. 둘째, 불만/지속 집단은 온라인 비대면 투자를 수행하는 비율이 가장 높고, 각종 재무이해력이 우수하며, 위험수용성향이 공격적인 편으로, 네 가지 소비자유형 중에 재무역량이 가장 높은 집단이다. 따라서 하락장에서 저가 매수를 위해 투자를 지속하는 결정을 했을 가능성이 있으며, 펀드가 일시적으로 수익률이 낮다고 하더라도 은행 예/적금으로 이동하지 않는 결정을 했을 가능성이 있는 집단이다. 반면, 불만/중단 집단은 위험수용성향이 위험회피적이므로 펀드 상품보다는 은행 예/적금이 더 적합한 집단으로 판단된다. 셋째, 주가하락장에서 금융이해력의 영향력이 미미하게 나타난 점을 고려해 볼 때, 펀드투자자들이 마이너스 수익률 상황에서는 펀드지식, 금융지식에 근거한 이성적인 투자의사결정을 하는 데 어려움을 겪는 것으로 판단된다.
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