종사 상의 지위에 따른 자가소유 베이비부머 가구의 주택자산효과 비교- 자영업자와 임금근로자를 중심으로

Comparing Wealth Effects of Self-employed and Wage-working Baby Boomers

The purpose of this research is to analyze the wealth effects of home-owning baby boomers in the Seoul Metropolitan Area by self-employment and wage employment. In doing so, this study utilized the 2012 Korean Labor and Income Panel Study(KLIPS), and compared the expenditure of two distinct households on non-durable goods. The statistical analysis reveals that the income, asset and debt of the self-employed workers were bigger than those of the wage workers, housing and real estate asset accounted for a substantial portion in the household wealth portfolio of the self-employed workers, the housing wealth effect had a greater impact on of the self-employed than their counterpart, and the consumption elasticity of housing wealth was much larger than that of financial asset. Further, housing wealth effects were statistically significant for self-employed workers with high household liability (more than 25%) and wage workers with low liability (less than 25%). It’s obvious that household liability considerably reduces the consumer spending. In addition, the empirical findings imply that since housing is the largest possession for self-employed workers and their dependence on real estate income becomes great, the assets remain risk-sensitive, producing the financial fallout from economic slowdown. Thus, it’s strongly advised to develop strategic ways managing their household wealth portfolio and maintaining their consumption at a modest level.