軍職人員理財認知對理財行為與幸福感之影響–以風險容忍度為中介變項

台灣研究有關軍職人員理財及幸福感間的相關研究較少，近年在年金改革的推波助瀾下，退休金勢必會越來越少，對於理財的課題將更加受到重視，大部分的人都知道要理財，但能真正懂得執行的人卻少之又少，然理財認知對理財行為深具影響，而投資的風險容忍度亦是。本研究將瞭解軍職人員理財認知、理財行為、幸福感及風險容忍度間之關係。根據Lusardi（2010）認為理財認知對於理財行為有重要的影響，理財認知是構成理財決策得以完善的一個重要元素，且許多年輕人也都希望他們可以有更多的理財知識；另曾光輝 (2008)研究結果發現，對市場波動視為正常者、對金融商品熟悉性、性別及教育對風險有顯著正相關，年齡與投資經驗對風險有顯著負相關，蔡瑩燕(2016)認為個體之理財認知程度的確會影響其理財行為，甚至是投資績效，而經濟能力的足夠與否，又是決定幸福感有無被滿足極重要的一環；HarlowandKeith（1990）認為風險承受度係指個人面對財務決策時，所能接受的不確定性，亦指投資者對於風險和報酬的取捨。本研究主要以軍職人員為研究對象，藉由問卷抽樣方法採便利抽樣(Convenience sampling)與滾雪球抽樣(SnowballSampling)方式進行，共獲得257份有效問卷數，有效回收比率為91.8%，並以敘述性統計、項目分析、信度分析、因素分析、層級迴歸分析、T檢定與變異數分析來驗證各項研究假設。本研究根據研究假設架構，經由分析得知以下結果： 1.假設一獲得支持：理財認知對軍職人員風險忍受度具有顯著負面影響。 2.假設二獲得支持：風險忍受度對軍職人員理財行為具有顯著負面影響。 3.假設二之一獲得支持：風險容忍度對軍職人員風險控管與儲蓄投資具有顯著負面影響。 4.假設二之二獲得支持：風險容忍度對軍職人員財務規劃具有顯著負面影響。 5.假設三獲得支持：理財行為對軍職人員幸福感具有顯著正面影響。 6.假設四獲得部分支持：風險容忍度在軍職人員理財認知對理財行為影響上具有中介效果。 7.不同人口統計變項的軍職人員在理財認知、理財行為、幸福感及風險容忍度上具有部分顯著差異。經本研究結果發現，在探討軍職人員幸福感的過程中，理財認知愈高，較能增加正確的理財行為，並可對於幸福感帶來更正向之影響，且其對投資風險規避的程度也會相對減少，然如何使軍職人員在從事理財行為時能兼顧本務不影響戰力，亦是一門重要課題，待日後研究者加以深入探討。關鍵字：軍職人員、理財認知、理財行為、幸福感、風險容忍度

關鍵字

軍職人員；理財認知；理財行為；幸福感；風險容忍度

並列摘要

There are few researches about military personnel’s money management and happiness in Taiwan. In recent years, due to pension reform, retirement funds will inevitably decrease, so people will pay more attention to money management. Most people are convinced of the importance of money management, but only a few will take into action. The financial perception has a profound effect on the money management decision and risk tolerance. This paper will analyze the relationship among military personnel’s financial perception, financial decision, happiness and risk tolerance. Based on Lusardi(2010), the financial perception, a vital factor constituting a perfect money management decision making, will affect the money management decision. Moreover, many young people are eager to acquire more financial knowledge. According to Guang-Hui Zeng(2008), familiarity of financial commodities, the endurance of market fluctuation and education have a significant positive correlation with risk, while age and investment experience are on the contrary. According to Ying-Yen Tsai(2016), the individual financial perception will influence money management decision as well as the investment performance. In addition, economic ability is the indispensable factor of satisfaction of happiness. From Harlow and Keith(1990), risk tolerance is the acceptable uncertainty and the trade-off between risks and return when the individual faces money management decision. This paper focuses on military personnel by means of convenience sampling and snowball sampling. We collect 275 valid questionnaires with the effective recovery rate of 91.8% and verify various research hypotheses through descriptive statistics, item analysis, reliability analysis, factor analysis, recursive analysis, T test and variable analysis. According to the hypotheses structure, we get following outcomes: 1. Hypothesis 1 is supported: for military personnel, the financial perception has a significant negative effect on risk tolerance. 2. Hypothesis 2 is supported: for military personnel, the risk tolerance has a significant negative effect on money management decision. 3. Hypothesis 2-1 is supported: for military personnel, the risk tolerance has a significant negative effect on risk management and saving investment. 4. Hypothesis 2-2 is supported: for military personnel, the risk tolerance has a significant negative effect on money management. 5. Hypothesis 3 is supported: for military personnel, money management decision has a significant positive effect on happiness. 6. Hypothesis 4 is partially supported: for military personnel, risk tolerance has a mediating effect on the financial perception. 7. There are significant differences in financial perception, money management decision, happiness and risk tolerance between different demographic items. According to our finding, the better the financial perception, the more accurate the financial behavior. Additionally, the risk aversion relatively decreases. However, how to enable military personnel to carry out their duties while conducting money management without affecting defense capacity is also an important lesson. It will be studied by other researchers in the future.