Articlegreen2009

Population age structure and household portfolio choices in Italy

26 citations0/0 files storedEuropean Journal of Finance

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Financial Literacy, Pension, Retirement Analysis Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

Based on the exceptional ageing of the Italian population, this paper aims to contribute to the current debate on population ageing and financial markets. To this end, we use the data taken by the Bank of Italy Survey of Household Income and Wealth over the period 1995–2006, and we analyse the average household portfolios in relation to age and net wealth (NW). Our analysis rests on a clustering of assets according to risk, which is different from the one used in Guiso and Jappelli (Guiso, L., and T. Jappelli. 2002. The portfolio of Italian households. In Household portfolios, eds. L. Guiso, M. Haliassos, and T. Jappelli. Cambridge: MIT Press). We find that age has affected financial choices of Italian households over the whole decade, but the portfolio age profile has significantly evolved over time with important differences across wealth quartiles. Overall, our analysis highlights a tendency towards a hump-shaped age profile of the allocation in risky assets for the most NW levels.

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References

2003Portfolio Choice and Trading in a Large 401(k) Plan 2005Optimal life cycle asset allocation : understanding the empirical evidence 2000How Do Household Portfolio Shares Vary with Age 2007Portfolio Choice over the Life‐Cycle when the Stock and Labor Markets Are Cointegrated 2001Demographic Structure and Asset Returns 2010Portfolio Choice Problems 2006Ageing, Pension Reform and Capital Flows: A Multi‐Country Simulation Model 1999Modelling the Impact of Demographic Change Upon the Economy

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