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The Effect of Population Ageing on Household Portfolio Choices in Italy

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  • Marianna Brunetti
  • Costanza Torricelli

Abstract

Based on widely accepted evidence on the exceptional ageing of the Italian population, this paper aims to assess the impact of ageing on household portfolios in Italy and hence ultimately on financial markets. To this end, we use data taken by the Bank of Italy Survey of Household Income and Wealth (SHIW) over the the period 1995–2004 and we analyse the average household portfolio in relation to demographic characteristics. In contrast to some results reported in the literature for the US, we find that financial choices of Italian households are sensibly affected by age. It follows that the exceptional ageing of the population in Italy is going to have relevant consequences on the Italian financial market.

Suggested Citation

  • Marianna Brunetti & Costanza Torricelli, 2007. "The Effect of Population Ageing on Household Portfolio Choices in Italy," Department of Economics 0545, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
    • Handle: RePEc:mod:depeco:0545
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    Cited by:

    1. Marianna Brunetti & Costanza Torricelli, 2007. "The role of demographic variables in explaining financial returns in Italy," Heterogeneity and monetary policy 0701, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.

    More about this item

    Keywords

    population ageing; financial assets; household portfolio; survey data;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts

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