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Life-cycle asset accumulation and allocation in Canada

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Author Info
Kevin Milligan

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Abstract

This paper documents the life-cycle patterns of household portfolios in Canada, and investigates several hypotheses about asset accumulation and allocation. Inferences are drawn from the 1999 Survey of Financial Security, with some comparisons to earlier wealth surveys from 1977 and 1984. I find cross-sectional evidence for asset decumulation at older ages when annuitized assets like pension wealth are included in the analysis. I also find that the portfolio share of financial assets increases sharply with age, while indicators of risk tolerance appear to decrease. This is consistent with families' desiring more liquid and less risky assets as they age.

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File URL: http://economics.ca/cgi/xms?jab=v38n3/19.pdf
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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 38 (2005)
Issue (Month): 3 (August)
Pages: 1057-1106
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Handle: RePEc:cje:issued:v:38:y:2005:i:3:p:1057-1106

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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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Find related papers by JEL classification:
D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

Cited by:
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  1. Sule Alan, 2004. "Precautionary Wealth and Portfolio Allocation: Evidence from Canadian Microdata," Social and Economic Dimensions of an Aging Population Research Papers 117, McMaster University. [Downloadable!]
  2. Margaret Denton & Linda Boos, 2007. "Gender Inequality in the Wealth of Older Canadians," Social and Economic Dimensions of an Aging Population Research Papers 169, McMaster University. [Downloadable!]
  3. Katchova, Ani L., 2006. "The Economic Well-Being of Farm and Nonfarm Households: Evidence from Two National Surveys," 2006 Annual meeting, July 23-26, Long Beach, CA 21401, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  4. Courtney Coile & Kevin Milligan, 2006. "How Household Portfolios Evolve After Retirement: The Effect of Aging and Health Shocks," NBER Working Papers 12391, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Daniel Béland, 2006. "What Ownership Society: Debating Housing and Social Security Reform in the United States," Social and Economic Dimensions of an Aging Population Research Papers 150, McMaster University. [Downloadable!]
  6. Stephen Birch & George Kephart & Gail Tomblin-Murphy & Linda O'Brien-Pallas & Rob Alder & Adrian MacKenzie, 2007. "Health human resources planning and the production of health: Development of an extended analytical framework for needs-based health human resources planning," Social and Economic Dimensions of an Aging Population Research Papers 168, McMaster University. [Downloadable!]
  7. Isik U. Zeytinoglu & Margaret Denton, 2006. "Satisfied Workers, Retained Workers: Effects of Work and Work Environment on Homecare Workers' Job Satisfaction, Stress, Physical Health, and Retention," Social and Economic Dimensions of an Aging Population Research Papers 166, McMaster University. [Downloadable!]
  8. Deborah A. Cobb-Clark & Vincent A. Hildebrand, 2008. "The Asset Portfolios of Native-born and Foreign-born Households," CEPR Discussion Papers 567, Centre for Economic Policy Research, Research School of Social Sciences, Australian National University. [Downloadable!]
    Other versions:
  9. Kevin Milligan, 2007. "The Evolution of Elderly Poverty in Canada," Social and Economic Dimensions of an Aging Population Research Papers 170, McMaster University. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-25.

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