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Population age structure and household portfolio choices in Italy


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  • Marianna Brunetti
  • Costanza Torricelli


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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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The European Journal of Finance.

Volume (Year): 16 (2010)
Issue (Month): 6 ()
Pages: 481-502

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Handle: RePEc:taf:eurjfi:v:16:y:2010:i:6:p:481-502

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Keywords: population ageing; financial assets; household portfolio; survey data;


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Cited by:
  1. Bertocchi, Graziella & Brunetti, Marianna & Torricelli, Costanza, 2009. "Marriage and Other Risky Assets: A Portfolio Approach," CEPR Discussion Papers 7162, C.E.P.R. Discussion Papers.
  2. Marianna Brunetti & Elena Giarda & Costanza Torricelli, 2012. "Is Financial Fragility a Matter of Illiquidity? An Appraisal for Italian Households," CEIS Research Paper 242, Tor Vergata University, CEIS, revised 18 Jul 2012.
  3. Vincenzo Atella & Marianna Brunetti & Nicole Maestas, 2011. "Household Portfolio Choices, Health status and Health Care Systems A Cross-Country Analysis Based on SHARE," CEIS Research Paper 183, Tor Vergata University, CEIS, revised 21 Jan 2011.


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