Euwals, Rob () (CEPR and IZA, Bonn) Börsch-Supan, Axel (University of Mannheim, ZEW and NBER) Eymann, Angelika (University of Mannheim)
Abstract
As wives generally are younger than their husbands, and as they also have a higher life expectancy, wives generally have larger incentives to save for old age than their husbands. This paper analyses the household members’ attitudes towards saving for old age, and the relation with the household saving and portfolio choice behaviour. Based on a panel of two-person households (e.g. with a husband and a wife) from the Dutch CentER Savings Survey, we find that wives find saving for old age more important than their husbands. In a special high-income subsample we find that for this group the household members find saving for old age equally important. The major determinant of both household members’ attitudes is the husband’s mandatory pension rights. Both household members’ attitude relate to the probability of holding annuity and endowment insurances, while only the husband’s attitude relates to the probability of holding stocks. Concerning discretionary household wealth we find evidence for an impact of the husband’s attitude, but no evidence for an impact of the wife’s attitude.
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Publisher Info
Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number
238.
Find related papers by JEL classification: C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models D19 - Microeconomics - - Household Behavior - - - Other D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
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