Life-cycle Asset Accumulation and Allocation in Canada
AbstractThis 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 122.
Length: 48 pages
Date of creation: Oct 2004
Date of revision:
Contact details of provider:
Postal: 1280 Main Street West, Hamilton, Ontario, L8S 4M4
Phone: (905) 525-9140 ext. 22765
Fax: (905) 521-8232
Web page: http://www.mcmaster.ca/economics/
More information through EDIRC
wealth; savings; lifecycle; portfolio choice;
Other versions of this item:
- Kevin Milligan, 2005. "Life-cycle asset accumulation and allocation in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 38(3), pages 1057-1106, August.
- Kevin Milligan, 2004. "Life-Cycle Asset Accumulation and Allocation in Canada," NBER Working Papers 10860, National Bureau of Economic Research, Inc.
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
This paper has been announced in the following NEP Reports:
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Margaret Denton & Linda Boos, 2007. "Gender Inequality in the Wealth of Older Canadians," Social and Economic Dimensions of an Aging Population Research Papers, McMaster University 169, McMaster University.
- 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.
- Courtney Coile & Kevin Milligan, 2009. "How Household Portfolios Evolve After Retirement: The Effect Of Aging And Health Shocks," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 55(2), pages 226-248, 06.
- Richard Ochmann, 2010.
"Differential Income Taxation and Household Asset Allocation,"
Discussion Papers of DIW Berlin
1058, DIW Berlin, German Institute for Economic Research.
- Richard Ochmann, 2014. "Differential income taxation and household asset allocation," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 46(8), pages 880-894, March.
- Kevin Milligan, 2007.
"The Evolution of Elderly Poverty in Canada,"
Social and Economic Dimensions of an Aging Population Research Papers, McMaster University
170, McMaster University.
- Davies, James B. & Yu, Xiaoyu, 2013. "Impacts of Cyclical Downturns on the Third Pillar of the RIS and Policy Responses," CLSSRN working papers clsrn_admin-2013-20, Vancouver School of Economics, revised 29 Apr 2013.
- 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 Economics, Australian National University.
- Cobb-Clark, Deborah A. & Hildebrand, Vincent A., 2008. "The Asset Portfolios of Native-Born and Foreign-Born Households," IZA Discussion Papers 3304, Institute for the Study of Labor (IZA).
- Sule Alan, 2004. "Precautionary Wealth and Portfolio Allocation: Evidence from Canadian Microdata," Social and Economic Dimensions of an Aging Population Research Papers, McMaster University 117, McMaster University.
- Katchova, Ani L., 2005. "A Comparison of Farm and Nonfarm Households," Proceedings: 2005 Agricultural and Rural Finance Markets in Transition,October 3-4, 2005; Minneapolis, Minnesota, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transit 132757, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
- 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, McMaster University 166, McMaster University.
- 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, McMaster University 168, McMaster University.
- Martin Gervais & Manish Pandey, 2005.
"Who Cares about Mortgage Interest Deductibility?,"
University of Western Ontario, Economic Policy Research Institute Working Papers
20059, University of Western Ontario, Economic Policy Research Institute.
- Daniel Bï¿½land, 2006. "What Ownership Society: Debating Housing and Social Security Reform in the United States," Social and Economic Dimensions of an Aging Population Research Papers, McMaster University 150, McMaster University.
- Anders, Sven, 2010. "Ageing And Consumption â€“ The Impact Of Demographic Change On Food Expenditure Patterns," 115th Joint EAAE/AAEA Seminar, September 15-17, 2010, Freising-Weihenstephan, Germany, European Association of Agricultural Economists;Agricultural and Applied Economics Association 116442, European Association of Agricultural Economists;Agricultural and Applied Economics Association.
- 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).
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.