IDEAS home Printed from https://ideas.repec.org/a/vrs/wirtsc/v105y2025i6p456-461n1019.html
   My bibliography  Save this article

Geldanlage in turbulenten Zeiten: Wer erzielt die besseren Renditen – „Arm“ oder „Reich“?

Author

Listed:
  • Radke Marc Peter

Abstract

The financial and real-economy crises of recent years, along with the resulting monetary policy stabilisation measures, have repeatedly sparked debates about possible impairments to the return potential of household wealth, particularly among lower-wealth groups in Germany. This article therefore calculates the real return on assets and equity of private households in Germany broken down by different wealth groups on the basis of new Eurosystem data set starting in 2011. The results show that ‘richer’ households achieve higher average returns on assets than ‘poorer’ households due to a more favourable portfolio allocation of their assets: ‘poorer’ households, however, generate higher returns on equity than ‘richer’ households due to a more intensive use of financial leverage.

Suggested Citation

  • Radke Marc Peter, 2025. "Geldanlage in turbulenten Zeiten: Wer erzielt die besseren Renditen – „Arm“ oder „Reich“?," Wirtschaftsdienst, Sciendo, vol. 105(6), pages 456-461.
    • Handle: RePEc:vrs:wirtsc:v:105:y:2025:i:6:p:456-461:n:1019
    DOI: 10.2478/wd-2025-0115
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/wd-2025-0115
    Download Restriction: no
    File URL: https://libkey.io/10.2478/wd-2025-0115?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Jere R. Behrman & Olivia S. Mitchell & Cindy K. Soo & David Bravo, 2012. "How Financial Literacy Affects Household Wealth Accumulation," American Economic Review, American Economic Association, vol. 102(3), pages 300-304, May.
    2. Marc-Peter Radke & Manuel Rupprecht, 2019. "Correction: The Bill, Please! Households’ Real Returns on Financial Assets Since the Introduction of the Euro," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 54(3), pages 194-194, May.
    3. Tobias Schmidt & Panagiota Tzamourani, 2017. "Zur finanziellen Bildung der privaten Haushalte in Deutschland: Ausgewählte Ergebnisse aus der Studie „Private Haushalte und ihre Finanzen (PHF)“," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 86(4), pages 31-49.
    4. Margarida Abreu & Victor Mendes, 2010. "Financial literacy and portfolio diversification," Quantitative Finance, Taylor & Francis Journals, vol. 10(5), pages 515-528.
    5. Marc Peter Radke & Manuel Rupprecht, 2021. "Household Wealth: Low-Yielding and Poorly Structured?," JRFM, MDPI, vol. 14(3), pages 1-40, March.
    6. Michael Andreasch & Marc Peter Radke & Manuel Rupprecht, 2020. "Renditen privater Haushalte nach Vermögensgruppen — Deutschland versus Österreich [Real Returns of Private Households with Different Financial Assets — A Comparison of Germany and Austria]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 100(6), pages 446-453, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ashok Thomas & Luca Spataro, 2015. "Financial Literacy, Human Capital and Stock Market Participation in Europe: An Empirical Exercise under Endogenous Framework," Discussion Papers 2015/194, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    2. Claudia Martínez A. & Esteban Puentes, 2018. "Micro-entrepreneurship Debt Level and Access to Credit: Short-Term Impacts of a Financial Literacy Program," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 30(4), pages 613-629, September.
    3. Marc Peter Radke & Manuel Rupprecht, 2021. "Household Wealth: Low-Yielding and Poorly Structured?," JRFM, MDPI, vol. 14(3), pages 1-40, March.
    4. Ali Saleh Alshebami & Theyazn H. H. Aldhyani, 2022. "The Interplay of Social Influence, Financial Literacy, and Saving Behaviour among Saudi Youth and the Moderating Effect of Self-Control," Sustainability, MDPI, vol. 14(14), pages 1-18, July.
    5. Li, Xiao, 2020. "When financial literacy meets textual analysis: A conceptual review," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    6. Shubhra Biswas & Arindam Gupta, 2021. "Impact of Financial Literacy on Household Decision-Making: A Study in the State of West Bengal in India," International Journal of Economics and Financial Issues, Econjournals, vol. 11(5), pages 104-113.
    7. Cordero, José Manuel & Gil, María & Pedraja Chaparro, Francisco, 2016. "Exploring the effect of financial literacy courses on student achievement: a cross-country approach using PISA 2012 data," MPRA Paper 75474, University Library of Munich, Germany.
    8. Rajesh Mishra, 2023. "Financial Literacy and Financial Wellbeing among Indian Households," International Journal of Business and Management, Canadian Center of Science and Education, vol. 17(4), pages 1-98, February.
    9. Emanuele Bajo & Massimiliano Barbi & Sandro Sandri, 2015. "Financial Literacy, Households' Investment Behavior, and Risk Propensity," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 1, pages 157-174, June.
    10. Azra Zaimovic & Anes Torlakovic & Almira Arnaut-Berilo & Tarik Zaimovic & Lejla Dedovic & Minela Nuhic Meskovic, 2023. "Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends," Sustainability, MDPI, vol. 15(12), pages 1-30, June.
    11. Dirk Schoenmaker, 2017. "A macro approach to international bank resolution," Bruegel Policy Contributions 21231, Bruegel.
    12. Migliavacca, Milena & Goodell, John W. & Paltrinieri, Andrea, 2023. "A bibliometric review of portfolio diversification literature," International Review of Financial Analysis, Elsevier, vol. 90(C).
    13. Elisa Darriet & Marianne Guille & Jean-Christophe Vergnaud, 2021. "Financial Literacy and Numeracy," Documents de travail du Centre d'Economie de la Sorbonne 21031, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    14. Pak, Tae-Young, 2023. "Relative deprivation and financial risk taking✰," Finance Research Letters, Elsevier, vol. 55(PA).
    15. Gregorio Gimenez & Ana Isabel Gil-Lacruz & Marta Gil-Lacruz, 2021. "Is Happiness Linked to Subjective Life Expectancy? A Study of Chilean Senior Citizens," Mathematics, MDPI, vol. 9(17), pages 1-12, August.
    16. Kim, Hohyun & Kim, Kyoung Tae & Hanna, Sherman D., 2022. "The Effect of Investment Literacy on the Likelihood of Retail Investor Margin Trading and Having a Margin Call," Finance Research Letters, Elsevier, vol. 45(C).
    17. Lu, Xiaomeng & Guo, Jiaojiao & Gan, Li, 2020. "International comparison of household asset allocation: Micro-evidence from cross-country comparisons," Emerging Markets Review, Elsevier, vol. 43(C).
    18. Daniela Balutel & Walter Engert & Christopher S. Henry & Kim P. Huynh & Marcel Voia, 2024. "Explaining bitcoin ownership in Canada: Trends from 2016 to 2021," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 57(3), pages 777-798, August.
    19. Luigi Guiso & Eliana Viviano, 2015. "How Much Can Financial Literacy Help?," Review of Finance, European Finance Association, vol. 19(4), pages 1347-1382.
    20. Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021. "Household Finance," Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.

    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:wirtsc:v:105:y:2025:i:6:p:456-461:n:1019. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.