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Population ageing and portfolio choices in the main EU countries

Author

Listed:
  • Raffaela Giordano

    (Bank of Italy)

  • Luigi Infante

    (Bank of Italy)

  • Andrea Neri

    (Bank of Italy)

  • Giada Andrea Prete

    (Bank of Italy)

  • Matteo Spuri

    (Bank of Italy)

Abstract

In this paper, we investigate the impact of population ageing on household portfolio choices in Italy, France, Germany, and Spain, drawing on HFCS data for the period 2010–2020. The findings indicate that the propensity to hold risky assets follows an inverted U-shaped pattern over the life cycle and is comparatively lower in Italy; this difference cannot be attributed to demographic factors but rather reflects structural determinants. However, when business wealth is incorporated into the definition of risky assets, cross-country disparities are substantially reduced, suggesting that Italian households are not less exposed to risk per se, but instead hold it through alternative asset compositions.

Suggested Citation

  • Raffaela Giordano & Luigi Infante & Andrea Neri & Giada Andrea Prete & Matteo Spuri, 2026. "Population ageing and portfolio choices in the main EU countries," Questioni di Economia e Finanza (Occasional Papers) 1036, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_1036_26
    as

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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2026-1036/QEF_1036_26.pdf
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    References listed on IDEAS

    as
    1. DiNardo, John & Fortin, Nicole M & Lemieux, Thomas, 1996. "Labor Market Institutions and the Distribution of Wages, 1973-1992: A Semiparametric Approach," Econometrica, Econometric Society, vol. 64(5), pages 1001-1044, September.
    2. James M. Poterba, 2001. "Demographic Structure And Asset Returns," The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 565-584, November.
    3. Luigi Guiso & Michael Haliassos & Tullio Jappelli, 2003. "Household stockholding in Europe: where do we stand and where do we go? [‘Limited market participation and volatility of assets prices’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 18(36), pages 123-170.
    4. Marianna Brunetti, 2007. "Population Ageing, Household Portfolios and Financial Asset Returns: a Survey of the Literature," Politica economica, Società editrice il Mulino, issue 2, pages 171-208.
    5. repec:bla:ecpoli:v:18:y:2003:i:36:p:123-170 is not listed on IDEAS
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    Cited by:

    1. Francesco Corsello & Andrea Foschi & Marco Fruzzetti & Marianna Riggi, 2026. "Household consumption in Italy: basket composition and responsiveness to macroeconomic shocks," Questioni di Economia e Finanza (Occasional Papers) 1044, Bank of Italy, Economic Research and International Relations Area.

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    More about this item

    Keywords

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    JEL classification:

    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts

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