Population ageing and portfolio choices in the main EU countries

Raffaela Giordano (), Luigi Infante (), Andrea Neri (), Giada Andrea Prete () and Matteo Spuri ()
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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

No 1036, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

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.

Keywords: household portfolio; life cycle; financial wealth; non-financial wealth; risky assets (search for similar items in EconPapers)
JEL-codes: C25 D14 D15 D31 G51 J11 (search for similar items in EconPapers)
Date: 2026-07
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_1036_26

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