Life-Cycle Asset Accumulation and Allocation in Canada

Kevin Milligan

No 10860, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This 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.

JEL-codes: D31 E21 G11 (search for similar items in EconPapers)
Date: 2004-10
New Economics Papers: this item is included in nep-mac
Note: AG
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Citations: View citations in EconPapers (1)

Published as Milligan, Kevin. "Life-Cycle Asset Accumulation And Allocation In Canada," Canadian Journal of Economics, 2005, v38(3,Aug), 1057-1106.

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Related works:
Journal Article: Life-cycle asset accumulation and allocation in Canada (2005)
Journal Article: Life‐cycle asset accumulation and allocation in Canada (2005)
Working Paper: Life-cycle Asset Accumulation and Allocation in Canada (2004)
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