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Centre for Policy on Ageing | |
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Aging with rising risk
— have older households experienced faster-growing risk exposure than younger ones since the 1990s? | | Author(s) | Christian Weller, Sara Bernardo |
| Journal title | Journal of Aging and Social Policy, vol 27, no 3, July-September 2015 |
| Publisher | Taylor and Francis, July-September 2015 |
| Pages | pp 232-254 |
| Keywords | Assets [elderly] ; Wealth ; Cross sectional surveys ; Longitudinal surveys ; Australasia. |
| Annotation | Financial markets have been characterized by boom and bust cycles since the 1980s, while the responsibility for managing retirement wealth has increasingly shifted onto individual households at the same time. In the United States, policy makers and experts have expressed concern that older householders appear to be increasingly exposed to growing financial risks just as they near retirement. This article considers household data from the US Federal Reserve's Survey of Consumer Finances from 1989 to 2010 in order to analyse the correlation between age and risk exposure. The authors test whether older householders' risk exposure has indeed grown over time; whether it has increased more than that of younger householders; and whether changes in the demographic composition of older householders have contributed to older households' rising risk exposure. They also test the degree to which increases in risk exposure can be traced to a growing concentration of household assets held in stocks and housing, and to rising householder indebtedness. Their results indicate that risk exposure has grown more for older householders than for younger ones, that demographic changes among older householders have contributed to additional increases in older householders' risk exposure, and that the growth of older householders' risk exposure is driven more by rising risky asset concentration and less by greater indebtedness. (RH). |
| Accession Number | CPA-150904214 A |
| Classmark | JD: W7: 3KB: 3J: 7Y |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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