Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership

Horioka, Charles Yuji; Ventura, Luigi

Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership

Horioka, Charles Yuji; Ventura, Luigi

Institute of Social and Economic Research Discussion Papers, 2022, 1189, 1-40

アクセス数:64件（2025-03-17 05:01 集計）

固定URL: https://hdl.handle.net/11094/89374

論文情報

ファイル出力 EndNote Basic出力 Mendeley出力

タイトル	Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership
著者	NRID 1000090173632 1000090173632 著者名 Horioka, Charles Yuji
著者	著者名 Ventura, Luigi
キーワード等	Aged
	bequests
	bequest intentions
	bequest motives
	dissaving
	elderly
	Europe
	household saving
	inheritances
	intergenerational transfers
	life cycle model or hypothesis
	precautionary saving
	retired elderly
	Retirement Saving Puzzle
	saving
	SHARE
	wealth accumulation
	wealth decumulation
	Wealth Decumulation Puzzle
抄録	In this paper, we use micro data on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. To summarize our main findings, we find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6% over a 3-year period). These findings strongly suggest that the Wealth Decumulation (or Retirement Saving) Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1189
ページ	1-40
刊行年月	2022-09
言語	英語
ハンドルURL	https://hdl.handle.net/11094/89374
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/library/dp/2022/DP1189.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2022, 1189, p. 1-40
DC.title	Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership
DC.creator	Horioka, Charles Yuji
DC.creator	Ventura, Luigi
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2022-09
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/library/dp/2022/DP1189.pdf
DC.subject	Aged
	bequests
	bequest intentions
	bequest motives
	dissaving
	elderly
	Europe
	household saving
	inheritances
	intergenerational transfers
	life cycle model or hypothesis
	precautionary saving
	retired elderly
	Retirement Saving Puzzle
	saving
	SHARE
	wealth accumulation
	wealth decumulation
	Wealth Decumulation Puzzle
DCTERMS.abstract	In this paper, we use micro data on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. To summarize our main findings, we find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6% over a 3-year period). These findings strongly suggest that the Wealth Decumulation (or Retirement Saving) Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe.
DC.format	89374
citation_title	Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership
citation_author	Horioka, Charles Yuji
citation_author	Ventura, Luigi
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2022-09
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1189
citation_firstpage	1
citation_lastpage	40
citation_public_url	https://hdl.handle.net/11094/89374
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/library/dp/2022/DP1189.pdf

Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership

論文情報

論文詳細を表示