중동부유럽

To what extent do various components of human capital and household asset management activity affect portfolio choices and portfolio returns among older investors? This question is also related to the growing concerns about the financial independence of older age groups in aging populations. Policy makers in many developed countries are worried that it would be increasingly difficult to sustain the current level of social security programs and public health benefits for older households in countries with aging populations because of rapid demographic shifts caused by decreased fertility and increased longevity. In order to assess the comprehensive financial status of older households, it is also important to understand the mechanism determining the households’ investment decisions as well as the dynamics of their wealth accumulation as they age. In this paper, we explore these issues from the perspective of the “asset management hypothesis (AMH)”.