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

Material type: 文書・図像類

Author: Horioka, Charles Yujiほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2022-09

Material Format: Paper

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Note (General)：: 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...

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Paper

Material Type: 文書・図像類
Title: Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership
Author/Editor: Horioka, Charles Yuji
Ventura, Luigi
Author Heading: Horioka, Charles Yuji
https://nrid.nii.ac.jp/nrid/1000090173632
Ventura, Luigi
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2022-09
Publication Date (W3CDTF): 2022-09
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1189
Volume: 1189
Pages: 1-40
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: 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
Target Audience: 一般
Note (General): 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.
References (URI): https://www.iser.osaka-u.ac.jp/library/dp/2022/DP1189.pdf
URI
https://www.iser.osaka-u.ac.jp/library/dp/2022/DP1189.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華