UK household portfolios

摘要: This paper presents a detailed analysis of the composition household portfolios, usingboth aggregate and micro-data. Among key findings are that:• Most wealth is held in form housing pensions. Over time, there hasbeen shift away from towards financial assets, driven largely by growth inlife pension funds.• Liquid (excluding life funds) not predominantly inrisky form. By far most commonly asset an interest-bearing account at bankor building society account. Of people with positive (liquid) wealth, more thanhalf savings accounts.• The importance risky assets individual’s portfolio varies according to theircharacteristics. unconditional share (i.e. averagedacross those without any assets) rises both age total financialwealth. However, variation shares due todifferences ownership rates as opposed proportion riskyassets. Looking only within each decile who have theconditional relatively constant across suggesting possible rolefor entry costs or other fixed explaining holdings. Multivariate analysisshows that conditional actually falls asclassical theory would predict.• Finally, tax treatment products has effect on choice. Separateprobit regressions for tax-favoured similar thetax exemption, show that, controlling factors, marginal important determining ownership. These results accordance found Poterba US.