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How Ready Are Households for Their Retirement? An Empirical Analysis of Saving Behavior
https://agi.repo.nii.ac.jp/records/250
https://agi.repo.nii.ac.jp/records/250eff0393e-3bc3-46e7-98dd-c1e537398884
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
report2018-02 (825.5 kB)
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| Item type | 報告書 / Research Paper(1) | |||||
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| 公開日 | 2023-01-27 | |||||
| タイトル | ||||||
| タイトル | How Ready Are Households for Their Retirement? An Empirical Analysis of Saving Behavior | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18ws | |||||
| 資源タイプ | research report | |||||
| 研究代表者 |
新見, 陽子
× 新見, 陽子× ホリオカ, チャールズ・ユウジ |
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| 報告年度 | ||||||
| 日付 | 2019-03 | |||||
| 日付タイプ | Issued | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This report presents the results of research conducted as part of the Research Project entitled “How Ready Are Households for Their Retirement? An Analysis of Saving Behavior” during the Fiscal Year 2018. The main objective of this project was to examine the saving behavior of households using micro data from Japanese household surveys. While public pension programs continue to play an important role in people’s old age saving in most developed countries, the fiscal sustainability of such programs is increasingly being challenged as a result of population aging, and individuals are increasingly being encouraged to take more responsibility for securing their financial wellbeing in old age. It is therefore important to examine how adequately people are preparing for old age and how the retired elderly are coping financially. The report consists of two chapters. The first chapter looks at one of the puzzles about the saving behavior of the elderly identified in empirical studies, which is that the elderly do not decumulate their wealth as rapidly as predicted theoretically. More specifically, it assesses the relative importance of precautionary saving and bequest motives in explaining the lower than expected rates of wealth decumulation of the retired elderly by estimating the determinants of their wealth decumulation behavior in Japan. While both precautionary saving and bequest motives are found to be important drivers behind this puzzle, our analysis suggests that precautionary saving plays a relatively important role in explaining the wealth decumulation behavior of the retired elderly, at least in the case of Japan. The second chapter examines the relationship between marriage and wealth with particular focus on women. By exploiting the availability of data on personal wealth, it assesses whether the wealth effect of marriage differs depending on whether we measure wealth in terms of personal wealth or household wealth. If wealth is measured in terms of equivalized household net worth on the assumption that intrahousehold resources are shared equally within married couples, marriage is generally found to help women accumulate wealth. This raises concern about whether never married women, whose number is on the rise in Japan, are accumulating sufficient wealth for old age. By contrast, if wealth is measured in terms of personal net worth based on the actual ownership of assets, marriage is found to be negatively associated with women’s wealth holdings. This is largely due to the fact that a relatively small share of household wealth is held in the wife’s name in the case of Japan. These findings underscore the fact that women in Japan are potentially in a financially vulnerable position even after they marry. We are grateful to the Asian Growth Research Institute (AGI) for its financial support of this research. This work was also supported by JSPS (Japan Society for the Promotion of Science) KAKENHI Grant Numbers 15H01950 and 18H00870 as well as a grant from the MEXT Joint Usage/Research Center at the Institute of Social and Economic Research, Osaka University. Furthermore, part of the empirical work undertaken in this report utilizes micro data from the Preference Parameters Study of Osaka University’s 21st Century Center of Excellence (COE) Program “Behavioral Macrodynamics Based on Surveys and Experiments” and its Global COE Project “Human Behavior and Socioeconomic Dynamics.” We acknowledge the program/project’s contributors─Yoshiro Tsutsui, Fumio Ohtake, and Shinsuke Ikeda. We would also like to thank the Yu-cho Foundation and the Panel Data Research Center at Keio University for granting us permission to use data from the Survey on Households and Saving and data from the Japanese Panel Survey of Consumers, respectively. We are grateful to Anton Braun, Jim Been, Erbiao Dai, Isaac Ehrlich, Tatsuo Hatta, Jong-Wha Lee, Kathleen McGarry, Colin R. McKenzie, Oleksandr Movshuk, Masao Ogaki, Hiroshi Ono, Eric D. Ramstetter, Kwanho Shin, Dain Wie, and other participants of the 1st Meeting of the Society of Economics of the Household; the 92nd Annual Conference of the Western Economic Association International; the Applied Economics Workshop and Special Workshop at the Institute of Economic Studies, Keio University; the Seminar at the College of Political Science and Economics, Korea University; the ADBI-AGI Workshop on “Public and Private Investment in Human Capital and Intergenerational Transfers”; the Rokko Forum at the Graduate School of Economics, Kobe University; the AGI Staff Seminar; the 16th International Convention of the East Asian Economic Association; a conference on “Asian Economic Outlook and Challenges to Growth and Stability” organized by the Asiatic Research Institute of Korea University; a seminar at the East-West Center, the 18th Panel Survey Conference organized by the Panel Data Research Center at Keio University; and the Economics Seminar at the Graduate School of Economics of the University of Toyama for their valuable comments. |
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| 言語 | en | |||||
| 著者版フラグ | ||||||
| 出版タイプ | NA | |||||
| 出版タイプResource | http://purl.org/coar/version/c_be7fb7dd8ff6fe43 | |||||
