Japanese Households Demand for Financial Assets in Ageing Society

本研究对老龄化社会的家庭投资组合进行了分析，得到以下结果：通过对日本不同年收入阶层家庭相对风险厌恶程度变化的检验，发现年收入越高的阶层对风险资产的需求越高。通过对住房贷款用户数据的分析发现，年收入越高的阶层，住房贷款偿还负担越低。因此，债务偿还负担越小、收入越高的家庭对风险资产的需求越高。我们还对日本家庭对金融资产的需求进行了特征分析。研究发现，除了金融资产的安全性和盈利性外，还有一个特征被解释为金融资产的可市场性。（这一特征表明，由于金融资产种类繁多，选择范围扩大。）这种从安全到适销的转变在20世纪80年代上半叶尤为突出。为了分析反向抵押贷款对生命周期的影响，我们通过对退休后生活方式的问卷调查来检验反向抵押贷款的需求。因此，可以肯定的是，对反向抵押贷款的需求在女性、年轻人和低财富持有者中很高。此外，那些想把房产出借并作为资产使用的人，以及那些想在年老时卖掉房产的人，对反向抵押贷款的需求更高。此外，分析了住房贷款持有人的特征，以考察债务持有人如何选择金融资产。结果发现，住房贷款与收入呈显著正相关，住房贷款与金融资产呈显著负相关。负相关关系可以解释为，在支付首付款和住房贷款后，这些家庭的金融资产减少。

In this research, household portfolios in the aged society were analyzed, and the following results were obtained.1. Through the inspection of changes in the magnitude of relative risk aversion in Japanese households of different annual income classes, it was found that the risk assets demand is higher for classes with higher annual income. By analyzing the data of housing loan users, it was found that the housing loan repayment burden is lower for classes with higher annual income. Thus, households with smaller burden of the debt repayment and higher income are thought to have higher demand for the risk assets2. We also conducted a characteristic analysis of Japanese household demands for financial assets. It was found that, in addition to the safety and profitability of financial assets, there is a characteristic interpreted as the marketability of financial assets. (This characteristic shows the expansion of choices due to various financial assets.) This change from safety to marketability has been especially prominent in the first half of the 1980's.3. To analyze the influence of reverse mortgage on the life cycle, the demand for reverse mortgage was examined by a questionnaire survey on lifestyles after retirement. As a result, it was affirmed that the demand for reverse mortgage was high in women, youth, and low wealth-holders. Moreover, people who wanted to lend their properties and use them as assets and those who wanted to sell off their properties when they are older, had higher demand for the reverse mortgage. In addition, characteristics of housing loan holders were analyzed to examine how the debt holders select financial assets. As a result, a significantly positive relationship between housing loan and income and a significantly negative relationship between housing loan and financial assets were found. The negative relationship can be explained that after the down payment and housing loans, these households have less financial assets.