Stochastic modelling of the home equity access scheme

IF 2 4区管理学 Q3 BUSINESS

Australian Journal of Management Pub Date : 2022-08-31 DOI:10.1177/03128962221120954

Tyson Lamarra, Aaron Bruhn, Michael Miller

引用次数: 0

Abstract

The housing wealth of elderly homeowners is emerging as a key asset to support Australians in retirement. The Australian government's Home Equity Access Scheme allows elderly Australians to access the equity in their home and utilise this illiquid wealth. Through stochastic modelling of the scheme, this paper compares two strategies of drawing down housing wealth and provides a framework for comparing strategies that balances income, flexibility and longevity protection. The first strategy supplements other sources of retirement income, whereas the second strategy is similar to a contingent deferred annuity, with non-housing assets drawn down first. Although results vary by cohort and objective, the role of the scheme as a vehicle to protect against poverty in old age is emphasised. This reinforces the potential of home ownership as a financial asset in retirement, in addition to benefits conferred through housing ownership over the entire life cycle. JEL Classification: G22,G51

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住房权益准入方案的随机建模

老年房主的住房财富正在成为支持澳大利亚人退休的关键资产。澳大利亚政府的房屋净值计划允许澳大利亚老年人获得房屋净值，并利用这些非流动性财富。通过对该方案的随机建模，本文比较了两种提取住房财富的策略，并为平衡收入、灵活性和长寿保护的策略提供了一个比较框架。第一种策略补充了其他退休收入来源，而第二种策略类似于或有递延年金，首先提取非住房资产。尽管结果因群体和目标而异，但该计划作为防止老年人贫困的工具的作用得到了强调。除了在整个生命周期中拥有住房所带来的好处之外，这也加强了住房所有权作为退休后金融资产的潜力。JEL分类:G22、G51

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来源期刊

Australian Journal of Management Multiple-

CiteScore

10.60

自引率

4.20%

发文量

期刊介绍： The objectives of the Australian Journal of Management are to encourage and publish research in the field of management. The terms management and research are both broadly defined. The former includes the management of firms, groups, industries, regulatory bodies, government, and other institutions. The latter encompasses both discipline- and problem-based research. Consistent with the policy, the Australian Journal of Management publishes research in accounting, applied economics, finance, industrial relations, political science, psychology, statistics, and other disciplines, provided the application is to management, as well as research in areas such as marketing, corporate strategy, operations management, organisation development, decision analysis, and other problem-focuses paradigms.