生命周期中的家庭投资组合和退休储蓄

IF 9.5 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2025-08-12 DOI:10.1111/jofi.13473

JONATHAN A. PARKER, ANTOINETTE SCHOAR, ALLISON COLE, DUNCAN SIMESTER

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引用次数: 0

摘要

利用2006年至2018年数百万美国中产阶级投资者的账户级数据，我们描述了他们在工作生涯中在股市中持有的可投资财富份额。与20世纪90年代相比，这一比例上升了10%，并且与年龄有关。《养老金保护法》（PPA）允许目标日期基金（TDF）成为退休计划的默认选项，它发挥了重要作用：在目标日期基金（TDF）成为默认选项后，在公司工作的年轻（年长）员工在PPA之后投资了更多（更少）的股票，与TDF的下滑路径一致。相比之下，PPA实施后，缴费率几乎没有变化。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Household Portfolios and Retirement Saving over the Life Cycle

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Household Portfolios and Retirement Saving over the Life Cycle

Using account-level data on millions of U.S. middle-class investors over 2006 to 2018, we characterize the share of investable wealth that they hold in the stock market over their working lives. Relative to the 1990s, this share has both risen by 10% and become age-dependent. The Pension Protection Act (PPA)—which allowed target date funds (TDFs) to be default options in retirement plans—played an important role: younger (older) workers starting at a firm after TDFs became the default option post-PPA invested more (less) in stocks, in line with the TDF glidepath. In contrast, contribution rates changed little following the PPA.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.