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Equity Holdings of Australian Baby Boomers-Comparing Life Cycle Phases

Tracey West
Tracey West
   | 19 mar 2024
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Data publikacji: 19 mar 2024
Zakres stron: 87 - 109
Otrzymano: 08 maj 2017
Przyjęty: 30 lip 2017
DOI: https://doi.org/10.2478/fprj-2017-0010
© 2017 Tracey West, published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.

Dependent Variable Descriptive Statistics

Parameter Description Sample Population Baby Boomer Population
2002 2014 2002 2014
Mean Standard Deviation Mean Standard Deviation Mean Standard Deviation Mean Standard Deviation
Generation category Generation Y 0.030 0.171 0.252 0.434
Generation X 0.321 0.467 0.307 0.461
Baby Boomer generation 0.399 0.490 0.310 0.462
Silent generation 0.207 0.406 0.126 0.332
Greatest generation 0.041 0.199 0.006 0.077
Asset Class Ownership Bank accounts 0.980 0.140 0.983 0.131 0.980 0.139 0.986 0.119
Cash investments 0.032 0.176 0.012 0.110 0.024 0.154 0.012 0.107
Equities (EQTowner) 0.437 0.496 0.318 0.466 0.484 0.500 0.395 0.489
Superannuation 0.808 0.394 0.871 0.336 0.931 0.281 0.890 0.313
Asset Class Ownership Insurance 0.124 0.329 0.067 0.250 0.150 0.357 0.079 0.270
Trusts 0.041 0.199 0.044 0.205 0.046 0.210 0.048 0.214
Family home 0.721 0.448 0.663 0.473 0.785 0.411 0.797 0.403
Other property 0.186 0.390 0.229 0.420 0.233 0.423 0.304 0.460
Businesses 0.148 0.356 0.114 0.318 0.193 0.395 0.129 0.336
Vehicles 0.912 0.284 0.930 0.255 0.941 0.235 0.959 0.198
Collectibles 0.146 0.353 0.140 0.347 0.154 0.361 0.155 0.362
Asset Class Portfolio Share Bank accounts 0.095 0.193 0.095 0.184 0.064 0.148 0.074 0.151
Cash investments 0.003 0.027 0.001 0.019 0.002 0.019 0.001 0.011
Equities (EQTportfolioshare) 0.039 0.104 0.023 0.080 0.032 0.084 0.024 0.074
Superannuation 0.203 0.230 0.262 0.257 0.223 0.225 0.264 0.237
Insurance 0.009 0.052 0.012 0.074 0.010 0.052 0.009 0.056
Trusts 0.005 0.044 0.007 0.054 0.004 0.041 0.005 0.043
Family home 0.422 0.332 0.389 0.334 0.441 0.309 0.424 0.295
Other property 0.060 0.156 0.084 0.183 0.073 0.165 0.099 0.183
Businesses 0.035 0.126 0.019 0.086 0.044 0.136 0.019 0.082
Vehicles 0.118 0.198 0.101 0.182 0.099 0.175 0.074 0.162
Collectibles 0.011 0.061 0.008 0.053 0.009 0.051 0.006 0.041

Independent Dummy Variables, Descriptive Statistics, Baby Boomer Cohort

Parameter Description Variable sign Expected sign 2002 2014
Mean Standard Deviation Mean Standard Deviation
Gender Female=1 FEM – 0.524 0.499 0.529 0.499
Male=1# MAL + 0.476 0.499 0.471 0.499
Household structure Couples with children=1# CWC + 0.577 0.494 0.321 0.467
Lone parents=1 LPC – 0.097 0.296 0.079 0.269
Lone person=1 LNP – 0.117 0.321 0.164 0.370
Couple=1 CPL + 0.192 0.394 0.415 0.493
Multi-family/Other=1 MFO – 0.017 0.130 0.022 0.146
Education category Bachelor’s degree and above=1 DEG + 0.235 0.424 0.263 0.440
Vocational qualification=1 VOC – 0.300 0.458 0.358 0.479
Year 12#=1 Y12 – 0.113 0.316 0.091 0.287
Year 11=1 Y11 – 0.353 0.478 0.288 0.453
Health Excellent health=1 EHT + 0.098 0.298 0.063 0.243
Very good health=1 VHT + 0.343 0.475 0.300 0.458
Good health#=1 GHT – 0.334 0.472 0.357 0.479
Fair health=1 FHT – 0.116 0.320 0.162 0.368
Poor health=1 PHT – 0.027 0.162 0.042 0.200
Household income <$20,000=1 INC1 – 0.042 0.201 0.037 0.188
$20,000 to $49,999=1 INC2 – 0.152 0.359 0.183 0.386
$50,000 to $99,999#=1 INC3 + 0.348 0.477 0.268 0.443
>$100,000=1 INC4 + 0.458 0.498 0.513 0.500
Net wealth Under $499,999=1 NW1 – 0.649 0.477 0.335 0.472
$500,000-$999,999#=1 NW2 + 0.217 0.412 0.263 0.440
$1,000,000-$1,499,999=1 NW3 + 0.061 0.239 0.152 0.359
Above $1,500,000=1 NW4 + 0.047 0.211 0.231 0.422

Independent Financial Literacy Variables, Descriptive Statistics, Baby Boomer Cohort

Parameter Description Variable sign Expected sign 2002
Mean Standard Deviation
Financial risk prepared to take Takes substantial financial risks expecting substantial financial returns FIR + 0.014 0.012
Takes above average financial risks expecting above average financial returns + 0.079 0.058
Takes average financial risks expecting average financial returns – 0.376 0.409
Not willing to take financial risks – 0.332 0.384
Never has any spare cash – 0.199 0.138
Savings habits Don’t save: Usually spend more than income FIS – 0.061 0.052
Don’t save: Usually spend about as much as income – 0.261 0.172
Save whatever is left over–no regular savings plan – 0.389 0.432
Spend regular income, save other income – 0.069 0.077
Save regularly by putting money aside + 0.219 0.268
Investment horizon The next week FIH – 0.195 0.194
The next few months – 0.230 0.246
The next year – 0.169 0.175
The next 2 to 4 years + 0.128 0.129
The next 5 to 10 years + 0.177 0.170
More than 10 years ahead + 0.101 0.086

Tobit Regression Results for EQTportfolioshare, Baby Boomer Cohort

Variable 2002 2014
Coefficient Robust standard error p-values Coefficient Robust standard error p-values
FEM 0.007 0.004 0.116 0.002 0.005 0.673
LPC 0.008 0.009 0.384 0.013 0.013 0.315
LNP 0.006 0.009 0.530 0.019 0.008 0.023
CPL 0.025 0.005 0.000 0.010 0.005 0.050
MFO -0.036 0.017 0.038 -0.007 0.016 0.642
DEG 0.000 0.008 0.961 0.001 0.008 0.899
VOC 0.002 0.007 0.825 0.003 0.008 0.746
Y11 -0.013 0.007 0.078 0.000 0.009 0.986
EHT 0.006 0.007 0.403 0.002 0.008 0.806
VHT 0.003 0.005 0.467 0.002 0.005 0.659
FHT -0.001 0.008 0.901 0.009 0.007 0.200
PHT 0.010 0.020 0.622 0.009 0.017 0.601
INC1 -0.024 0.018 0.177 -0.017 0.019 0.366
INC2 -0.012 0.008 0.131 -0.019 0.008 0.014
INC4 0.006 0.005 0.209 -0.002 0.006 0.681
NW1 -0.042 0.005 0.000 -0.049 0.007 0.000
NW3 0.033 0.009 0.000 0.029 0.006 0.000
NW4 0.058 0.013 0.000 0.074 0.007 0.000
FIS 0.003 0.002 0.084 0.006 0.002 0.003
FIH 0.005 0.001 0.000 0.004 0.002 0.006
FIR -0.033 0.003 0.000 -0.026 0.003 0.000
Constant 0.077 0.016 0.000 -0.014 0.017 0.428
Number of observations 4725 4914
F statistic 21.450 0.000 19.170 0.000
Log Psedolikelihood 370.416 -25.887
Pseudo R2 7.112 0.941

Logit Regression Results for EQTowner, Baby Boomer Cohort

Variable 2002 2014
Coefficient Robust standard error p-values Coefficient Robust standard error p-values
FEM 0.127 0.070 0.069 0.074 0.068 0.278
LPC -0.302 0.122 0.013 -0.309 0.153 0.043
LNP -0.304 0.120 0.011 0.014 0.116 0.906
CPL 0.250 0.088 0.004 -0.006 0.079 0.940
MFO -0.759 0.287 0.008 -0.167 0.243 0.493
DEG 0.108 0.122 0.373 -0.113 0.128 0.379
VOC 0.030 0.118 0.801 0.019 0.124 0.880
Y11 -0.145 0.115 0.206 -0.103 0.129 0.424
EHT 0.090 0.116 0.437 0.030 0.130 0.815
VHT 0.065 0.076 0.395 -0.013 0.077 0.869
FHT -0.081 0.111 0.470 -0.011 0.100 0.912
PHT -0.390 0.235 0.096 -0.336 0.197 0.089
INC1 -0.845 0.219 0.000 -0.403 0.219 0.066
INC2 -0.376 0.107 0.000 -0.261 0.108 0.016
INC4 0.241 0.077 0.002 0.063 0.084 0.452
NW1 -0.808 0.079 0.000 -0.963 0.092 0.000
NW3 0.744 0.180 0.000 0.454 0.096 0.000
NW4 0.678 0.207 0.001 0.986 0.092 0.000
FIS 0.057 0.030 0.058 0.123 0.030 0.000
FIH 0.091 0.023 0.000 0.041 0.023 0.079
FIR -0.494 0.043 0.000 -0.391 0.047 0.000
Constant 1.703 0.251 0.000 0.462 0.258 0.073
Number of observations 4725 4914
Wald Chi2 846.910 0.000 837.430 0.000
Log Psedolikelihood -2714.409 -2781.297
Pseudo R2 0.171 0.162
eISSN:
2206-1355
Język:
Angielski
Częstotliwość wydawania:
2 razy w roku
Dziedziny czasopisma:
Business and Economics, Political Economics, Economic Theory, Systems and Structures, Business Management, other, Industries, Banks, Financial Service Provider, Insurers
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