| Budget Amount *help |
¥3,140,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥240,000)
Fiscal Year 2007: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2006: ¥700,000 (Direct Cost: ¥700,000)
Fiscal Year 2005: ¥1,400,000 (Direct Cost: ¥1,400,000)
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| Research Abstract |
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 assets
2. 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.
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