Český finanční a účetní časopis 2015(2):7-22 | DOI: 10.18267/j.cfuc.441

The Structure of Household Financial Assets in Developed Countries

Petr Musílek
Prof. Ing. Petr Musílek, Ph.D. - profesor; Katedra bankovnictví a pojišťovnictví, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <musilek@vse.cz>.

This paper analyzes the different approaches to the allocation of household savings in selected developed countries. We discuss not only the essential characteristics of financial instruments, but attention is also devoted to the analysis of the structure of household financial assets in the US, UK, Germany, Italy and Japan. Finally, the article explores the most important factors that cause the structure of the financial assets of households in developed countries. To sum up, among the main factors having influence on structure of households´ financial portfolios in the analyzed countries belong: total value of their assets and income, returns volatility of financial instruments, risk aversion and liquidity of financial instruments, chosen model of the pension system, demographic structure, effective protection of the rights of outside investors, financial literacy and traditional behavior patterns of the population.

Keywords: Bank Deposits; Securities; Pension Funds; Life Insurance.
JEL classification: G11

Published: June 1, 2015  Show citation

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Musílek, P. (2015). The Structure of Household Financial Assets in Developed Countries. Czech Financial and Accounting Journal, 2015(2), 7-22. doi: 10.18267/j.cfuc.441
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