Age, investing horizon and asset allocation


DOI: 10.1007/s12197-008-9039-1

Cite this article as:
Dow, J.P. J Econ Finance (2009) 33: 422. doi:10.1007/s12197-008-9039-1


In contrast to standard financial advice, most empirical evidence suggests that stockholding increases with age. One difficulty in interpreting this is that age may not effectively proxy for investing horizon or that age may be proxying for other effects, such as increases in financial sophistication. Using data from the most recent Survey of Consumer Finances this paper finds that age is not closely related to reported investing horizon and that proxies for investment horizon and financial sophistication are significant for stockholding.


Asset AllocationInvesting Horizon

JEL Classification


Copyright information

© Springer Science+Business Media, LLC 2008

Authors and Affiliations

  1. 1.Department of Finance, Real Estate and InsuranceCalifornia State UniversityNorthridgeUSA