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A3c How Does Annuity Ownership Influence a Household’s Stock Market Participation Across Industries?
Key Words
HouseholdAssetAllocarion, Annuity, Unemployment, LaborIncomeRisk
Short Description
When studying households' asset allocation decisions over equities, fixed income assets, and annuities, it is important to incorporate the uninsurable labor income risk. This study combines individual household data with the aggregative industry unemployment data to explore how the relationship between households' annuity ownership and their stock market participation depending on the labor income risk associated with their job industries. Results indicate that the industry-related unemployment rate is more of a barrier to investing in the stock market for non-annuity owners.