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Thursday, May 21 • 9:00am - 10:30am
D1c The Effect of Bequest Motive on Investment Portfolio Allocation Among Older Adults

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The purpose of this study is to investigate the effect of bequest motive on investment in risky assets among older adults. Using the 2016 RAND HRS longitudinal data, we find that a strong bequest motive has a significantly positive effect on risky assets investment among older adults. It is generally true that as people age, their investments to fulfill goals within their own lifetime should be more conservative. However, age should not be a major factor for all goals. Our results suggest that financial advice should be goal-oriented and adjusted for their risk tolerance and investment horizons. Investors with a bequest motive should receive advice according to their stated goals and corresponding investment horizon.

Author(s): Weipeng Wu, Rui Yao

avatar for Weipeng Wu

Weipeng Wu

PhD student, University of Missouri

Thursday May 21, 2020 9:00am - 10:30am CDT
Room 1