The Panel on Household Finances (PHF) – Microdata on household wealth in Germany

Altmann, Kristina; Bernard, René; Blanc, Julia Le; Gábor-Tóth, Enikő; Hebbat, Malik; Kothmayr, Lisa; Schmidt, Tobias; Tzamourani, Panagiota; Werner, Daniel; Zhu, Junyi

doi:10.1515/ger-2019-0122

Cited by 9 publications

(5 citation statements)

References 25 publications

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“…The dataset covers a variety of financial and behavioral variables at the household level and personal data on all household members. Each household is represented by a financially knowledgeable person (FKP) who can provide the necessary information about the household and is assumed to be mainly responsible for the household's financial decisions (see Altmann et al, 2020;PHF Survey Team, 2019a, 2019bvon Kalckreuth et al, 2012). Information about the FKP comprises age, gender, graduation, professional qualification, and financial literacy.…”

Section: Phf Survey Datamentioning

confidence: 99%

Households’ Decision on Capital Market Participation: What Are the Drivers? A Multi-Factor Contribution to the Participation Puzzle

Oehler,

Horn

2023

FSR

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Stock market investments are in the spotlight of the household finance literature, although real-world households make other financial decisions of higher relevance. We widen the scope and include decisions related to, e.g., voluntary pension plans, whole life insurance contracts, and housing and investments in other risky assets than stocks, e.g., bonds or mutual funds. Further, we provide a methodology that goes beyond regression analysis by employing a structural equation analysis (SEA) and apply it on data from a broad and representative survey of the German Central Bank. Our SEA allows us to investigate and quantitatively estimate complex relationships and to test several hypotheses simultaneously. Our structural equation model captures about 60% of the variation in the capital market participation decision. The results show that although households' financial literacy and risk aversion are most strongly related to investments in risky assets, further factors such as wealth, voluntary pension plans and whole life insurance contracts, financial advice, and investment experience should also be considered. Financial literacy is negatively related to risk aversion, i.e., the higher the financial literacy, the lower is the risk aversion. Age and gender are directly related to capital market participation and indirectly via financial literacy and risk attitude.

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Section: Phf Survey Datamentioning

confidence: 99%

Households’ Decision on Capital Market Participation: What Are the Drivers? A Multi-Factor Contribution to the Participation Puzzle

Oehler,

Horn

2023

FSR

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“…Acin the 2017 wave of the Bundesbank's Panel on Household Finances (PHF). For a description of the PHF, see Altmann, Bernard, Le Blanc, Gabor-Toth, Hebbat, Kothmayr, Schmidt, Tzamourani, Werner, and Zhu (2020). 17 For a discussion on the role of relative and absolute income shocks for MPC estimates, see also Christelis et al (2019).…”

Section: Treatmentsmentioning

confidence: 99%

Mental Accounting and the Marginal Propensity to Consume

Bernard

2022

SSRN Journal

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“…Unfortunately, information on life satisfaction is not part of the "core questionnaire" for all countries. For more information on the survey, see Kalckreuth et al (2012), andAltmann et al (2020) or visit the website of the Deutsche Bundesbank/PHF. on the share of taxpayers with high income.…”

Section: Data -The Panel On Household Financesmentioning

confidence: 99%