The relationship between age and portfolio choices: a test on italian pension fund

The paper takes as its starting point the fact that the importance of pension funds in Italy is growing steadily (in terms of both assets under management and number of participants). In particular, the project proposes to address the issue of "portfolio choices of pension fund members. There is extensive international literature that has studied the decision to join a pension fund, but less attention has been devoted to members' portfolio choices. The aim is to study whether and how the characteristics of the worker enrolled in a pension fund influence his or her portfolio choices: e.g. level of contribution, level of investment risk (choice of investment line, change of investment line), capital redemption, other insurance coverage, etc.