Age and wealth: a cross/within-cohort analysis

The Life Cycle Income Hypothesis (LIH) suggests specific wealth accumulation/decumulation behaviour. The purpose of this study was to determine whether empirical support for the LIH existed among a group of respondents as they entered the retirement stage of life. Results indicate that the appropriateness of the LIH as an explanatory theory of wealth accumulation/decumulation is contingent on how wealth is defined.