Investment profile changes during the economic crisis: a study of Spanish households

This essay analyzes the Spanish “Financial Family Survey” for two years (2008 and 2014), answering two questions: was there a change in the investment behavior during the economic crisis? If so, what was the role of education and labor status on those changes? The implications of these changes in the investment profile in inequality dynamics are quite relevant, given the different returns they might have obtained. To answer both questions, we run three different models: a probit, a Tobit and an OLS. We have found that the different levels of education highly determined the type of asset in which Spanish households invested. Their effects vary on a great manner, depending on the decision of whether investing or not, or the portfolio composition.