As a society begins to age, its older citizens become the dominant holders of financial assets. 1  For example, see Nishimura, K. G., and E. Takáts, “Ageing, property prices and money demand”, BIS Working Paper No. 385 (2012).
BIS central bankers’ speeches  1  However, with the coming of age, many people are likely to become risk-averse in managing their financial assets, for natural reasons.