Longitudinal patterns of financial products ownership: a latent growth mixture approach

The main goal of this study is to analyze the dynamic process of financial product ownership under the assumption of heterogeneous growth by latent growth mixture models. Using panel data from a survey conducted by the Bank of Italy, we conclude that the trajectory of Italian households in terms of financial product ownership in the period 2000 to 2006 is homogeneous. Moreover, the process allowed the identification of an outlier trajectory and the obtainment of robust estimates for the population parameters