The portfolio asset allocation represents one of main fields of Household Finance that researchers have been studying over the course of several years. Asset allocation is simply the distribution of financial resources among various categories, encompassing both financial assets and tangible assets, including real estate holdings. There are a lot of literature regarding the asset allocation that households should employ through their life, how adjust them depending on the macroeconomic scenarios which they encounter at different stages of life, which is the best in terms of returns and low risk, along with a multitude of other factors. Theoretical models don’t always reflect the empirical results.