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This study examines the intergenerational consequences of court-imposed monetary sanctions for parents and children. Research on punishment and families has generally focused on imprisonment, yet monetary sanctions are far more commonly imposed. We extend research on intergenerational financial exchanges to conceptualize payment of monetary sanctions as stigmatized transfers, analyzing 70 semi-structured interviews with debtholders in Minnesota. Adult children reported perceiving anger and financial strain from family members who provide assistance. Those with minor children expressed hopelessness, stress, and financial strain, as they prioritized basic needs over meeting their outstanding financial obligations. We conclude by discussing the implications of these intergenerational impacts for research, law, and policy. [ABSTRACT FROM AUTHOR]

The Dutch government implemented two changes to the taxation of intergenerational transfers aimed at mortgage down payments and prepayments. We identify the effects of these tax exemptions on prepayments and inter vivos transfers separately by taking advantage of the changes in policy design. The policy changes resulted in two expansions of tax‐exempt transfers, which increased the probability of receiving such transfers, translating into a modest increase in prepayments. Initially, the amounts prepaid increased by a similar magnitude, while the second policy change only resulted in an increase in the amounts being transferred but not the prepayments. The macroprudential policy goal was to reduce the number of underwater mortgages, but the policy was too generic and did not help to achieve this. The prepayments triggered by the policy change increased mostly for borrowers with low original loan‐to‐value ratios, implying that most transfers were made from wealthy parents to housing‐rich children. [ABSTRACT FROM AUTHOR]

Using three waves of the China Health and Retirement Longitudinal Study, this paper examines whether financial transfers from adult children to elderly parents affect the latter's mental health. Both OLS and instrumental variable (IV) estimates show that financial transfers significantly attenuate depressive symptoms of elderly individuals, with a much larger size of the IV estimates. We also examine the income and cultural channels through which intergenerational transfers work and further discuss the explanatory powers of these two channels through a decomposition analysis. The results suggest the cultural channel accounts for a larger proportion of the financial transfer effect. This means that the unique beneficial impact of intergenerational financial transfers on the mental health of older adults cannot be fully substituted in the foreseeable future. [ABSTRACT FROM AUTHOR]

Recently scholars have turned their attention to the role of intergenerational financial assistance in facilitating entry into home ownership for young adults. This practice has been identified as a means through which intergenerational inequalities may be translated into intragenerational inequalities. However, the question of what this form of financial dependence on family means for both young adults and their parents has received less attention. This article reports on the findings of a study conducted with 15 related donor-recipient pairs (30 in-depth interviews in total) in the UK in 2019. Drawing on these findings, we show that the provision and receipt of intergenerational financial assistance does not simply reflect family practices, but instead plays an active part in developing and conveying them. We ultimately contend that the practice of giving and receiving financial transfers shapes individuals' broader orientations to the property market, and to financial decision-making and planning. [ABSTRACT FROM AUTHOR]

Objective: This study investigates preferences for family resource allocation on health in three‐generation families and examines whether reciprocity attitudes influence preferences and willingness to pay (WTP) for reducing lifetime health risk. Background: Empirical results of nonmarket valuation studies suggest that adults value improving their children's health more than their own. Such results are often explained by parental altruism, but self‐interest may also be involved. Method: A choice experiment valuation survey elicited respondents' preferences for lifetime risk reduction in coronary artery disease (CAD) and a psychometric scale assessed their reciprocal attitudes. Respondents were middle‐generation members of three‐generation households. To conduct the analysis a hybrid mixed logit model was used that enabled including psychological factors into a utility function derived from respondents' survey choices. Results: Reciprocal attitudes had distinct effects on the middle‐generation preferences for reducing family members' risk of CAD. The latent attitudes concerning reciprocity significantly affected the WTP for the health risk reduction for all family members. The impact of reciprocity on the valuation of CAD risk reduction for the respondent and the elderly parent was similar, but for the child, it was significantly higher. Conclusions: Parents' higher WTP for improving children's health, at least partially, reflects strategic decisions related to reciprocal beliefs. Reciprocity also affects the evaluation of health benefits for elderly parents and middle‐aged respondents themselves. Implications: These findings may have implications regarding the degree to which the so‐called "sandwich generation" can substitute for the government in the area of health and social care for the elderly. [ABSTRACT FROM AUTHOR]

Objective: This study examines sibling inequality in inheritances and investigates the associations between inheritance share, intergenerational support, and patrilineality, as well as the potential interplay between support and patrilineality. Background: While Western studies take an exchange perspective linking inheritance division to intergenerational support, the picture in Asia is complicated by patrilineal norms, which are connected to both inheritance and support. Method: Utilizing the Korean Longitudinal Study of Ageing, this study employs family fixed effects regression to estimate the relationships between actual inheritance division, comprehensive measures of intergenerational support (financial, instrumental, associational, and structural), and patrilineality (gender and birth order). Results: First‐born sons receive the lion's share of inheritances, followed by first‐born daughters and later‐born sons, who receive a lesser share, while later‐born daughters receive the least. Meeting the parent frequently and caring for them before death were also associated with a larger share, and these effects were mostly uniform by birth order and gender. Conclusion: Patrilineal traditions continue to dominate inheritance division in contemporary Korea, with first‐born sons claiming the largest share regardless of their contributions to intergenerational support. Physical contact and caregiving increase a child's likelihood of receiving a larger share, but ultimately do not change the patrilineal order in inheritance allocations. [ABSTRACT FROM AUTHOR]

This research paper seeks to understand whether the current basic endowment insurance policy has properly played the role of supporting the elderly needs through intergenerational support within the family. Theoretically, there are problems of the imbalanced structure of pension security, retirees' comparatively higher pension and the low-level security of young people's in-service income, and drawbacks of the existing endowment insurance system, both have a certain causal relationship with "gnawing the old." Data on China's family tracking survey in 2016 (CFPS2016), Probit model, IV and PSM robustness testing methods were also used to study the relationship between parents' pensions and their grownup children's "gnawing-the-old" behavior. The results show that: (1) Compared with young people from families without pension income, those with pensioned parent(s) will less possibly choose to work; the parents' financial assistance behavior would restrain the children's intention to work and increase the possibility of "gnawing the old"; (2) Neither the amount of pension income nor financial assistance given to the children is significantly related to young people's "gnawing the old"; (3) Young people's "gnawing the old" behaviors are different according to their parents' professions and living areas; (4) The gap between parents' pension income and children's in-service income also adds to the causes of "gnawing the old." The policy implications of these findings are discussed particularly the formulation of a scientific mechanism for pension income. [ABSTRACT FROM AUTHOR]

The accumulation of wealth by households is an essential contributor towards macroeconomic and financial stability and resilience, while also affecting social mobility. The aim of this paper is to analyze the relationship between household wealth and the receipt of inheritances and intergenerational transfers. We use detailed micro-level data from the 2017 vintage of the Household Finance and Consumption Survey (HFCS) for households across the Euro Area in order to explore this relationship in detail, analyzing various classes of assets and liabilities, together with inflows of inheritances and gifts between 2014 and 2017, as well as any associated wealth effects. The results show that inheritance flows are positively and significantly-associated with net overall household wealth, primarily via increases in the value of liquid assets like publicly-traded shares and the value of existing self-employment business, while reducing mortgage debt, particularly outstanding loans related to the household's main residence. We find no evidence of any wealth effects from inheritances in terms of increased consumption expenditure, leisure spending or motor vehicle ownership. These findings collectively suggest that households anticipated the bequests received, with behavior in line with predictions emanating from standard rational expectations life cycle income hypothesis models. [ABSTRACT FROM AUTHOR]

At the headwaters of the Yenisei River in Tuva and northern Mongolia, nomadic pastoralists move between camps in a seasonal rotation that facilitates their animals' access to high-quality grasses and shelter. The use and informal ownership of these camps depending on season helps illustrate evolutionary and ecological principles underlying variation in property relations. Given relatively stable patterns of precipitation and returns to capital improvement, families generally benefit from reusing the same camps year after year. We show that locations with higher economic defensibility and capital investment—winter camps and camps located in mountain/river valleys—are claimed and inherited more frequently than summer camps and camps located in open steppe. Camps are inherited patrilineally and matrilineally at a ratio of 2 : 1. Despite its practical importance, camp inheritance is not associated with livestock wealth today, which is better predicted by education and wealth outside the pastoral economy. The relationship between the livestock wealth of parents and their adult children is significantly positive, but relatively low compared to other pastoralists. The degree of inequality in livestock wealth, however, is very close to that of other pastoralists. This is understandable considering the durability and defensibility of animal wealth and economies of scale common across pastoralists. This article is part of the theme issue 'Evolutionary ecology of inequality'. [ABSTRACT FROM AUTHOR]

This study investigated whether social support, pension benefits, and medical insurance coverage are related to cognitive function and decline among older rural Chinese adults and whether depressive symptoms represented a pathway linking these factors with cognitive function. Data are taken from three waves of the China Health and Retirement Longitudinal Study (N = 5,135). Cognitive function is assessed with episodic memory and depressive symptoms are assessed with the 10-item CESD Scale. Social support (intergenerational financial transfers, weekly contact with children, perceived availability of future support, and living arrangements), pension benefits, and medical insurance coverage are self-reported measures. Multilevel linear regression models are employed. Intergenerational financial transfers, perceived availability of future support, and pension income are associated with higher levels of cognitive function. Living with others, perceived availability of future support, medical insurance coverage, and pension income are associated with a slower risk of cognitive decline. Depressive symptoms mediated the association between perceived availability of future support, living with others, pension income and level of cognitive function and the link between perceived availability of future support, pension income, and cognitive decline. The findings suggested these modifiable factors should be taken into account when screening older adults for possible cognitive impairment and decline. Early interventions may also be helpful by expanding social resources and reducing psychological distress. [ABSTRACT FROM AUTHOR]

Family support in the form of intergenerational transfers could serve as a substitute for the public transfer system, especially when the public safety net is weak. These intergenerational transfers could be impacted by changes in public insurance. Conversely, induced changes in family transfers could also impact the effectiveness of a public insurance program. What is the impact of social insurance reform on household welfare in the context of intergenerational transfers? This paper investigates this question by using an overlapping generations general equilibrium model where parents and their children are linked by intergenerational transfers. In the model, individuals differ in earnings ability and face idiosyncratic uninsurable income risk, health risk, and mortality risk. This paper calibrates the model to key features in the urban Chinese economy. Using this calibrated model, this paper finds that households on average experience a welfare gain from an increase in the social insurance benefits but that this effect differs across households conditional on their economic status. This paper then provides a decomposition of these welfare changes into three channels: a direct policy channel, an intergenerational-transfers channel, and a general equilibrium channel. [ABSTRACT FROM AUTHOR]

Previous research has shown that the home ownership status of parents matters for the likelihood of a child becoming an owner, and other research has studied how financial intergenerational transfers affect the transition to ownership. We extend these existing studies by estimating the effect of financial transfers on the probability of becoming an owner as well as the role of in‐kind transfers. We also analyse how the impacts of different intergenerational transmission channels vary across neighbourhoods of advantage and disadvantage and discuss the implications for inequality in access to ownership. Drawing on a large panel data set from the Household, Income and Labour Dynamics in Australia Survey, we offer three new findings. First, we show that financial transfers made concurrently with home purchases play a more important role than lagged transfers and that in‐kind transfers are also an important part of the process of gaining ownership. Second, we note that in‐kind transfers are more effective for raising home ownership prospects in areas with high socioeconomic status, while financial transfers appear to be more effective in middle‐class neighbourhoods. Third, children from disadvantaged backgrounds are least likely to be assisted into home ownership by intergenerational transfers. [ABSTRACT FROM AUTHOR]

Scholarly interest in assets has grown over recent years, with housing receiving particular attention. At the same time a related body of work has focussed on intergenerational financial assistance with home ownership, considering how proximity to assets may lead to direct assistance with purchasing property. In this article I draw on interviews conducted with 80 donors and recipients of family financial assistance with first home ownership in order to consider the role of assets (specifically property) in the imagined futures of the recipients, focusing particularly on ambitions to own investment properties. I argue that the provision and receipt of financial assistance of this type is underpinned by shared investor subjectivities. I then consider how these investor subjectivities may lead to specific orientations to property investment in the recipients' imagined futures, finding that many of them aim to use property wealth to meet some of the costs of social reproduction in ways that recreate the gender dynamics that they experienced during their own childhoods. I ultimately draw together these claims to contend that the Minskian household is perhaps best thought of as a kinship network, and to identify some of the empirical features of these networks. [ABSTRACT FROM AUTHOR]

In classical evolutionary models, the force of natural selection diminishes with age toward zero by last reproduction. However, intergenerational resource transfers and other late-life contributions in social species may select for postreproductive longevity. We present a formal framework for estimating indirect fitness contributions via production transfers in a skills-intensive foraging niche, reflecting kinship and cooperation among group members. Among contemporary human hunter-gatherers and horticulturalists, indirect fitness contributions from transfers exceed direct reproductive contributions from before menopause until ages when surpluses end, around the modal age of adult death (∼70 y). Under reasonable assumptions, these benefits are the equivalent to having up to several more offspring after age 50. Despite early independence, minimal production surplus, and a shorter lifespan, chimpanzees could theoretically make indirect contributions if they adopted reliable food-sharing practices. Our results for chimpanzees hypothetically adopting hunter-gatherer subsistence suggest that a skills-intensive foraging ecology with late independence and late peak production could select for human-like life histories via positive feedback between longevity and late-life transfers. In contrast, life history changes preceding subsistence shifts would not favor further life extension or subsistence shifts. Our results formalize the theory that longevity can be favored under socioecological conditions characterized by parental and alloparental care funded through transfers of mid- to late-life production surpluses. We also extend our analysis beyond food transfers to illustrate the potential for indirect fitness contributions from pedagogy, or information transfers. While we focus mostly on humans, our approach is adaptable to any context or species where transfers can affect fitness. [ABSTRACT FROM AUTHOR]

This paper explores the association between having children and expected subjective old-age welfare within a European context. Data for 31 countries from the European Social Survey are used to model the respondents' concern about their expected old-age well-being and welfare. Having children and the number of children are the primary explanatory variables but a broad set of controls including gender, age, education level, household income and health, as well as others are included. Regional variation in this association within Europe is discussed using four larger groups of countries. The results indicate that those with a higher number of children report that they are less worried about old-age welfare compared to those who have fewer children. In general, those without children had lower concerns regarding their old-age than those with children. [ABSTRACT FROM AUTHOR]

The article reviews current housing mobility patterns in Hungary, with specific regard to relocations within the rental sector and mobility from the owner occupied to the rental sector. By doing this, it intends to gain a more profound insight into housing mobility within or into less secure positions in the housing system. The analysis explores the role of factors beyond basic socioeconomic variables, such as access to different sources of housing finance, to housing mobility, through multivariable analysis of representative survey data. It points out how the lack of access to intergenerational transfers, savings, and mortgage leads to the inability of households to exit the rental sector. Besides, it draws attention to formerly mortgaged households moving from homeownership to the rental sector. It discusses the results in the context of Hungary's super-homeownership tenure structure, the highly ownership-oriented public policies, the lack of effective measures to tackle housing unaffordability and the loosely regulated rental sector. The analysis is based on data from a large sample personal survey conducted in 2018 (N=2650). [ABSTRACT FROM AUTHOR]

Retirement incomes and aged care have both received considerable policy attention in Australia over the last three decades, but as in other countries, the two financing systems have remained largely separate in policy and practice. The problem is located at the intersection of wider policy debates about shifts from public to private welfare and concerns over intergenerational equity. This paper aims to integrate these related debates by incorporating aged care into the "pillars" framework used to understand retirement incomes. We propose an Aged Care Superannuation Levy applied to superannuation fund earnings, winding back the large and growing public tax concessions that support this pillar of private defined contribution pensions in Australia's retirement income system. This revenue would create a social insurance pillar for aged care to stand alongside the four other pillars of retirement incomes that interact variously with aged care financing. Interest in a social insurance pillar of aged care financing is renewed in the light of the Royal Commission into quality and safety of aged care that reported in February 2021. As the Royal Commission recommendations on financing were divided and not taken up in government policy, the way remains opens for further consideration of the alternative approach proposed here. [ABSTRACT FROM AUTHOR]

Wealth surveys that collect information on intergenerational transfers provide new scope for comparative study of those transfers and their relationship with wealth across rich countries. However, this is problematic in the case of Great Britain, due to specific features of the Wealth and Assets Survey (WAS), the central source of survey‐based household wealth data, in particular the extent of missing information in its first wave. This has severely constrained efforts to investigate patterns of wealth transfer in Great Britain in comparative perspective. In this paper, we set out these issues and present ways of dealing with them. On this basis, we then examine the main similarities and differences in patterns of intergenerational transmission of wealth between Great Britain, France, Germany, Italy, Spain and the United States. Our findings reveal common features across these countries as well as some important respects in which Great Britain was distinctive, though less of an outlier than the US. About 35 per cent of British households reported receiving an intergenerational wealth transfer at some point, similar to most of the comparator countries but much higher than the US. We conclude by setting out how WAS can be enhanced to address these issues at source, proposals with which the Office for National Statistics is seriously engaged. [ABSTRACT FROM AUTHOR]

Objective: This study examined whether adult children's transitions to marriage, parenthood, and divorce were related to intergenerational support exchanges. Background: Intergenerational support fluctuates over the life span, often in response to major transitions, but surprisingly little research has examined longitudinally how life transitions shape the bidirectional flow of intergenerational support. Method: Using data from adult children who participated in Waves 2, 4, 6, and 8 of the German Family Panel (pairfam) study, we estimated fixed effect models to explore how marital and parenthood transitions of adult children predict support exchanges between adult children and their parents (n = 5245 adult children's report of support exchanges with their mother and n = 4604 with their father; total 14,359 and 12,147 observations). Results: Getting married was associated with adult children receiving less emotional support from mothers, while providing less instrumental support to their parents. Becoming a mother was associated with receiving more instrumental support from parents and receiving less material/financial support among adult children closer to their parents. When adult children became a parent, emotional and instrumental provision to mothers decreased. Getting divorced was associated with adult children receiving more emotional and material support from parents, but findings varied based on child gender and closeness with parents. Conclusion: Adult children's life transitions influence patterns of support exchanged with their parents differentially based on parent–child gender composition and intergenerational closeness. [ABSTRACT FROM AUTHOR]

This paper proposes an alternative channel for elderly consumption response to housing value changes by focusing on the informal financial markets. This channel may be important, particularly in a society where the elderly are less mobile and have limited access to the formal financial markets. In such a society, elderly homeowners may leave their housing assets to their children, and in exchange receive cash to fund consumption. Japanese household-level data on the elderly are used to examine this possibility. The results indeed suggest that the consumption of the elderly responds to changes in their house values through the intrafamily finance channel alone. The marginal propensity to consume out of housing wealth is only 0.01. [ABSTRACT FROM AUTHOR]

This paper measures intergenerational transfers through the solidarity reserve of the newly proposed Dutch occupational pension contract. Our first conclusion is that the role of the solidarity reserve is higher than it may appear at a first glance. The fraction of pension savings that can go directly into the solidarity reserve is limited to 10%. However, we find that, in addition, around 30% of the pension savings of a young worker can subsequently be transferred to the solidarity reserve via a levy on future positive excess returns. Our second finding is that the solidarity reserve can introduce a substantial pay-as-you-go element within a funded pension scheme. This feature of the solidarity reserve can be overlooked easily and is not mentioned in the pension bill. Our policy recommendation to pension funds is to make explicit whether or not there is a pay-as-you-go element via the solidarity reserve, and if so to assess whether this is desirable. [ABSTRACT FROM AUTHOR]

Post 2005 in India, a number of public policy initiatives were introduced to strengthen existing programs for welfare of the ever-increasing population aged 60 years and older. Using a National Transfer Accounts framework, this paper attempts to assess the implications of policy changes by evaluating changes in lifecycle deficit and changes in public and familial support of the elderly especially in meeting their lifecycle deficit between 2004 and 05 and 2011–12. It found that labour income of the elderly increased marginally during 2004–2012, but the level of consumption of the elderly marginally slipped down. Lifecycle deficit (LCD) of the elderly population aged 60 years and older declined due to the intertwining effect of increased labour income and declining consumption. Familial support to the elderly did not improve between 2004 and 2012, instead their net contribution to intra-household transfers is greater than their benefits. Asset based reallocation remains the main source of financing the LCD of the elderly. Benefits of the elderly in meeting their lifecycle deficit from policy changes is nominal. [ABSTRACT FROM AUTHOR]

Inequality between generations is a central feature of human societies. Moreover, within human societies many institutions have developed that mould and shape intergenerational inequality, including the state. Nevertheless, intergenerational inequality has typically been only loosely defined as a concept. This article examines intergenerational inequality in income, as well as how the state works to alter intergenerational inequality in income through the redistributive effect of public transfers. In order to provide greater definition to the concept of intergenerational inequality, the article introduces a new measure of intergenerational inequality: the IGI index. Building on this index, the article also constructs a new measure of the redistributive effect of public transfers on intergenerational inequality. With these new measures added to its methodological toolkit, the article presents new evidence on the incomes and public transfers paid and received by different ages and generations. This evidence is drawn from the recently developed Australian National Transfer Accounts, which include data on incomes and public transfers in Australia during the 28-year time period between 1981–82 and 2009–10. The analyses presented suggest that there are substantial inequalities in the incomes received by different generations, with earlier generations generally receiving less income in real terms over their lifetimes than later generations. As the state has operated through time—receiving taxes and other public transfers from some individuals and paying social protection and other public transfers to others—it has mostly favoured later generations more than earlier generations. In doing so, it has mostly worked to increase intergenerational inequality. [ABSTRACT FROM AUTHOR]

This paper analyzes the intergenerational effects following the positive changes in women's inheritance rights in India. Using the Indian Human Development Survey data for rural India and a difference-in-differences strategy, we find that the property rights reform significantly empowered women through increased education. However, we find no intergenerational effect of the reform on children's education. We explore two potential mechanisms to explain these results: the role of status conflict among spouses and that of a child's birth-order and gender. Given that a woman's bargaining power may depend on her relative position to that of her husband, we investigate this channel and find a significant decrease in children's education in households where fathers are less educated than mothers. Accounting for a child's birth-order and gender, we find no evidence of son-preference through the education channel. [ABSTRACT FROM AUTHOR]

This study describes the use of allowance payments by parents to children in the United States (US) and documents the association between receiving an allowance as a child and financial capability as a young adult. Based on the Panel Study of Income Dynamics, the majority of children in the US ages 6 to 15 receive an allowance in childhood. Allowances are a commonly used strategy by parents across many demographic and socioeconomic groups, with no strong relationship between parental income or education and parents offering an allowance. Young adults who received an allowance as children reported modestly higher levels of financial responsibility, suggesting that allowances for children and teenagers may be a useful complement to other financial development strategies for young people. [ABSTRACT FROM AUTHOR]

In line with the previous research, we confirm that welfare programmes in Hungary are poorly targeted in terms of socio‐economic status (SES). However, by adding age to our models, we demonstrate that even if the status is irrelevant in explaining access to social benefits and services, age is not. Applying simple regression techniques, we compare both the theoretical importance (based on regression coefficients) and the dispersion importance (using Shapley‐value decomposition of the R2) of age and SES in explaining the receipt of and contributions to both in‐kind and in‐cash benefits at the level of the general government in Hungary. We conclude that what appears to be a dysfunctional instrument in alleviating poverty and inequality in a univariate model is actually a channel of resource reallocation that connects working‐age people to children and to the elderly when the model includes two predictors. [ABSTRACT FROM AUTHOR]

We construct matched panel data sets of adult children with their parents to study the role of lagged parental attributes on subsequent home ownership decisions between 2000 and 2012. Earlier research has demonstrated intergenerational wealth transfers from parents to children are an important source of upfront equity used to purchase a first home, although parental attributes are often omitted as determinants of tenure due to data limitations. A significant role is found for lagged parental wealth on the ability of adult children to become and remain home owners over this period. Endowed differences in parental wealth are estimated to account for the largest explainable share of the white/non‐white gap in becoming a homeowner, and maintaining home ownership once attained. [ABSTRACT FROM AUTHOR]

What becomes of class when residential property prices in major cities around the world accrue more income in a year than the average wage worker? This paper investigates the dynamic of combined wage disinflation and asset price inflation as a key to understanding the growth of inequality in recent decades. Taking the city of Sydney, Australia, as exemplary of a dynamic that has unfolded across the Anglo-American economies, it explains how residential property was constructed as a financial asset and how government policies helped to generate the phenomenal house price inflation and unequal capital gains of recent years. Proceeding in close conversation with Thomas Piketty's work on inequality and recent sociological contributions to the question of class, we argue that employment and wage-based taxonomies of class are no longer adequate for understanding a process of stratification in which capital gains, capital income and intergenerational transfers are preeminent. We conclude the paper by outlining a new asset-based class taxonomy which we intend to specify further in subsequent work. [ABSTRACT FROM AUTHOR]

The Norwegian state-owned Petroleum Fund's market value is more than one trillion US dollars, and the Norwegian state has become one of the world's largest stockowners. The Fund was established in 1990 and in 2006 and renamed the 'Government Pension Fund Global', as savings for future generations. What kind of values form the basis for describing the Petroleum Fund in this way? This article shows that the idea that present generations should not empty the North Sea of oil and gas without saving something for future generations has been stable since the 1970s. However, over time, the understanding of how to save has changed. More specifically experts, bureaucrats and politicians have shifted their arguments during four phases: moderation in oil extraction (1974-1983); introduction of the national wealth model (1984-1990); a financial fund for the present and the future (1991-2006); and increased income and new protests (2007-2019). These four periods show that over time the idea of weak sustainability and value commensurability have increasingly come to dominate the argumentation in public documents about the Petroleum Fund. [ABSTRACT FROM AUTHOR]

Medicaid provides a critical source of insurance for long‐term care, and individuals may strategically offload assets (typically to children) to meet the means‐tested eligibility requirement. In this article, we quantify the extent of such behavior using variation in the penalty for improper parent‐to‐child transfers induced by the Deficit Reduction Act of 2005. We estimate difference‐in‐differences models based on the hypothesis that only individuals with high levels of nursing home risk (high risk) will alter transfers because of the Act. We find that over a 2‐year horizon, high‐risk individuals reduced transfers to children on the extensive margin by 11 percent and that the average total amount of transfers decreased by $4,860. The results hold only for coupled respondents. We also conduct a triple‐differences analysis to examine heterogeneity with financial literacy and find that even those with a low level of financial literacy responded to the penalty. [ABSTRACT FROM AUTHOR]

The selfish life-cycle model or hypothesis is, together with the dynasty or altruism model, the most widely used theoretical model of household behavior in economics, but does this model apply in the case of a country like Japan, which is said to have closer family ties than other countries? In this paper, we first provide a brief exposition of the simplest version of the selfish life-cycle model and then survey the literature on household saving and bequest behavior in Japan in order to answer this question. The paper finds that almost all of the available evidence suggests that the selfish life-cycle model applies to at least some extent in all countries but that there is more consistent support for this model in Japan than in the United States and other countries. It then explores possible explanations for why the life-cycle model is more consistently supported in Japan than in other countries, attributing this finding to government policies, institutional factors, economic factors, demographic factors, and cultural factors. Finally, it shows that the findings of the paper have many important implications for economic modeling and for government tax and expenditure policies. [ABSTRACT FROM AUTHOR]

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Intergenerational transfers are one of the most important and contentious aspects of modern welfare systems. In today's societies, financial transfers between adult generations in the family are an important part of the intergenerational link. They are important not only for the family as a whole - how it distributes its resources and ensures its members' well-being - but also for broader aspects such as welfare policy, social inequality, and social integration. The financial transfers are playing an important role in accumulation and distribution of the wealth. In consequence these financial transfers are important not only for the individuals, but also for the social aspects of the wealth redistribution. Using the dataset provided by Survey of Health, Ageing and Retirement in Europe (SHARE), we want to create the profile of the persons over 50 from Romania that give and receive financial aid. [ABSTRACT FROM AUTHOR]

It is known that the education of significant others may affect an individual's mortality. This paper extends an emerging body of research by investigating the effect of having highly educated adult children on the longevity of older parents in Europe, especially parents with low educational attainment. Using a sample of 15,015 individuals (6,620 fathers and 8,395 mothers) aged 50 and above, with 1,847 recorded deaths, over a mean follow-up period of 10.9 years from the Survey of Health, Ageing and Retirement in Europe (SHARE), we examine whether the well-established socio-economic gradient in mortality among parents is modified when their adult children have higher educational attainment than their parents. We find that having highly educated adult children is associated with reduced mortality risks for fathers and mothers with low educational attainment, compared to their counterparts whose adult children have only compulsory education. The association is stronger in early older age (ages 50–74) than in later older age (ages 75 and over). Part of the association appears to be explained by health behaviours (physical (in)activity) and health status (self-rated health). Our findings suggest that the socio-economic–mortality gradient among older parents might be better captured using an intergenerational approach that recognises the advantage of having highly educated adult children, especially for fathers and mothers with only compulsory education. [ABSTRACT FROM AUTHOR]

This paper analyses the main components and distribution of household net assets in Croatia on the basis of the data from the Household Finance and Consumption Survey (HFCS) by taking into account different socio-demographic characteristics of households. The main results indicate that real assets are widely distributed among households, whereby 85% of households own the household main residence. Financial assets and liabilities account for larger share among wealthier households. The analysis of the main determinants establishing the position of an individual household in distribution of assets has additionally highlighted the importance of the household main residence (HMR). Households with inherited HMR are less likely to be positioned in the lowest net asset quintile. In addition, households with HMR in the city of Zagreb or on the Adriatic Coast are more likely to be in higher asset quintile groups. The survey has also found that the level of household income, educational attainment, labour market status and age of the household reference person affect the probability of positioning a household in a certain net asset quintile. [ABSTRACT FROM AUTHOR]

Resource sharing has always been a central component of human sociality. Children require heavy investments in human capital; during working years, help is needed due to illness, disability, or bad luck. While hunter-gatherer elders assisted their descendants, more recently, elderly withdraw from work and require assistance as well. Willingness to share has been critically important for our past evolutionary success and our present daily lives. Here, we document a strong linear relationship between the public and private sharing generosity of a society and the average length of life of its members. Our findings from 34 countries on six continents suggest that survival is higher in societies that provide more support and care for one another. We suggest that this support reduces mortality by meeting urgent material needs, but also that sharing generosity may reflect the strength of social connectedness, which itself benefits human health and wellbeing and indirectly raises survival. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the wealth accumulation and saving behavior of the retired elderly in Italy using micro data from the "Survey of Italian Households' Income and Wealth," a panel survey of households conducted every 2 years by the Bank of Italy. We find that, on average, the retired elderly in Italy are decumulating their wealth (dissaving) but that their wealth decumulation rates are much slower than expected. Moreover, we also find that more than 40% of the retired elderly in Italy are continuing to accumulate wealth and that more than 80% are doing positive amounts of saving. Thus, the Wealth Decumulation Puzzle (the tendency of the retired elderly to decumulate their wealth more slowly than expected) appears to apply in the case of Italy, as it does in most other countries, before as well as after the Global Financial Crisis. Moreover, our regression analysis of the determinants of the wealth accumulation and saving behavior of the retired elderly in Italy suggests that the lower than expected wealth decumulation rates and dissaving of the retired elderly in Italy is due largely to intergenerational transfers (bequests and inter vivos transfers) and saving for precautionary purposes, especially the former. [ABSTRACT FROM AUTHOR]

This paper studies the impact of women's retirement on their daughters' employment. Using SHARE and self-collected historical data on legal retirement ages in 20 European countries, I find that women's retirement leads to an increase in their daughters' employment only in countries with limited family policies and strong family ties. This positive effect can be explained by increases in in-kind transfers to daughters and grandchild care following retirement. [ABSTRACT FROM AUTHOR]

This article explores the interactions between social policies and exchanges of support between parents aged 50 and over and their adult children in Italy and South Korea. In both countries, families are predominantly responsible for financial and care support to dependent members. However, in the mid-2010s, social security systems, labour market arrangements and family policies allocated resources between age groups in different proportions, favouring pensioners in Italy and prime-age workers in South Korea. Arguably, this difference may influence and interact with exchanges of support within families. Harmonised data for 2012–2013 from surveys of ageing are used to compare exchanges of financial support, instrumental care and intergenerational co-residence between parents aged 50 and above and their adult children. In Italy, where societal transfers favour older generations, intergenerational transfers from parents to children are large, and children provide complementary forms of help to ageing parents. In South Korea, where later-life protection is limited, parents are more heavily dependent upon adult children for financial and care support. The findings add to the existing literature on the relationship between societal and family transfers in European welfare regimes by exploring these interactions in broader contexts and policy areas. [ABSTRACT FROM AUTHOR]

As young people transition to adulthood, many rely on financial support from their parents to complete schooling and to live independently. Evidence suggests that there has been a gradual lengthening of the time young adults take to transition to adulthood. Young people attempting to move out of their parents' home, complete college, or enter the workforce during the Great Recession faced uncertain economic times, increasing their need for financial support. At the same time, the income and wealth losses experienced by young adults' parents may have disrupted transfers from them. We analyze the impact of large and unexpected declines in parents' income and wealth during and immediately after the Great Recession on monetary transfers to their young adult children using data from the Panel Study of Income Dynamics (PSID) and the PSID Transition to Adulthood study. We find parents' financial support of their young adult children declined during the Great Recession. The likelihood of receiving a transfer declined from 74% in 2005 to 57% in 2009. Parents' loss of income was a factor in the amount of decrease but on average was relatively modest—a $10,000 parental income loss decreased transfers to their adult children by $109. However, parents experiencing large declines in income, those at the 75th and 95th percentile of income loss, reduced transfers to adult children by $1150 and $1700, respectively. Declines in parental transfers that reduce college completion rates, increase student loan debt and decrease likelihood of homeownership may have long term consequences for financial well-being. [ABSTRACT FROM AUTHOR]

Objective: This study examines the support from stepparents to adult children and considers the role of the composition of the parent network, that is, the presence or absence of the biological mother or father. Background: Going beyond previous research that compared the support provided by different types of parental households, this study provides deeper insights into adult stepfamily dynamics by considering support transfers on the stepparent–stepchild dyad level. Method: The analyses were based on data from the Ouders en Kinderen in Nederland (Parents and Children in the Netherlands) survey, which was conducted among a stratified random sample of Dutch adults (aged 25–45) with stepparents reporting on support from each of their stepparents (N = 4,351) and biological parents (N = 5,460) separately. Results: The results revealed different stories for stepmothers and stepfathers. Within‐child analyses showed that, controlled for the duration of coresidence, children received less types of support from their stepmother than from their biological mother, whereas among fathers, the stepfather provided more. When compared between children, stepmothers provided less types of support if their stepchild's biological mother was still alive, whereas stepfathers' support was unaffected by the biological father's presence. Stepparents of both genders provided less types of support if their partner (i.e., the child's biological parent) was deceased. Conclusion: These findings articulate the central role of the biological mother in postseparation families and the ambiguous position of the stepmother and "widowed stepparents." [ABSTRACT FROM AUTHOR]

Due to extended transitions to adulthood and declining marital rates, bonds between adults and parents have grown increasingly salient in individuals' lives. This review organizes research around these topics to address ties between parents and grown children in the context of broader societal changes over the past decade. Literature searches included tables of contents of premier journals (e.g., Journal of Marriage and Family), Psychological Info, and Google Scholar. The literature review revealed patterns of social and intergenerational changes. Technological advances (e.g., introduction of the smart phone) co‐occurred with more frequent contact and interdependence between generations. The Great Recession and financial strains altered the nature of many parent/child ties, including increased rates of intergenerational coresidence. Individual life problems such as divorce, addiction, and physical health problems were reflected in complex changes in positive and negative relationship qualities, ambivalence, and intergenerational support. Government policies reflect societal values and in turn, affected the distribution of parents' and grown children's resources. Political disruptions instigated migration, separating generations across large geographic regions. Political disruptions instigated migration, separating generations across large geographic regions. Demographic changes (e.g., constellation of family members, delayed marriage, same sex marriage) were also manifest in ties between adults and parents. Findings were consistent with the Intergenerational Systems in Context Model, which posits that societal transformations co‐occur with changes in intergenerational relationships via reciprocal influences. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of the current study is to analyze how the assistance that one's siblings provide to their parents impacts one's own contributions. Siblings' assistance is measured as the total combined number of hours and the total combined cash that one's siblings provide, excluding one's own level of contributions. Design/methodology/approach: We use first differences and instrumental variables approaches to address unobserved heterogeneity and endogeneity of assistance provided to one's parents. Findings: A 10 percent increase in siblings' time and cash assistance is associated with an increase in the individual levels of adult children's time contributions by about 6.72 percent and cash contributions by 7.43 percent. Practical implications: Crowd-in is meaningful from a policy perspective as it suggests that upstream transfers are unlikely to crowd-out similar transfers from siblings. Private transfers are unlikely to decrease in response to public transfers. Social implications: Policy that incentivizes private transfers from one individual may lead to increased levels of transfers from their siblings. Policies such as tax incentives that encourage contributions from adult children are likely to have a magnified effect. Originality/value: Our approach is novel in that we utilize data on full sibling sets using the children of the Health and Retirement Study respondents. This allows the consideration of crowding effects that transfers from siblings have. Other authors perform tests to determine whether or not altruistic transfer motives are present. With altruistic motives, public transfers are expected to crowd-out private transfers. Our approach focuses on crowding behavior regardless of the underlying motives. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to measure the long-run housing affordability of Malaysia over time for households at various income levels and to demonstrate how short- and long-run affordability measures can reach contradicting conclusions. Design/methodology/approach: In this study, a long-run housing affordability index (HAI) for Malaysia was constructed for the sample period 1995 to 2014, using data from house prices and household incomes. The HAI was also modified to compute a mortgage affordability index (MAI) to account for intergenerational transfers. Findings: The results show that households at the 25th income percentile cannot afford any of the four dwelling types in Malaysia. For households at the 40th income percentile and the median income levels, high-rise and terrace housing are affordable. However, significant downward trends in HAI and MAI are documented beginning 2009, which indicates increasing housing stress for households at or below the median income. The short-run affordability measure represented by the median multiple (MM) indicator showed bleaker conclusion for housing affordability, with all dwelling types considered unaffordable over the entire sample period Practical implications: On the basis of the empirical results, this paper provided several long-term proposals to ameliorate the housing affordability problem in Malaysia. Originality/value: With the MM ratio being the official affordability measure reported for Malaysia, this study introduces the nation's first long-run housing affordability measure. It is hoped that this long-run measure will achieve widespread adoption in Malaysia. Given the deteriorating long-term affordability, this study offers several possible long-term solutions. [ABSTRACT FROM AUTHOR]

We use an overlapping generations model with physical and human capital to ascertain the consequences for optimality of a social planner adopting a welfare criterion that treats all generations alike and is respectful of individual preferences. In particular, we consider a social planner who maximizes a non-discounted sum of individual utilities à la Ramsey, with consumption levels expressed in terms of output per unit of efficient labour. We show that the optimal growth path does not depend on the precise cardinalization of preferences (i.e., the degree of homogeneity of the utility function) and that it converges to the "Golden Rule" defined in this endogenous growth framework. The instruments available to the social planner are subsidies to the investment in education by the younger generation and lump-sum taxes on the middle-aged and the retirees. Decentralizing the optimum trajectory requires that subsidies to investment in education be negative (i.e., taxes), and that pensions to the elderly be positive along the entire optimal growth path. These results hold regardless of the initial conditions. [ABSTRACT FROM AUTHOR]

This article examines the exchange motive in intergenerational monetary transfers. The exchange motive is in operation if parents make transfers to their children in exchange for services. The analysis incorporates data on current inter vivos transfers and the self-assessed probability of making future transfers via bequests. The focus is on the correlation between child-provided help and transfers from parents to adult children. Cross-sectionally, small transfers (between EUR 250 and EUR 5,000) and child-provided help are positively related. Endogeneity arising from omitted variables and reverse causality are addressed by using a lagged value of child-provided help. Further, in an analysis of first-differenced data, the association is statistically significant at the 10% level of confidence. The correlation is not significant in the case of large (above EUR 5,000) transfers, or the self-assessed probability of making future transfers via bequests. These findings suggest that small inter vivos transfers may be driven by exchange motives, although the findings are also consistent with altruism. [ABSTRACT FROM AUTHOR]

This article progresses understandings of contemporary middle-class housing aspirations and the socialization of these within families. It examines Australian middle-class homeowners' dispositions towards mortgage debt, using qualitative Bourdieusian analytics. By avoiding the common reduction of housing aspirations to tenure preferences, it foregrounds diverse orientations towards home-buying that suggest cultural forms of middle-class heterogeneity in the housing field. It then identifies how within-family socialization conditions these differing orientations, including through parental guidance and observational learning. This "immaterial inheritance" variously promotes and deters property speculation, for instance by imparting competence (e.g. housing literacy) and confidence to invest, and thus begins to shed light on the under-explored cultural dimensions of class in intensifying housing commodification. Sharper understandings of the trajectories of cultural capitals over time (and their interaction with trajectories of economic capitals), hold promise for explaining how these calibrate the way intergenerational transfers shape inequality. [ABSTRACT FROM AUTHOR]

The study examines whether respondents believe that long-term care provided by children for elderly parents and grandparental childcare should be monetarily compensated, and how these results vary by different groups of respondents. Based on a representative survey, the author shows that while 79% of subjects support compensation for long-term care, only 38% of subjects support compensation for grandparental childcare. Older subjects are more likely to accept monetary compensation for both long-term care and grandparental childcare. It is puzzling that being a female does not by itself explain the differences in acceptance, even though females are much more actively involved in all types of time transfers. Implications of the results and directions for future research are suggested. [ABSTRACT FROM AUTHOR]

This paper reconsiders the role of altruism as a motive for an intergenerational transfer and characterizes the relationship between intergenerational transfers and altruism. The main finding is that transfers to children do not disappear even if altruism from parents to children weakens. The paper also shows that as altruism from children to parents becomes stronger, a transfer to children initially decreases and then increases once the degree of altruism is beyond a certain level; in other words, transfers may increase even if altruism from the transferee to the transferor becomes stronger. These findings sharply contrast with the common assumption in the existing literature that an intergenerational transfer is motivated by altruism from the transferor to the transferee. [ABSTRACT FROM AUTHOR]

Financial support for immigrant-origin children is crucial for their integration and success in the host society. Family solidarity norms among minority populations, however, tend to differ from those regulating intergenerational support exchange among natives. Do such differences reflect specific cultural preferences and expectations? Using original data collected via a semi-structured questionnaire featuring vignettes, we explore values and norms about parental financial support towards children among Chinese, Maghrebi and Filipino immigrants in Italy. The vignette analysed here contrasts the beneficiaries of support provided by parents to children (sons versus daughters) and the object of support (opening a new business versus pursuing higher education). Results point to a preference for supporting offspring – especially daughters – who want to invest in an educational career. This attitude is more widespread among Filipino and Chinese respondents than among Maghrebis. Daughters are favoured over sons among Filipinos, whereas the opposite holds for the other two groups. Supporting adult children's higher education is seen as an efficient investment strategy, reflecting a normative view of children's life courses. [ABSTRACT FROM AUTHOR]