Residential Property, Cultural Practices and the ‘Generational Contract’ in England and Japan.

The article discusses the residential property, cultural practices and the "generational contract" in England and Japan. The article provides a cross-national comparison between England and Japan around the particular exchange of housing assets and care provision between older parents and their adult children. There are many external factors shaping such micro-level family relations. As Walker suggests, what society does by way of social policy has a critical bearing on the nature and experience of generational relations. In other words, the sharp distinction between micro-level interpersonal relations and macro-level social and economic policy is misleading. The article begins by examining recent demographic shifts occurring in both England and Japan. An ageing population characterizes both societies, which has significant implications for property transfer between the generations. Also, the ways in which people accumulate their assets are embedded in the nation's housing market and institutional context. In both societies, changes in the economy, housing market, social policy, and family structure and formation affecting older homeowners in recent years have influenced their wealth accumulation as well as their attitudes and practices.