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  1. Should generations differ in their wealth accumulation?
    Autor*in: Crawford, Rowena; Sturrock, David
    Erschienen: 31 Oct 2019
    Verlag:  The Institute for Fiscal Studies, London

    In the UK, those born between the 1930s and 1950s have seen generation-on-generation increases in wealth, while those born more recently appear to have accumulated no more wealth than their predecessors had done by the same age. There is debate over... mehr

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    In the UK, those born between the 1930s and 1950s have seen generation-on-generation increases in wealth, while those born more recently appear to have accumulated no more wealth than their predecessors had done by the same age. There is debate over the drivers, and therefore implications, of these trends. We use a heterogeneous agents lifecycle model to quantify the potential importance of changing economic and demographic circumstances for the wealth accumulation of generations. Using generation-specific inputs to our model, we examine the impact of differences in earnings, household composition, life expectancy, retirement ages, the tax and benefit system, the state pension system and rates of return on assets. Several of these factors have quantitatively important implications for the level and distribution of wealth, saving rates and replacement rates. We find that changing circumstances alone could generate a picture of stalling wealth accumulation among later generations - one does not need to appeal to differences in preferences between generations. Furthermore, our simulations indicate that given the circumstances they face, later born generations would need higher saving rates even to achieve lower replacement rates in retirement than their predecessors.

     
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    Weitere Identifier:
    hdl: 10419/223272
    Schriftenreihe: IFS working paper ; W19, 28
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  2. Survival pessimism and the demand for annuities
    Autor*in: O'Dea, Cormac; Sturrock, David
    Erschienen: 17 Jan 2019
    Verlag:  The Institute for Fiscal Studies, London

    The "annuity puzzle" refers to the fact that annuities are rarely purchased despite the longevity insurance they provide. Most explanations for this puzzle assume that individuals have accurate expectations about their future survival. We provide... mehr

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    The "annuity puzzle" refers to the fact that annuities are rarely purchased despite the longevity insurance they provide. Most explanations for this puzzle assume that individuals have accurate expectations about their future survival. We provide evidence that individuals mis-perceive their mortality risk, and study the demand for annuities in a setting where annuities are priced by insurers on the basis of objectively-measured survival probabilities but in which individuals make purchasing decisions based on their own subjective survival probabilities. Subjective expectations have the capacity to explain signi cant rates of non-annuitization, yielding a quantitatively important explanation for the annuities puzzle.

     
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    hdl: 10419/200321
    Schriftenreihe: IFS working paper ; W19, 02
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  3. The impact of work on cognition and physical disability
    evidence from English women
    Autor*in: Banks, James; Cribb, Jonathan; Emmerson, Carl; Sturrock, David
    Erschienen: 11 Jun 2019
    Verlag:  The Institute for Fiscal Studies, London

    Delaying retirement has significant positive effects on the average cognition and physical mobility of women in England, at least in the short run. Exploiting the increase in employment of 60-63 year old women resulting from the increase in the... mehr

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    Delaying retirement has significant positive effects on the average cognition and physical mobility of women in England, at least in the short run. Exploiting the increase in employment of 60-63 year old women resulting from the increase in the female State Pension Age, we show that working substantially boosts performance on two cognitive tests, particularly for singles. We also find large improvements in measures of physical disability as a result of working: substantial increases in walking speed, and lower reports of mobility problems. However, for women in sedentary occupations, work reduces walking speed, due to lower levels of exercise.

     
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    hdl: 10419/223257
    Schriftenreihe: IFS working paper ; W19, 13
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  4. Survival pessimism and the demand for annuities
    Autor*in: O'Dea, Cormac; Sturrock, David
    Erschienen: August 2020
    Verlag:  National Bureau of Economic Research, Cambridge, MA

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    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 27677
    Schlagworte: Altersvorsorge; Annuität; Nachfrage; Sterblichkeit; Risiko; England; Großbritannien
    Umfang: 36 Seiten, Illustrationen
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  5. Survival pessimism and the demand for annuities
    Autor*in: O'Dea, Cormac; Sturrock, David
    Erschienen: 2021
    Verlag:  Cowles Foundation for Research in Economics, Yale University, New Haven, Connecticut

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    Schriftenreihe: Cowles Foundation discussion paper ; no. 2276 (February 2021)
    Schlagworte: Annuity Puzzle; Subjective Expectations; Survival Probabilities
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  6. The IFS green budget
    February 2017
    Autor*in: Adam, Stuart; Amin-Smith, Neil; Beck, Martin; Campbell, Ross; Cribb, Jonathan; Emmerson, Carl; Goodwin, Andrew; Joyce, Robert; Luchinskaya, Daria; Miller, Helen; Norris Keiller, Agnes; Pope, Thomas; Sibieta, Luke; Simpson, Polly; Stoye, George; Sturrock, David; Talavera, Ángel; Waters, Tom; Wheatcroft, Martin
    Erschienen: [2017]
    Verlag:  Institute for Fiscal Studies, London

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    Beteiligt: Payne, Judith (HerausgeberIn); Emmerson, Carl (HerausgeberIn); Johnson, Paul (HerausgeberIn); Joyce, Robert (HerausgeberIn)
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9781911102335
    Weitere Identifier:
    hdl: 10419/171988
    Übergeordneter Titel: The IFS green budget - Alle Bände anzeigen
    Schriftenreihe: IFS report / Institute for Fiscal Studies ; R124
    Schlagworte: Öffentlicher Haushalt; Wirtschaftslage; Großbritannien
    Umfang: 1 Online-Ressource (circa 312 Seiten), Illustrationen
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    Enthält 9 Beiträge
  7. Why do wealthy parents have wealthy children?
    Autor*in: Davenport, Alexander; Levell, Peter; Sturrock, David
    Erschienen: [2021]
    Verlag:  Institute for Fiscal Studies, London

    Why do the children of wealthy parents accumulate more wealth than children from poorer backgrounds? Does parental wealth have a role in determining young people's earnings, saving choices, returns to wealth and access to homeownership? How much... mehr

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    Why do the children of wealthy parents accumulate more wealth than children from poorer backgrounds? Does parental wealth have a role in determining young people's earnings, saving choices, returns to wealth and access to homeownership? How much wealth do parents give directly to their children? What other channels are involved in the persistence of wealth from one generation to the next? As wealth has grown compared with earnings, questions about the role of wealth in determining living standards and the transmission of wealth inequalities across generations have come to the fore. This report sheds light on why wealth inequalities persist across generations in the UK,using data that measure the wealth of parents and their adult children. We assess the role of education, earnings, saving decisions, portfolio decisions, access to homeownership and partners' earnings in transmitting inequalities in wealth across generations.

     
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    Beteiligt: Payne, Judith (HerausgeberIn)
    Sprache: Englisch
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    Format: Online
    ISBN: 9781801030557
    Weitere Identifier:
    hdl: 10419/264454
    Schriftenreihe: IFS report ; R196
    Schlagworte: Vermögen; Vermögensverteilung; Intergenerationenmobilität; Generationengerechtigkeit; Eltern; Kinder; Großbritannien
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  8. Intergenerational income persistence
    evidence for the UK
    Autor*in: Erve, Laura van der; Krutikova, Sonya; Macmillan, Lindsey; Sturrock, David
    Erschienen: [2022]
    Verlag:  Institute for Fiscal Studies, [London]

    Intergenerational mobility is a subject of a large literature in social science. It focuses on the association between parents’ and children’s economic wellbeing and receives significant attention because it speaks to the question of equality of... mehr

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    Intergenerational mobility is a subject of a large literature in social science. It focuses on the association between parents’ and children’s economic wellbeing and receives significant attention because it speaks to the question of equality of opportunity (Torche, 2015), which many consider an important goal for society. Intergenerational mobility is a cross-cutting theme in the Deaton Review, which is touched upon in several of the core chapters, including on education, early childhood and race & ethnicity. Therefore, our aim is not to provide a comprehensive overview of this topic but rather to spotlight some of the newer directions in intergenerational mobility research within economics driven by changes in some key trends in the recent decades as well as growing availability of administrative data.

     
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    hdl: 10419/267957
    Schriftenreihe: Working paper / lnstitute for Fiscal Studies ; 22, 26
    Schlagworte: Intergenerationenmobilität; Schätzung; Großbritannien
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  9. Wealth, gifts and estate planning at the end of life
    Autor*in: Sturrock, David; Groot, Stefan P. T.; Möhlmann, Jan L.
    Erschienen: [2022]
    Verlag:  Institute for Fiscal Studies, [London]

    We quantify the size and tax-responsiveness of financial transfers made to heirs before death. The wealth of singles (including widows) with children declines substantially in anticipation of death. 92% of this decline is explained by transfers to... mehr

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    We quantify the size and tax-responsiveness of financial transfers made to heirs before death. The wealth of singles (including widows) with children declines substantially in anticipation of death. 92% of this decline is explained by transfers to children, while long-term care copayments can explain the remainder. Tax-reducing transfers are made across the wealth distribution and are very responsive to the tax rate. Using bunching and difference-in-bunching estimation and exploiting a reform to gift taxation, we estimate Frisch elasticities of gifts to the net-of-tax rate between 9, for those giving around €27,000, and 1, for those giving around €125,000.

     
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    Schriftenreihe: Working paper / lnstitute for Fiscal Studies ; 22, 29
    Schlagworte: Deathbed giving; inter-vivos transfers; bequests
    Umfang: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  10. Inheritances and inequality over the life cycle: what will they mean for younger generations?
    Autor*in: Bourquin, Pascale; Joyce, Robert; Sturrock, David
    Erschienen: [2021]
    Verlag:  Institute for Fiscal Studies, London

    Inheritances have been growing as a share of national income in the UK since the 1970s. This trend looks set to continue as generations at older ages hold more wealth than their immediate predecessors but younger generations have no higher incomes... mehr

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    Inheritances have been growing as a share of national income in the UK since the 1970s. This trend looks set to continue as generations at older ages hold more wealth than their immediate predecessors but younger generations have no higher incomes than the generations born just before them. What will this mean for inequalities in living standards and wealth? Does the growth in inheritances mean people's living standards will increasingly be determined by who their parents are? If people anticipate that they are going to inherit in future, could that influence their decisions about how much to spend and save today? New IFS research, released today and funded by the Nuffield foundation, makes projections of the inheritances to be received by the 1960s, 1970s and 1980s-born generations in the UK.

     
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    Beteiligt: Lumpkin, Rachel (HerausgeberIn)
    Sprache: Englisch
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    Format: Online
    ISBN: 9781801030359
    Weitere Identifier:
    hdl: 10419/235074
    Schriftenreihe: IFS report ; R188
    Schlagworte: Lebensstandard; Einkommensverteilung; Vermögensverteilung; Erbe; Privater Konsum; Soziale Mobilität; Lebensverlauf; Großbritannien
    Umfang: 1 Online-Ressource (circa 95 Seiten), Illustrationen
  11. Wealth, gifts, and estate planning at the end of life
    Autor*in: Sturrock, David; Groot, Stefan P. T.; Möhlmann, Jan L.
    Erschienen: November 2022
    Verlag:  CPB Netherlands Bureau for Economic Policy Analysis, [Den Haag]

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    Schriftenreihe: CPB discussion paper
    Schlagworte: Deathbed giving; inter-vivos transfers; bequests
    Umfang: 1 Online-Ressource (circa 74 Seiten)
  12. Who gives wealth transfers to whom and when?
    patterns in the giving and receiving of lifetime gifts and loans
    Autor*in: Boileau, Bee; Sturrock, David
    Erschienen: [2023]
    Verlag:  Institute for Fiscal Studies, London

    This report gives a new and up-to-date picture of the giving and receiving of significant intergenerational wealth transfers during life, summarising the findings of two research papers. New data from the Wealth and Assets Survey (WAS) allow us to... mehr

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    This report gives a new and up-to-date picture of the giving and receiving of significant intergenerational wealth transfers during life, summarising the findings of two research papers. New data from the Wealth and Assets Survey (WAS) allow us to build a comprehensive picture of the flow of wealth transfers made during life. The WAS asks about the giving and receiving of gifts and loans worth £500 or more between friends and family. We examine the change in patterns of giving over time, who gives and receives transfers, the contribution of these transfers to early-adult-life economic inequalities, and the events associated with giving and receiving wealth transfers during life.

     
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    Beteiligt: Payne, Judith (HerausgeberIn)
    Sprache: Englisch
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    ISBN: 9781801031165
    Weitere Identifier:
    hdl: 10419/282918
    Schriftenreihe: IFS report ; R243
    Schlagworte: Poverty; inequality and social mobility; Savings, pensions and wealth; Ageing; Housing; Inequality; Savings; Social mobility; Family; Wealth
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  13. A blueprint for a better tax treatment of pensions
    Autor*in: Adam, Stuart; Delestre, Isaac; Emmerson, Carl; Sturrock, David
    Erschienen: [2023]
    Verlag:  Institute for Fiscal Studies, London

    How should pensions be taxed? We propose income tax and National Insurance reforms that would more evenly support pension saving. Pensions are the biggest component of household wealth and are treated favourably by the tax system. That means getting... mehr

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    How should pensions be taxed? We propose income tax and National Insurance reforms that would more evenly support pension saving. Pensions are the biggest component of household wealth and are treated favourably by the tax system. That means getting pensions tax design right matters. It matters for people's well-being in retirement, especially if it can support the pension saving of those at risk of undersaving for their retirement. It also matters for taxpayers. Overly generous tax subsidies will be expensive, while insufficient generosity could lead to undersaving placing upwards pressure on state support for pensioners in the future.

     
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    Beteiligt: Payne, Judith (HerausgeberIn)
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    ISBN: 9781801031172
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    hdl: 10419/282921
    Schriftenreihe: IFS report ; R240
    Schlagworte: Savings, pensions and wealth; Taxes and benefits; Tax; Private pensions; Retirement; Ageing; Income taxes; National Insurance contributions; Savings
    Umfang: 1 Online-Ressource (circa 109 Seiten), Illustrationen
  14. Inheritances and inequality within generations
    Autor*in: Bourquin, Pascale; Joyce, Robert; Sturrock, David
    Erschienen: [2020]
    Verlag:  Institute for Fiscal Studies, London

    This report examines the inheritances that are likely to be received by those living in England who were born in the 1960s, 1970s and 1980s. We explore the age at which inheritances are likely to be received and the amounts that we expect to be... mehr

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    This report examines the inheritances that are likely to be received by those living in England who were born in the 1960s, 1970s and 1980s. We explore the age at which inheritances are likely to be received and the amounts that we expect to be inherited, focusing on key inequalities in each. All figures are in 2017-18 prices.

     
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    Beteiligt: Payne, Judith (HerausgeberIn)
    Sprache: Englisch
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    Format: Online
    ISBN: 9781912805938
    Weitere Identifier:
    hdl: 10419/235061
    Schriftenreihe: IFS report ; R173
    Schlagworte: Erbe; Generationengerechtigkeit; Vermögensverteilung; Großbritannien
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  15. Subjective expectations of survival and economic behaviour
    Autor*in: O'Dea, Cormac; Sturrock, David
    Erschienen: [2018]
    Verlag:  Institute for Fiscal Studies, London

    This paper investigates individuals' expectations about their own survival to older ages and compares patterns in average responses about survival chances with actual and projected survival rates. The extent to which individuals have, on average,... mehr

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    This paper investigates individuals' expectations about their own survival to older ages and compares patterns in average responses about survival chances with actual and projected survival rates. The extent to which individuals have, on average, accurate expectations about survival to older ages is important in a context of increasing personal responsibility for and control over the accumulation and use of savings for retirement.

     
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    Weitere Identifier:
    hdl: 10419/200303
    Schriftenreihe: IFS working paper ; W18, 14
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  16. Problem debt and low-income households
    Autor*in: Hood, Andrew; Joyce, Robert; Sturrock, David
    Erschienen: [2018]
    Verlag:  Institute for Fiscal Studies, London

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    Beteiligt: Payne, Judith (HerausgeberIn)
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    ISBN: 9781911102779
    Weitere Identifier:
    hdl: 10419/201779
    Schriftenreihe: [IFS report] ; (R138)
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  17. How does spending change through retirement?
    Autor*in: Crawford, Rowena; Karjalainen, Heidi; Sturrock, David
    Erschienen: [2022]
    Verlag:  Institute for Fiscal Studies, London

    Fuelled by changes to UK pensions policy over the last decade, most notably automatic enrolment into workplace pensions, an increasing number of people save for their retirement in defined contribution pension pots. Due to the end of compulsory... mehr

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    Fuelled by changes to UK pensions policy over the last decade, most notably automatic enrolment into workplace pensions, an increasing number of people save for their retirement in defined contribution pension pots. Due to the end of compulsory annuitisation in 2015, known as 'Pension Freedoms', those saving in this way have a great deal of flexibility over the pace at which to withdraw income from their accumulated pension pot and how to vary this through their retirement. These changes have led to concerns around what the appropriate withdrawal rate of pension pots should be for retirees. Desired profiles of spending in retirement are a key ingredient in how fast funds should be withdrawn. Whether people prefer a constant, increasing or decreasing profile of spending through their retirement will affect the kind of income profile they should aim for. In this report, we shed light on this question by examining the spending patterns of current retirees in the UK using data from the Living Costs and Food Survey, from 2006 to 2018, which allows us to get a detailed picture of retired households' spending patterns. We consider how spending changes with age and how it relates to levels of income and saving among retirees. We also document how spending on different categories of goods and services changes with age. Finally, we consider how spending patterns differ between different types of household.

     
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    Beteiligt: Payne, Judith (HerausgeberIn)
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    ISBN: 9781801030724
    Weitere Identifier:
    hdl: 10419/264466
    Schriftenreihe: IFS report ; R209
    Schlagworte: Privater Konsum; Rentner; Altersgruppe; Altersvorsorge; Großbritannien
    Umfang: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  18. Death and taxes and pensions
    Autor*in: Adam, Stuart; Delestre, Isaac; Emmerson, Carl; Sturrock, David
    Erschienen: [2022]
    Verlag:  Institute for Fiscal Studies, London

    The tax system treats funds that remain in a pension at death extremely favourably. Where an individual dies before age 75, funds remaining in their pension escape income tax entirely - there was income tax relief when the money was paid into the... mehr

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    The tax system treats funds that remain in a pension at death extremely favourably. Where an individual dies before age 75, funds remaining in their pension escape income tax entirely - there was income tax relief when the money was paid into the pension and no income tax when the money is taken out. Furthermore, any funds that remain in a pension at death (at any age) are not subject to inheritance tax. This results in the bizarre situation where pensions are treated more favourably by the tax system as a vehicle for bequests than they are as a retirement income vehicle. As such, there is a large incentive, for those who can, to use non-pension assets to fund their retirement while preserving their pensions for bequests. This report sets out some options for a more coherent tax treatment of funds that remain in a pension at death. The reforms we propose, potentially with some transitional arrangements, would make the tax system fairer and more economically efficient. The revenue raised by moving to a more sensible system, even if relatively modest in the near term, could be substantial in the longer term. This revenue could be used to cut taxes elsewhere - including income tax and inheritance tax - or to ease the planned squeeze on public spending.

     
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    Quelle: Verbundkataloge
    Beteiligt: Payne, Judith (HerausgeberIn)
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9781801031134
    Weitere Identifier:
    hdl: 10419/282907
    Schriftenreihe: IFS report ; R235
    Schlagworte: Savings; pensions and wealth; Taxes and benefits; Income taxes; Tax; Private pensions; Taxes on wealth and spending; Wealth
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  19. Reforming inheritance tax
    Autor*in: Advani, Arun; Sturrock, David
    Erschienen: [2023]
    Verlag:  Institute for Fiscal Studies, London

    We set out issues with the inheritance tax system and examine options for reform and the distributional impacts of reforming or abolishing the tax. mehr

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    We set out issues with the inheritance tax system and examine options for reform and the distributional impacts of reforming or abolishing the tax.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/282965
    Schriftenreihe: IFS Green Budget ; chapter 7
    IFS report ; R275
    Schlagworte: Poverty, inequality and social mobility; Savings, pensions and wealth; Taxes and benefits; IFS Green Budget 2023; Ageing; Distributional effects; Inequality; Social mobility; Taxes on wealth and spending; Wealth
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  20. Who gives and receives substantial financial transfers in Britain?
    Autor*in: Boileau, Bee; Sturrock, David
    Erschienen: [2023]
    Verlag:  Institute for Fiscal Studies, [London]

    We document key patterns in the flow of significant gifts and loans between friends and family in Great Britain, using newly-available data from the Wealth and Assets Survey. We identify a number of new stylised facts. Gifts and loans are generally... mehr

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    We document key patterns in the flow of significant gifts and loans between friends and family in Great Britain, using newly-available data from the Wealth and Assets Survey. We identify a number of new stylised facts. Gifts and loans are generally intergenerational transfers: 83% of the value of gifts and 68% of the value of loans is made by parents to their children. Transfers increase inequality in economic resources over the early years of adult life. Over an 8-year period, cumulative transfers received are worth 0.5% of income for those in the bottom quintile compared to 2.6% of income for the top quintile. By contrast, they are larger as a share of current wealth for those with lower wealth levels, illustrating the importance of heterogeneous savings rates. Transfers strengthen the transmission of inequalities across generations. More than half of the value of gifts is given by the wealthiest fifth of individuals, and transfer receipt widens the gaps in resources between those with higher and lower socio-economic status parents in both absolute and percentage terms. There are substantive differences in the receipt of transfers by region and ethnicity. While much of the regional differences in giving appear to be driven by regional wealth differences, those in the South of England are substantially more likely to give gifts for a given wealth level.

     
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    hdl: 10419/284234
    Schriftenreihe: Working paper / lnstitute for Fiscal Studies ; 23, 08
    Schlagworte: Inter-vivos transfers; gifts; loans; wealth
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  21. What drives the timing of inter-vivos transfers?
    Autor*in: Boileau, Bee; Sturrock, David
    Erschienen: [2023]
    Verlag:  Institute for Fiscal Studies, [London]

    Understanding the drivers of wealth transfers during life is crucial to understanding the intergenerational transmission of inequality, the optimal design of social insurance, and the efficacy of expansionary fiscal policy. To shed light on this, we... mehr

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    Understanding the drivers of wealth transfers during life is crucial to understanding the intergenerational transmission of inequality, the optimal design of social insurance, and the efficacy of expansionary fiscal policy. To shed light on this, we analyse the relationships between giving and receiving significant wealth transfers and experiencing key life events. We use newly-available data from the UK Wealth and Assets Survey to investigate recipients’ self-reported transfer use, alongside measures of life event transitions contemporaneous with transfer receipt. Our findings suggest that substantial intergenerational transfers help recipients to make consumption or investment decisions with a up-front fixed cost, like moving into homeownership, rather than providing intra-family insurance of shocks. This is particularly the case for those with more affluent parents. Events in givers’ lives, including receiving an inheritance and being widowed, also have the potential to explain a substantial share of transfers made. Becoming a widow is strongly associated with an increased likelihood of making a transfer, but this is not the case for new widowers, consistent with gender differences in preferences for making transfers.

     
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    hdl: 10419/284235
    Schriftenreihe: Working paper / lnstitute for Fiscal Studies ; 23, 09
    Schlagworte: nter-vivos transfers; gifts; loans; wealth
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  22. Wealth and welfare across generations
    Autor*in: Sturrock, David
    Erschienen: [2023]
    Verlag:  Institute for Fiscal Studies, [London]

    Although older generations have substantially more wealth than their recent predecessors did at the same age, younger generations do not. Bringing together UK data on those born between the 1930s and 1980s and a lifecycle model of saving, I quantify... mehr

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    Although older generations have substantially more wealth than their recent predecessors did at the same age, younger generations do not. Bringing together UK data on those born between the 1930s and 1980s and a lifecycle model of saving, I quantify whether this is due to changes in preferences or changes in the circumstances each generation has faced. Changing circumstances can rationalise slowing generation-on-generation wealth growth. I find no evidence that later-born generations are less patient. I quantify the implications of changing circumstances for consumption and welfare. Later-born generations are predicted to have higher consumption, despite accumulating no greater wealth, than their predecessors because their earnings are more ‘backloaded’, they have fewer children, and face lower taxation.

     
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    hdl: 10419/284241
    Schriftenreihe: Working paper / lnstitute for Fiscal Studies ; 23, 15
    Schlagworte: ntergenerational inequality; wealth accumulation; lifecycle
    Umfang: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  23. Help onto the housing ladder
    the role of intergenerational transfers
    Autor*in: Boileau, Bee; Sturrock, David
    Erschienen: [2023]
    Verlag:  Institute for Fiscal Studies, London

    This report describes patterns of financial help from family received by first-time buyers. We quantify the value of gifts and loans made, how they vary across different regions of the country and between those from different parental backgrounds,... mehr

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    This report describes patterns of financial help from family received by first-time buyers. We quantify the value of gifts and loans made, how they vary across different regions of the country and between those from different parental backgrounds, and shed light on their role in explaining inequalities in homeownership and wealth.

     
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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9781801031615
    Weitere Identifier:
    hdl: 10419/282970
    Schriftenreihe: IFS report ; R289
    Schlagworte: Poverty, inequality and social mobility; Savings, pensions and wealth; Family; Housing; Inequality; Savings; Social mobility; Wealth
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen