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Pension Participation: Do Parents Transmit Time Preference?
Elena Gouskova1, Ngina Chiteji, Frank Stafford
1Institute for Social Research, University of Michigan, 426 Thompson Street, Ann Arbor, MI 48104.
Journal of Family and Economic Issues
|June 29, 2013
Summary
Parents significantly influence children's future-oriented behaviors by shaping their time preferences. This study models how parental investment and socialization foster patience in offspring, impacting long-term economic and health decisions.
Area of Science:
- Behavioral Economics
- Developmental Psychology
- Sociology
Background:
- Individual attitudes toward the future influence economic and health behaviors like investments.
- Intergenerational correlations in these behaviors suggest family plays a role in transmitting time preferences.
Purpose of the Study:
- To present a model of parental investment in future-oriented capital.
- To identify the dual role of parental time preference in shaping offspring's future attitudes.
- To explore socialization pathways for fostering patience in children.
Main Methods:
- Economic modeling of parental investment in children's time preferences.
- Analysis of parent-child correlations in pension participation.
- Utilizing data from the Panel Study of Income Dynamics (PSID).
Main Results:
- Parental time preference rate plays a dual role in shaping offspring's future orientation.
- Identified specific pathways through which parents socialize children to be more patient.
- Empirical analysis supports the model's implications regarding intergenerational transmission of patience.
Conclusions:
- Parental actions and time preferences are crucial in transmitting future-oriented behaviors to children.
- Understanding these mechanisms can inform interventions promoting long-term planning and well-being.
- The study highlights the significance of family socialization in economic and health decision-making.
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