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Household Wealth and Inheritance Transfers: Evidence from the Euro Area.
Jonathan Spiteri1, Philip von Brockdorff1
1Faculty of Economics, Management and Accountancy, University of Malta, Msida, Malta.
Journal of Family and Economic Issues
|August 29, 2022
Summary
Households receiving inheritances see increased net wealth, particularly in liquid assets and reduced mortgage debt. This suggests anticipated bequests, aligning with rational expectations models.
Area of Science:
- Economics
- Finance
Background:
- Household wealth accumulation is crucial for macroeconomic stability and social mobility.
- Understanding intergenerational wealth transfers is key to financial resilience.
Purpose of the Study:
- To analyze the relationship between household wealth and inheritances/intergenerational transfers.
- To explore wealth effects associated with inheritances.
Main Methods:
- Utilized detailed micro-level data from the 2017 Household Finance and Consumption Survey (HFCS) for the Euro Area.
- Analyzed asset/liability classes and inheritance/gift inflows (2014-2017).
Main Results:
- Inheritance inflows positively correlate with net household wealth, increasing liquid assets and business equity.
- Inheritances were associated with reduced mortgage debt on primary residences.
- No significant wealth effects observed on consumption, leisure, or vehicle ownership.
Conclusions:
- Households appear to anticipate inheritances, with behavior consistent with rational expectations life-cycle models.
- Inheritances primarily impact wealth composition and debt reduction rather than immediate spending.
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