Abstract

We document the intergenerational wealth transmission between adult offspring and their parent's using the Wealth and Assets Survey for Great Britain. We estimate an intergenerational wealth elasticity of 0.4 and Rank-Rank elasticity of 0.3 and find intergenerational wealth transmission for individuals in their 60s is lower than for those currently aged in their 30s and early 40s, though rank based estimates are stable. Our estimation results imply that the intergenerational wealth elasticity is 3.8 percentage points higher when comparing people with those the same age 6 years previously suggesting strong evidence of higher intergenerational wealth persistence in younger age cohorts. Taken together, the findings have important implications for future wealth inequalities and must be addressed.

Original languageEnglish
JournalReview of Income and Wealth
Early online date18 Oct 2022
DOIs
Publication statusE-pub ahead of print - 18 Oct 2022

Keywords

  • Great Britain
  • inequality
  • intergenerational mobility
  • wealth

ASJC Scopus subject areas

  • Economics and Econometrics

Fingerprint

Dive into the research topics of 'Intergenerational wealth transmission in Great Britain'. Together they form a unique fingerprint.

Cite this