Intergenerational Differences in Income and Wealth: Evidence from Britain

Cribb, Jonathan

doi:10.1111/1475-5890.12202

Cited by 28 publications

(35 citation statements)

References 24 publications

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“…Another important asset that we do not model is housing. Nearly four out of five of individuals in their 50s and 60s are owner-occupiers, though the homeownership rate among generations born more recently is, at least for now, strikingly lower (Cribb, 2019). The purchase of owner-occupied housing, and the timing of this over the life cycle, could have important implications for the timing of retirement saving.…”

Section: Housingmentioning

confidence: 99%

When should individuals save for retirement? Predictions from an economic model of household saving behaviour

Crawford¹,

O'Brien²,

Sturrock³

2021

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Section: Housingmentioning

confidence: 99%

When should individuals save for retirement? Predictions from an economic model of household saving behaviour

Crawford¹,

O'Brien²,

Sturrock³

2021

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“…Those born after 1980 were the first post-war generation to have lower average household incomes and lower levels of wealth than the generation born a decade earlier. 697 This was due to a combination of lower average earnings and a fall in home ownership due to rising house prices and stricter lending. Lower earnings experienced by this group reflect the poor pay growth in the UK in their formative career years: born in the 1980s, most entered the labour market between 2000 and 2010 and started their careers in lower-ranking occupations than their predecessors.…”

Section: Employment and Intergenerational Inequalitymentioning

confidence: 99%

The COVID Decade: Understanding the long-term societal impacts of COVID-19

2021

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The British Academy was asked by the Government Office for Science to produce an independent review on the long-term societal impacts of COVID-19. This report outlines the evidence across a range of areas, building upon a series of expert reviews, engagement, synthesis and analysis across the research community in the Social Sciences, Humanities and the Arts (SHAPE). It is accompanied by a separate report, Shaping the COVID decade, which considers how policymakers might respond. History shows that pandemics and other crises can be catalysts to rebuild society in new ways, but that this requires vision and interconnectivity between policymakers at local, regional and national levels. With the advent of vaccines and the imminent ending of lockdowns, we might think that the impact of COVID-19 is coming to an end. This would be wrong. We are in a COVID decade: the social, economic and cultural effects of the pandemic will cast a long shadow into the future – perhaps longer than a decade – and the sooner we begin to understand, the better placed we will be to address them. There are of course many impacts which flowed from lockdowns, including not being able to see family and friends, travel or take part in leisure activities. These should ease quickly as lockdown comes to an end. But there are a set of deeper impacts on health and wellbeing, communities and cohesion, and skills, employment and the economy which will have profound effects upon the UK for many years to come. In sum, the pandemic has exacerbated existing inequalities and differences and created new ones, as well as exposing critical societal needs and strengths. These can emerge differently across places, and along different time courses, for individuals, communities, regions, nations and the UK as a whole. We organised the evidence into three areas of societal effect. As we gathered evidence in these three areas, we continually assessed it according to five cross-cutting themes – governance, inequalities, cohesion, trust and sustainability – which the reader will find reflected across the chapters. Throughout the process of collating and assessing the evidence, the dimensions of place (physical and social context, locality), scale (individual, community, regional, national) and time (past, present, future; short, medium and longer term) played a significant role in assessing the nature of the societal impacts and how they might play out, altering their long-term effects.

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“…The characteristics of birth cohorts, such as risk-taking, inheritance motives, or consumption habits, may also differ, and may affect the propensity to save and to gain wealth. On the other hand, changes in the structure of households can also affect the age profile of wealth (Cribb, 2019;Crossley et al, 2016). Thus, based on the above, our first research hypothesis is the following: long-term wealth differences have increased among cohorts.…”

Section: Finnish Context and Framework Of Analysismentioning

confidence: 99%

Inter-cohort wealth development in Finland, 1987–2016

Karonen¹,

Niemelä²

2020

Preprint

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This article examines inter-cohort wealth development in Finland during the period 1987–2016. As previous research has stated that annual variation has increased over time, we aim toimprove previous research by focusing on gross, net, and financial wealth gaps betweencohorts. The opening of the Finnish financial markets and the introduction of new types ofinvestment instruments since the late 1980s created entirely new circumstances for businessand financial markets. We utilise the time series of the Official Statistics of Finland’s (OFS)Household Assets. We use the marginal effects method with a generalised linear model (GLM),and interaction terms. The results show that inter-cohort wealth inequality in gross- and netwealth has not increased over time, and all differences are attributed to within-year variations.As a new finding, financial wealth shows variations among three distinct investment groups,and higher investment interest can be associated with decreasing initial investment ages amongyounger cohorts. It seems that younger cohorts embraced new financial instruments much morein early age than did their older counterparts. Overall, the results show that financialderegulation considerably increased investment in financial assets among all cohort groups.

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Intergenerational Differences in Income and Wealth: Evidence from Britain

Cited by 28 publications

References 24 publications

When should individuals save for retirement? Predictions from an economic model of household saving behaviour

When should individuals save for retirement? Predictions from an economic model of household saving behaviour

The COVID Decade: Understanding the long-term societal impacts of COVID-19

Inter-cohort wealth development in Finland, 1987–2016

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