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Intergenerational Precautionary Savings in Europe
[journal article]
Abstract
In this paper, we study whether precautionary saving motives have an intergenerational component; namely whether and to what extent the income uncertainty of younger generations affects the savings of their parents. To this end, we exploit a cross-country European longitudinal household dataset coll... view more
In this paper, we study whether precautionary saving motives have an intergenerational component; namely whether and to what extent the income uncertainty of younger generations affects the savings of their parents. To this end, we exploit a cross-country European longitudinal household dataset collecting information on parents and their offspring, augmented with indicators for their offspring's income risk. We find that savings significantly respond to changes in income risk, also across generations. This finding is robust to several checks and displays heterogeneity across countries, which is consistent with substitutability between private and public insurance tools.... view less
Keywords
savings; private provision; Europe; income situation; Intergenerational relations; behavior
Classification
Social Security
Free Keywords
EU-SILC 2004-2015
Document language
English
Publication Year
2022
Page/Pages
p. 427-450
Journal
Oxford Bulletin of Economics and Statistics, 84 (2022) 2
DOI
https://doi.org/10.1111/obes.12461
ISSN
1468-0084
Status
Published Version; peer reviewed