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G2c Financial Wellbeing in America: The Role of Intergenerational Wealth
Short Description
Intergenerational wealth transfers could have positive effects on people’s perception of financial security, and the frequency and impact of the transfer could vary with age. This study examined the associations between family wealth transfers and the financial wellbeing of Americans by age group using the National Financial Capability Study (NFCS) dataset. Among the analytic sample, less than one-third of respondents reported having received or anticipated any kind of intergenerational transfer. Regression analysis indicates that in general, individuals with expectations of inheritance reported greater financial satisfaction and well-being. Individuals who received gifts had lower financial wellbeing but higher financial satisfaction, and those who had their expenses covered by their parents or grandparents had poorer financial wellbeing. The magnitude of the associations also varied with generation. This study provides important insights into the associations between different types of wealth transfers and one’s perceived financial wellbeing.
Type of presentation
Accepted Oral Presentation