The Wealth Effect: How Parental Wealth and own Asset-Holdings Predict Future Advantage
The Wealth Effect: How Parental Wealth and own Asset-Holdings Predict Future Advantage
This chapter explores the relationship between social mobility and wealth-/asset-holdings. In terms of social mobility, we look at both intra-generational mobility by looking at own-asset-holdings during early adulthood on later outcomes for employment, earnings, general health, and psychological well-being, and intergenerational mobility by looking at the impact of parental wealth on children’s adult outcomes (age 25) covering education, employment, and earnings. The results suggest strong relationships between parental wealth—particularly housing wealth—and children’s educational outcomes, and—partly through these but also through other routes—on to earnings and employment. Early asset-holding—perhaps the product of the inheritance or lifetime transfer patterns investigated in the previous chapter—is also associated with better later employment prospects and higher earnings, as well as with better later general health and psychological well-being (although patterns vary between men and women).
Keywords: intergenerational mobility, asset effects, parental wealth, education, employment, earnings, health outcomes
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