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The effect of parental wealth on children’s outcomes in early adulthood

  • Eleni Karagiannaki
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    This paper presents the first UK estimates of the association between parental wealth during adolescence and a range of children's outcomes in early adulthood. Parental wealth is positively associated with all outcomes examined (which include educational attainment, employment, earnings and homeownership). The estimated associations are found to operate over and above parental education and income and in many cases are stronger than them. For labour market outcomes a small share of the association reflects the indirect effect of parental wealth on children's education whereas for homeownership the estimated association appear to mainly reflect the effect of parental wealth transfers. Further analysis by wealth component shows that degree attainment is more strongly associated with housing wealth than financial wealth. However, important effects are also estimated for financial wealth indicating the existence of financial constraints for low wealth-financial indebted households. For homeownership and earnings the estimated association are stronger for financial wealth.

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    File URL: http://sticerd.lse.ac.uk/dps/case/cp/CASEpaper164.pdf
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    Paper provided by Centre for Analysis of Social Exclusion, LSE in its series CASE Papers with number case164.

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    Date of creation: Aug 2012
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    Handle: RePEc:cep:sticas:case164
    Contact details of provider: Web page: http://sticerd.lse.ac.uk/case/_new/publications/default.asp

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    1. Carneiro, Pedro & Heckman, James J., 2003. "Human Capital Policy," IZA Discussion Papers 821, Institute for the Study of Labor (IZA).
    2. Becker, Gary S & Tomes, Nigel, 1986. "Human Capital and the Rise and Fall of Families," Journal of Labor Economics, University of Chicago Press, vol. 4(3), pages S1-39, July.
    3. Arnaud Chevalier & Gauthier Lanot, 2002. "The Relative Effect of Family Characteristics and Financial Situation on Educational Achievement," Education Economics, Taylor & Francis Journals, vol. 10(2), pages 165-181.
    4. Zhan, Min, 2006. "Assets, parental expectations and involvement, and children's educational performance," Children and Youth Services Review, Elsevier, vol. 28(8), pages 961-975, August.
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