The wealth yet to come: inheritance expectations and households' economic decisions

David Loschiavo (), Mirko Moscatelli (), Eleonora Porreca () and Francesca Zanichelli ()
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David Loschiavo: Bank of Italy
Mirko Moscatelli: Bank of Italy
Eleonora Porreca: Bank of Italy
Francesca Zanichelli: Bank of Italy

No 1032, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: This paper analyses how expectations of receiving an inheritance affect the main economic decisions of Italian households. Using data from the Survey on Household Income and Wealth (SHIW), we show that households expecting to receive a bequest in the future consume more and save less than otherwise comparable households. Labour supply declines among households whose main income earner is older. Inheritance expectations are also associated with higher investment in financial assets and a higher propensity to take on consumer debt. Overall, expectations of future transfers represent a remarkable channel through which intergenerational wealth influences economic choices well before its actual realization.

Keywords: inheritance expectations; intergenerational wealth; household finance; household survey; Italian households (search for similar items in EconPapers)
JEL-codes: C83 D14 D15 D31 E21 G51 (search for similar items in EconPapers)
Date: 2026-07
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_1032_26

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