Generational Wealth Accounts: Did Public and Private Inter-Generational Transfers Offset Each Other over the Financial Crisis?

David McCarthy, James Sefton, Ronald Lee and Joze Sambt

The Economic Journal, 2022, vol. 132, issue 647, 2412-2437

Abstract: We develop Generational Wealth Accounts (GWA): the first set of balance sheets, by generations, to include all human capital, tangible wealth, financial wealth, and transfer wealth, and the uses to which these are put, and employ them to quantify inter-generational transfers and the sustainability of consumption. Consumption plans in the UK public sector worsened over the financial crisis and are unsustainable; private sector plans improved, and are now almost balanced. Increases in private capital transfers to the young offset the effect of increased public debt. House price increases shifted resources from young to old but had little effect on sustainability.

Date: 2022
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