Parental homeownership and education: the implications for offspring wealth inequality in GB

Paul Gregg and Ricky Kanabar

No 22-01, CEPEO Working Paper Series from UCL Centre for Education Policy and Equalising Opportunities

Abstract: The rapid widening of wealth inequalities has led to sharp differences in living standards in Great Britain. Understanding whether and, separately, the rate at which individuals accumulate particular types of wealth by family background is important for improving wealth and social mobility. We show offspring wealth inequality is driven by housing wealth and holding such wealth is becoming increasingly associated with early life circumstances relating to parental housing tenure and education, even after controlling for adult offspring's own characteristics. Importantly, we find adult offspring whose parents hold a degree and are homeowners are no less likely to report homeownership and housing wealth compared to older cohorts from the same background. Our findings imply the intergenerational rank correlation in housing wealth is set to double in a little over five decades.

Keywords: Wealth; Housing; Inequality; intergenerational mobility; Great Britain. (search for similar items in EconPapers)
JEL-codes: D31 D63 I24 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2022-01, Revised 2023-07
New Economics Papers: this item is included in nep-age, nep-eur and nep-ure
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Citations: View citations in EconPapers (3)

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https://repec-cepeo.ucl.ac.uk/cepeow/cepeowp22-01r2.pdf Second revision, 2023 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:ucl:cepeow:22-01

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