How Inheritance Expectations Impact Household Savings

This article examines how expecting to receive an inheritance impacts household savings. Life-cycle consumption models indicate that the expectation of inheriting should reduce current savings for forward-thinking consumers. We investigate this economic prediction, considering factors such as liquid...

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Detalles Bibliográficos
Autores: Belloc, Ignacio, Molina, José Alberto
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2025
País:España
Institución:Universidad de Zaragoza
Repositorio:Zaguán. Repositorio Digital de la Universidad de Zaragoza
OAI Identifier:oai:zaguan.unizar.es:165265
Acceso en línea:http://zaguan.unizar.es/record/165265
Access Level:acceso abierto
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spelling How Inheritance Expectations Impact Household SavingsBelloc, IgnacioMolina, José AlbertoThis article examines how expecting to receive an inheritance impacts household savings. Life-cycle consumption models indicate that the expectation of inheriting should reduce current savings for forward-thinking consumers. We investigate this economic prediction, considering factors such as liquidity constraints and education. To do so, we use household fixed effects to account for time-invariant factors and exploit within-household variation over time by using the Japanese Panel Survey of Consumers (2003–2019), which provides individual-level information and overcomes endogeneity concerns commonly present in cross-sectional studies. Our findings reveal that households adjust their current savings in anticipation of receiving future inheritances. Specifically, men decrease their current savings by 5% if they expect to receive an inheritance in the future. Additionally, we find more pronounced changes among households with higher education and income levels. These findings inform inheritance fiscal policies, such as inheritance taxes, revealing that future inheritance expectations influence current savings decisions.2025info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttp://zaguan.unizar.es/record/165265reponame:Zaguán. Repositorio Digital de la Universidad de Zaragozainstname:Universidad de ZaragozaInglésinfo:eu-repo/grantAgreement/ES/DGA/S32-23Rinfo:eu-repo/grantAgreement/ES/MCIU/FPU19-00527info:eu-repo/grantAgreement/ES/MCIU/FPU20-03564info:eu-repo/grantAgreement/ES/MCIU/PID2024-156465NB-I00info:eu-repo/semantics/openAccessoai:zaguan.unizar.es:1652652026-05-29T13:59:51Z
dc.title.none.fl_str_mv How Inheritance Expectations Impact Household Savings
title How Inheritance Expectations Impact Household Savings
spellingShingle How Inheritance Expectations Impact Household Savings
Belloc, Ignacio
title_short How Inheritance Expectations Impact Household Savings
title_full How Inheritance Expectations Impact Household Savings
title_fullStr How Inheritance Expectations Impact Household Savings
title_full_unstemmed How Inheritance Expectations Impact Household Savings
title_sort How Inheritance Expectations Impact Household Savings
dc.creator.none.fl_str_mv Belloc, Ignacio
Molina, José Alberto
author Belloc, Ignacio
author_facet Belloc, Ignacio
Molina, José Alberto
author_role author
author2 Molina, José Alberto
author2_role author
description This article examines how expecting to receive an inheritance impacts household savings. Life-cycle consumption models indicate that the expectation of inheriting should reduce current savings for forward-thinking consumers. We investigate this economic prediction, considering factors such as liquidity constraints and education. To do so, we use household fixed effects to account for time-invariant factors and exploit within-household variation over time by using the Japanese Panel Survey of Consumers (2003–2019), which provides individual-level information and overcomes endogeneity concerns commonly present in cross-sectional studies. Our findings reveal that households adjust their current savings in anticipation of receiving future inheritances. Specifically, men decrease their current savings by 5% if they expect to receive an inheritance in the future. Additionally, we find more pronounced changes among households with higher education and income levels. These findings inform inheritance fiscal policies, such as inheritance taxes, revealing that future inheritance expectations influence current savings decisions.
publishDate 2025
dc.date.none.fl_str_mv 2025
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url http://zaguan.unizar.es/record/165265
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language_invalid_str_mv Inglés
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info:eu-repo/grantAgreement/ES/MCIU/FPU20-03564
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dc.source.none.fl_str_mv reponame:Zaguán. Repositorio Digital de la Universidad de Zaragoza
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instname_str Universidad de Zaragoza
reponame_str Zaguán. Repositorio Digital de la Universidad de Zaragoza
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