Asset management for older adults, intergenerational transfers, and retirement decisions

2023 Fiscal Year Final Research Report

• Project/Area Number: 19K01603
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Kanagawa University (2021-2023); University of Toyama (2019-2020)
• Principal Investigator: Iwata Shinichiro 神奈川大学, 経済学部, 教授 (10334707)
• Project Period (FY): 2019-04-01 – 2024-03-31
• Keywords: 高齢者 / 住宅資産 / 自己評価額 / 労働供給 / 労働時間 / 労働参加率 / 親子 / リバース・モーゲージ

Outline of Final Research Achievements

In Japan, selling existing homes in the market is relatively uncommon, which makes it difficult for older people to convert their home assets into cash for living expenses. In such circumstances, even if home values unexpectedly rise, they may hesitate to reduce their labor supply due to limited cash reserves. Some older people opt to leave their homes as an inheritance for their children while receiving financial assistance for living expenses. However, given the current high homeownership rate among younger households, inheriting an unsellable asset is not attractive. As a result, assistance for living expenses remains limited. Our analysis, based on individual data from the Japan Household Panel Survey, highlights this phenomenon.

Free Research Field

都市経済学

Academic Significance and Societal Importance of the Research Achievements

本研究では、所有する住宅の価値が予想外に上昇しても、高齢者はわずかしか労働供給を減らさず、子に住宅相続を期待させても、わずかしか金銭援助額が増えないことを個票データを用いて実証的に確認した。これらに共通している原因として、既存住宅の売却が難しく、住宅資産を現金化できないことがあげられる。このことは、住宅資産の有効活用には既存住宅市場の流動化が欠かせないことを意味する。