Yang, Siqiang and Ripoll, Marla
(2022)
The Patterns of Parental Intervivos Transfers to Adult Children.
(Submitted)
Abstract
This paper documents the patterns of total intervivos transfers adult children receive from their parents in the United States. Using 1996-2014 panel data from the Health and Retirement Study, our paper departs from the literature by following adult children over time and constructing measures of aggregated transfers received over different time horizons. We find that while the probability and transfer amount decrease as the child ages, conditional on receiving the age of the child is uncorrelated with transfer amounts. We characterize this lack of correlation as a result of parents following different transfer strategies, with some giving only early in the period, others giving only late, and others in both. Transfer strategies even vary within families, with some children receiving more generously and more consistently than others, even when controlling for children's income and age. Regarding total transfers over the 20-year sample period, we find that relative to their permanent income, poorer parents transfer more generously than high-income parents. Intervivos transfers are the predominant way in which adult children receive financial support from parents across the income distribution, in contrast with bequests which are received by a small fraction of children with high-income parents.
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