Baby boomers and housing inheritance

Abstract

This thesis explores the impact of the intergenerational transfer of wealth from housing inheritance and the socio-economic implications for the baby boomer generation. The aim is to understand the attitudes and expectations of European New Zealanders aged between 41 and 61 years towards housing inheritance. This aim is achieved by exploring the issues of structural ageing and home ownership and their linkage through housing inheritance. The research employs a constructionist epistemology and critical inquiry theoretical approach to explore the meanings of home ownership and house inheritance to the study participants. Giddens' structuration theory and Bourdieu's concepts of social field and habitus are used to examine the significance of relationship between institutional structures and individual agency. The data was obtained through focus group interviews. It was found that baby boomers' attitudes primarily reflected the norms of modern society. The research concludes that many baby boomers will benefit from their parents' desire to pass on wealth accrued in the family home. However, the attitudes of the majority of the participants in this study were those of self-interest. The participants indicated they were more likely than their parents to use their own home equity to maintain their lifestyle and well-being during retirement. From an inheritance perspective this self interest will have negative socio-economic consequences on the next generation, that is, the children of baby boomers.