The Marriage Wealth Premium Revisited: Gender Disparities and Within-Individual Changes in Personal Wealth in Germany

The Moderating Effect of Personal Assets in the Relationships between Subjective Health, Housing Expense, and Life Satisfaction for Korean Middle and Old-Aged

The proportion of the elderly in Korea has increased. Given the circumstances, this research is intended to explore the characteristics of the elderly. The aim of this research is to explore the antecedents of life satisfaction in the Korean elderly using subjective health. Next, the goal of this research is to appraise the moderating effect of personal assets in the relationship between life satisfaction and housing expenses. The study data consist of 7199 observations from the 2018 and 2020 waves of the Korean Longitudinal Study of Aging (KLOSA). This research uses econometric analysis to test the research hypotheses, which include ordinary least squares, fixed-effects, and random-effects regression analyses. Following ordinary least squares, fixed-effects, and random-effects regression analyses, the results indicate a positive influence of subjective health on older Koreans' life satisfaction. Additionally, personal assets positively moderate the association between housing expense and life satisfaction, the most valuable finding of the study. This research sheds light on the literature by revealing the moderating effect on the relationship between housing expense and life satisfaction. Moreover, the results could be used for better policy design with respect to the middle- and old-aged members Korean society.

Union Status and Disability Pension

A lot is known about the association between marital status and mortality, and some of these studies have included data on cohabitation. Studies on the association with health problems, rather than mortality, are often based on self-reported health outcomes, and results from these studies are mixed. As cohabitation is now widespread, more studies that include data on cohabitation are needed. We use Norwegian register data that include detailed information about union status and all cases of disability pensioning from 2005 to 2016. We employ Cox regression analysis and a within-family design in order to control for hard to measure childhood characteristics. Compared to the married, the cohabiting have a somewhat higher risk of receiving disability pension due to mental disorders, and for men also due to physical disorders. Receipt of disability pension is most common among the never married, especially for men. The association between union status and disability pensioning is stronger for mental than for physical disorders.

Pooling of Wealth in Marriage: The Role of Premarital Cohabitation

Previous studies documented the existence of a 'cohabitation-marriage gap' in resource pooling among opposite-sex partners, with cohabiters being more likely to separate income and wealth than married individuals. Surprisingly, despite many non-marital cohabitations transform into marriages, we know little about income and wealth pooling of 'spousal cohabiters', i.e. spouses who transition to marriage after experiencing a period of non-marital cohabitation. The comparison between 'spousal cohabiters' and directly married spouses is particularly interesting because it offers a litmus test of theories of marriage in relation to how and why economic resources are differently distributed within married vs. cohabiting couples. This paper compares directly married couples and 'spousal cohabiters' in Italy, focusing on one aspect of resource pooling: the marital property regime, i.e. the choice made at the time of marriage between joint or separate ownership of wealth accumulated during marriage. Competing hypotheses are developed on the basis of the arguments that marriage yields legal protection, that selection mechanisms drive both the choice of community vs. separation of property and direct marriage vs. premarital cohabitation, and that, by inertia, 'spousal cohabiters' continue to separate resources upon transition to marriage. Results based on the 2016 Italian 'Family and social subjects' survey show that 'spousal cohabiters' are significantly more likely to choose separation of property compared to directly married spouses. Such differences, however, are drastically reduced once relevant confounders are controlled for, hence suggesting that existing differences between directly married and previously cohabiting couples and, more generally, differences between married and cohabiting couples are driven, above all, by selection mechanisms.

SUPPLEMENTARY INFORMATION

The online version contains supplementary material available at 10.1007/s10680-022-09627-2.

Mine, yours, ours, or no one's? Homeownership arrangements among cohabiting and married couples

Multiple studies examine how couples organize their economic resources, but most focus on wages, with little attention to assets. This paper helps to fill this research gap in Québec (Canada) by asking what proportion of married and cohabiting different-sex couples of working age jointly own their primary residence, instead of remaining in more independent arrangements regarding this asset-either through individual ownership of the home by the man or the woman or by not owning one at all. Also, drawing on transaction cost and institutional approaches to economic organization, we explore variation on several relationship characteristics. Individual ownership is uncommon, especially by the woman, but it is more prevalent among couples with little time together and who do not have children. Individual ownership is also more common among income-unequal couples than equal ones, because, we argue, it allows primary earners to cover housing costs without transferring wealth. Those results advance knowledge on both within-household wealth inequality and conjugal redistributive practices.

Wealth in Couples: Introduction to the Special Issue

The assumption that economic resources are equally shared within households has been found to be untenable for income but is still often upheld for wealth. In this introduction to the special issue “Wealth in Couples”, we argue that within-household inequality in wealth is a pertinent and under-researched area that is ripe for development. To this end, we outline the relevance of wealth for demographic research, making the distinction between individual and household wealth. Drawing on a life-course perspective, we discuss individual wealth accumulation within couples and its links to family-demographic processes, the institutional context, and norms on pooling and sharing. We conclude with a brief summary of the main findings from the special issue and highlight implications for demographic research and for future research in this field.

Pension Wealth and the Gender Wealth Gap

We examine the gender wealth gap with a focus on pension wealth and statutory pension rights. By taking into account employment characteristics of women and men, we are able to identify the extent to which the redistributive effect of pension rights reduces the gender wealth gap. The data for our analysis come from the German Socio-Economic Panel (SOEP), one of the few surveys that collects information on wealth and pension entitlements at the individual level. Pension wealth data are available in the SOEP for 2012 only. While the relative raw gender wealth gap is about 35% (or 31,000 euros) when analysing the standard measure of net worth, it shrinks to 28% when pension wealth is added. This reduction is due to redistributive elements such as caregiver credits provided through the statutory pension scheme. Results of a recentred influence functions (RIF) decomposition show that pension wealth reduces the gap substantially in the lower half of the distribution. At the 90th percentile, the gender wealth gap in net worth and in augmented wealth remains more stable at roughly 27–30%.

Wealth Accumulation and the Gender Wealth Gap Across Couples’ Legal Statuses and Matrimonial Property Regimes in France

This paper examines wealth accumulation among couple-headed households and investigates changes in within-household inequality over time and across couple statuses. Going beyond previous research that mostly studies wealth accumulation within marriages by comparing married with unmarried individuals, we consider the legal statuses of couples (cohabitation, civil union, and marriage) and property regimes (community and separate property). We apply multivariate regression analysis to high-quality longitudinal data from the French wealth survey (2015–2018) and find no differences in net worth accumulation between couples’ legal statuses when property regimes are not accounted for. However, couples with a separate property regime accumulate more wealth than couples with a community property regime, and married couples with a separate property regime drive this association. Our results show that the gender wealth gap is larger for couples with a separate property regime, but it is partially compensated by accumulated wealth. Our results highlight the importance of legal statuses and property regimes in explaining the dynamics of between- and within-household inequality in France, specifically within a context of increasingly diversified marital trajectories.

Intra-Couple Wealth Inequality: What’s Socio-Demographics Got to Do with it?

Existing literature shows that on average and across countries, men have higher levels of wealth than women. However, very little is known about the gender-specific wealth gap within couples. This paper studies this phenomenon for the first time in Austria. The particular focus of the paper is on the relationship between the socio-demographic characteristics of the couple and the couple’s gender wealth gap. We focus on how age, education, marital status, fertility, migratory background, and the gender of the respondent are related to the wealth gap within a couple. In both bivariate and multivariate analyses, we find evidence in support of the hypothesis that bargaining power plays an important role in the intra-couple gender wealth gap in Austria. Immigrant women living in a couple with native men, and, among natives, couples in which the man is much older on average, have larger gender wealth gaps. Furthermore, couples in which the woman is the “financially most knowledgeable person” in the household have consistently lower gender wealth gaps.

Time cannot heal all wounds: Wealth trajectories of divorcees and the married

OBJECTIVE

To explore disparities in wealth trajectories between divorcees and continuously married individuals including moderation effects of remarriage and gender.

BACKGROUND

Amid concerns of long-term economic consequences of divorce, research illustrated that ever-divorced individuals hold less wealth than the married preretirement. However, it remains unclear whether this is a direct result of immediate, lasting divorce-related wealth penalties or whether divorce also leads to long-term wealth accumulation disparities.

METHOD

Using personal-level, longitudinal wealth data from the Socio-Economic Panel Study, I applied propensity score and exact matching with random-effects growth models to compare wealth trajectories of divorcees and the married. The matching allowed (1) married controls to be assigned a theoretical divorce date for ease of comparability to the treatment group (i.e., divorcees) and (2) the account of a wide range of baseline differences.

RESULTS

Wealth differences between ever-divorce and continuously married individuals stem from lasting disadvantage-particularly for housing wealth-generated immediately around divorce rather than a scarring of divorcees' wealth accumulation. Remarriage but particularly gender is relevant moderators. Whereas remarriage moderates net wealth trajectories through housing wealth, gender moderates trajectories through financial wealth.

CONCLUSION

Divorce importantly contributes to wealth stratification. Mitigation of divorce-related wealth penalties for both men and women needs to focus on immediate, but lasting costs of divorce particularly regarding homeownership.

Heterogeneity in Family Life Course Patterns and Intra-Cohort Wealth Disparities in Late Working Age

Considering soaring wealth inequalities in older age, this research addresses the relationship between family life courses and widening wealth differences between individuals as they age. We holistically examine how childbearing and marital histories are associated with personal wealth at ages 50–59 for Western Germans born between 1943 and 1967. We propose that deviations from culturally and institutionally-supported family patterns, or the stratified access to them, associate with differential wealth accumulation over time and can explain wealth inequalities at older ages. Using longitudinal data from the German Socio-Economic Panel Study (SOEP, v34, waves 2002–2017), we first identified typical family trajectory patterns between ages 16 and 50 with multichannel sequence analysis and cluster analysis. We then modelled personal wealth ranks at ages 50–59 as a function of family patterns. Results showed that deviations from the standard family pattern (i.e. stable marriage with, on average, two children) were mostly associated with lower wealth ranks at older age, controlling for childhood characteristics that partly predict selection into family patterns and baseline wealth. We found higher wealth penalties for greater deviation and lower penalties for moderate deviation from the standard family pattern. Addressing entire family trajectories, our research extended and nuanced our knowledge of the role of earlier family behaviour for later economic wellbeing. By using personal-level rather than household-level wealth data, we were able to identify substantial gender differences in the study associations. Our research also recognised the importance of combining marital and childbearing histories to assess wealth inequalities.

Are Married Women Really Wealthier Than Unmarried Women? Evidence From Japan

Using microdata from the Japanese Panel Survey of Consumers, this article examines the relationship between marriage and wealth among women. By exploiting unique data on personal wealth, it also assesses whether the wealth effect of marriage differs depending on whether wealth is measured as household or personal wealth, an issue that very few studies have examined. When wealth is measured as equivalized household net worth, on the assumption that married couples share household resources equally, marriage is found to contribute to women's wealth holdings but only to their nonfinancial net worth; however, the results show signs that marriage also contributes to women's total net worth as marriage durations increase. By contrast, when wealth is measured as personal net worth based on the actual ownership of assets, marriage is found to be negatively and significantly associated with women's wealth holdings. These findings underscore the fact that Japanese women are potentially in a financially vulnerable position even after marriage, which is at least partly driven by married women's career disruptions arising from their family responsibilities.

Economic Strain Deteriorates While Education Fails to Protect Black Older Adults Against Depressive Symptoms, Pain, Self-rated Health, Chronic Disease, and Sick Days

Background

A large body of empirical evidence on Minorities' Diminished Returns (MDRs) suggests that educational attainment shows smaller health effects for Blacks compared to Whites. At the same time, economic strain may operate as a risk factor for a wide range of undesired mental and physical health outcomes in Black communities.

Aim

The current study investigated the combined effects of education and economic strain on the following five health outcomes in Black older adults in underserved areas of South Los Angeles: depressive symptoms, number of chronic diseases, pain intensity, self-rated health, and sick days.

Methods

This cross-sectional study included 619 Black older adults residing in South Los Angeles. Data on demographic factors (age and gender), socioeconomic characteristics, economic strain, health insurance, living arrangement, marital status, health behaviors, depressive symptoms, pain intensity, number of chronic diseases, sick days, and self-rated health were collected. Five linear regressions were used to analyze the data.

Results

Although high education was associated with less economic strain, it was the economic strain, not educational attainment, which was universally associated with depressive symptoms, pain intensity, self-rated health, chronic diseases, and sick days, independent of covariates. Similar patterns emerged for all health outcomes suggesting that the risk associated with economic strain and lack of health gain due to educational attainment are both robust and independent of type of health outcome.

Conclusion

In economically constrained urban environments, economic strain is a more salient social determinant of health of Black older adults than educational attainment. While education loses some of its protective effects, economic strain deteriorates health of Black population across domains. There is a need for bold economic and social policies that increase access of Black communities to cash at times of emergency. There is also a need to improve the education quality in the Black communities.

Same-Sex Parents and Children's School Progress: An Association That Disappeared Over Time

Research is divided as to whether children living in same-sex parent families achieve different outcomes compared with their peers. In this article, we improve on earlier estimates of such differences and subsequently study whether and why the association between parental union sex composition and children's school progress changed over time. Data from the American Community Survey waves 2008-2015 (N = 1,952,490 including 7,792 children living with a same-sex couple) indicate that children living with same-sex couples were historically more likely to be behind in school but that this association disappeared over time. Changes in socioeconomic characteristics of same-sex couples played a minor role. In 2008, it was only in areas with unfavorable laws and attitudes toward same-sex couples that children living with same-sex couples were more likely to be behind in school. This was especially the case for adopted children. In more recent periods, no effect of parental union sex composition on school progress is observed within any area or among any group studied. Based on where and when these changes took place, it is suggested that changing attitudes toward same-sex couples might have played an important role in equalizing school progress across groups.

Why Singles Prefer to Retire Later

This study goes beyond a purely financial perspective to explain why single older workers prefer to retire later than their partnered counterparts. We aim to show how the work (i.e., its social meaning) and home domain (i.e., spousal influence) contribute to differences in retirement preferences by relationship status. Analyses were based on multiactor data collected in 2015 among older workers in the Netherlands (N = 6,357) and (where applicable) their spouses. Results revealed that the social meaning of work differed by relationship status but not always as expected. In a mediation analysis, we found that the social meaning of work partically explained differences in retirement preferences by relationship status. We also show that single workers preferred to retire later than workers with a “pulling” spouse, earlier than workers with a “pushing” spouse, and at about the same time as workers with a neutral spouse.