The Korean Journal of Community Living Science (한국지역사회생활과학회지)

The Korean Society of Community Living Science (한국지역사회생활과학회)
권호 표지
DOI QR코드

DOI QR Code

Inheritance Types of Wealth and Related Factors among the Elderly Living Independently

단독가구노인의 재산상속의식과 관련요인: 개인특성과 세대관계특성을 중심으로

  • Received : 2012.04.17
  • Accepted : 2012.06.15
  • Published : 2012.06.30
Download PDF
⟨ Previous Next ⟩

Abstract

The purpose of the study was to explore what factors influenced the elderly's prospective inheritance types such as traditional, equal, practical, and non-inheriting type. The role of older parents' socio-demographic and intergenerational characteristics affecting a decision on each pattern was paid special attention to. I used the nationally representative data from 10,469 older parents living independently in the '2008 Korean National Survey of Welfare Need in the Elderly'. Results showed that prospective inheritance types among the elderly were diverse. The type which pursues equal distribution of wealth to all the children emerges predominantly from them. Findings also suggested that inheritance types were associated with factors such as both individual and intergenerational variables. Furthermore, different factors had different impact on each type. Individual variables contributed more to equal types while intergenerational variables contributed to practical types. More interestingly, both individual and intergenerational factors affected non-inheriting types. Further research is necessary to investigate what mechanisms will be operating through the process of inheritance, which social policies will be substituted for the inheritance, and what other variables will account for the intergenerational transmission of wealth.

Keywords

References

  1. Agree EM, Biddlecom AE, Chang MC, Perez AE (2002) Transfers from older parents to their adult children in Taiwan and the Philippines. J Cross-Cultural Gerontology 17, 269-294.
  2. Bengtson VL (2001) Beyond the nuclear family: The increasing importance of multigenerational bonds. J Marriage and Family 63, 1-16. https://doi.org/10.1111/j.1741-3737.2001.00001.x
  3. Cheong KW (2001) Family ties between aging parents and adult children living in separate households: Social support from a social exchange perspective. Korea J Population Stud 24(1), 123-148.
  4. Cho BE (2003) A comparative study on the patterns of caregiving for aged mothers and inheritance between Koreans and Korean Americans: A comparison between the aged mothers and caregiving daughters/daughters-in-law. J Korea Gerontological Soc 23(3), 161-176.
  5. Cho JM (1992) A study on inheritance of wealth among Korean immigrants in the U.S. Korean J Sociology 24, 87-110.
  6. Choi HJ (2004) The impact of types of grandparent caregiving on the inter-generational relationship between grandparents and adult children. J Korea Gerontological Soc 24(3), 31-49.
  7. Frankenberg E, Lillard L, Willis RJ (2002) Patterns of intergenerational transfers in Southeast Asia. J Marriage & Family 64, 627-641. https://doi.org/10.1111/j.1741-3737.2002.00627.x
  8. Han KH (1996) Intergenerational relationships of the rural elderly who live apart from their children. J Korea Gerontological Soc 16(2), 21-38.
  9. Han KH, Hong JK (2000) Intergenerational social supports and the elderly well-being. Family and Culture 12(2), 55-80.
  10. Han MA.Han KH (2004) Patterns of intergenerational support exchange and the psychological well-being of adult children in Korea. J Korea Association Family Relations 9(1), 135-152.
  11. Hong KS, Kim SM, Kim YJ (1995) Who are likely to leave a bequest among older Americans? J Korean Home Management Assoc 13(2), 45-55.
  12. Jun HJ (2004) Providing informal support to others and mental health among older adults in Korea. J Welfare Aged 26, 337-361.
  13. Jun HJ, Jang DM (2003) Providing social support to others and mental and physical health among older women in USA. J Welfare Aged 22, 151-173.
  14. Jung KH (2011) Old-age families in Korea: Prospect and policy implications. Health-Welfare Policy Forum 175, 35-44.
  15. Kang YJ, Han KH (1997) Support for the elderly parents: focused on the role of the children who live apart from their parents. J Korea Gerontological Soc 17(1), 271-288.
  16. Kim CS (2005) Changes in attitudes of Korean elderly parents toward old-age support, 1994-2004. J Korea Gerontological Soc 25(4), 1-11.
  17. Kim CS (2007) Living arrangement transition in old age. Korea J Population Stud 30(1), 1-24.
  18. Kim CS, Kim IK (2000) Patterns of intergenerational support exchange and the life satisfaction. J Korea Gerontological Soc 20(2), 155-168.
  19. Kim DS, Park KS, Lee SY (2000) Generational relationship of the middle aged to the elderly parents and their attitudes on old-age security. Korea J Population Stud 23(1), 55-89.
  20. Kim HJ, Lee JE, Han SM (2010) Effects of the intergenerational support exchange on the successful aging. J Welfare Aged 47, 265-288.
  21. Kim HK (2008) Inheritance and social support from children among Korean elderly. J Korea Gerontological Soc 28(2), 309-323.
  22. Kim KK, Park HI (2001) The attitude and behavior toward the inheritance of asset and ancestral rites among urban families. J Korean Home Management Assoc 19(1), 269-281.
  23. Lee HS (2003) Intergenerational social support exchanges and life satisfaction among the rural elderly: Sex and age group differences. J Korean Home Economics Assoc, 41(4), 57-69.
  24. Lee JU, Kim MJ (2001) A study on the consciousness of inheritance among married people of the middle aged and the elderly. J Korean Home Management Assoc 19(4), 151-165.
  25. Lee SY, Kim EJ (2011) The intergenerational exchange patterns and their correlates between the elderly living alone and their adult children. Family and Culture 23(1), 105-136.
  26. Min KC, Lee JH (2008) Effects of providing support to informal social network on mental health of the elderly: Focused on gender difference. J Korea Gerontological Soc 28(3), 515-533.
  27. Moon YS, Kim YH (1999) A Study on the consciousness of the property inheritance of the Korean family. J of Korean Home Management Assoc 17(2), 157-171.
  28. Oh HJ, Cho DH (2009) The analysis of succession propensity of the rural elderly for the introduction of the farmland reverse mortgage system. Korean J Local Government Stud 13(2), 93-108.
  29. Park KS (2003) Diversity and structure of intergenerational relationship; Elderly parents-adult children relations in Korea. Korea J Population Stud 37(2), 61-94.
  30. Park KR, Jae MK, Oh CO (1995) The actual family life and the needs of the elderly women living alone or with the spouse: With a focus on family, consumer and housing life. J Korea Gerontological Soc 15(2), 117-139.
  31. Park MH, Jung JW (2000) An exploratory study of household inheritance based on ethnographic spproach. J Korean Home Economics Assoc 38(2), 91-107.
  32. Shin HY, Cho BE (2002) Differences in perceptions of parental caregiving and inheritance by family status. J Korea Gerontological Soc 22(2), 95-111.
  33. Shin HY, Cho BE, Walker AJ (1997) A comparative study on caregiving and inheritanee patterns : Korea vs. U. S. A. J Korean Home Management Assoc 15(4), 125-136.
  34. Silverstein M, Conroy SJ, Wang H, Giarrusso R, Bentson VL (2002) Reciprocity in parent-child relations over the adult life course. J Gerontology 57B(1), S3-S13.
  35. Silverstein M, Gans D, Yang FM (2006) Intergenerational support to aging parents: The role of norms and needs. J Famly Issues 27, 1068-1084. https://doi.org/10.1177/0192513X06288120
  36. Stroller EP (1985) Exchange patterns in the informal support networks of the elderly: The impact of reciprocity on morale. J Marriage & Family 47(2), 335-342. https://doi.org/10.2307/352133
  37. Verbrugge LM, Chan A (2008) Giving help in return: Family reciprocity by older Singaporeans. Aging & Soc 28, 50-34.
  38. Walker AJ, Pratt CC, Oppy NC (1992) Perceived reciprocity in family caregiving. Family Relations 41(1), 82-85. https://doi.org/10.2307/585398
  39. Yoo HJ (2011) A longitudinal study on the typology of intergenerational relations in later life(1): Focused on the mode of change. Korea J Family Social Work 31, 87-111.
  40. Yoo SJ, Gu BY (2005) A study on the preception of the older's for the introduction of the reverse mortgage system. Korea Spatial Planning Rev 45, 119-143.
  41. Yoon H, Cha HB (1999) Future issues for family care of the elderly in Korea. Hallym International J Aging 1(1), 78-86. https://doi.org/10.2190/HA1.1.g
  42. Yun HS (2003) The impact of intergenerational support exchange to the psychological well-being of older parents. J Korea Gerontological Soc 23(3), 15-28.

Cited by

  1. Relationship Quality between Unmarried Adult Children and Their Coresident Parents: Focus on Intergenerational Exchanges and Family Values vol.27, pp.3, 2016, https://doi.org/10.7856/kjcls.2016.27.3.387
  2. The Effects of Co-Residence with Adult Children on Bequest Preferences: Longitudinal Analyses of Gender-Specific Effects vol.33, pp.4, 2013, https://doi.org/10.15709/hswr.2013.33.4.72
  3. The theoretical construction of Ideal Type for the formation of sustainable cohabitation in cohabiting couple vol.87, pp.None, 2012, https://doi.org/10.33949/tws.2014.87.2.002
  4. What Are the Bequest Motives of the Korea Elderly? Conditional Process Analysis of Relationship Satisfaction and Emotional Support between Assets and Bequest Intention vol.37, pp.3, 2012, https://doi.org/10.15709/hswr.2017.37.3.36