1. ‘Baby boomers and housing inheritance’ A research thesis towards completion of M.A. (Applied) Social Science Research Bill Murdoch Victoria University of Wellington 2008

2. ‘Baby boomers and housing inheritance’ Two inter-related factors:  Structural ageing of society.  Home ownership. The research explores how these factors are associated with baby boomers and wealth transference from housing inheritance.

3. ‘Baby boomers and housing inheritance’ Projected population by age group - 2006 base

4. ‘Baby boomers and housing inheritance’ Unadjusted Home Ownership Rates Age Group1991199620012006 20-2426.524.722.921.7 25-2953.645.940.936.3 30-3468.862.356.352.6 35-3976.171.565.761.9 40-4480.877.071.768.5 45-4983.080.976.073.7 50-5484.182.579.477.8 55-5985.383.480.280.5 60-6485.883.980.481.2 65 & over82.981.680.079.5 Total73.870.767.866.9 Source: DTZ New Zealand - Statistics New Zealand (2007)

5. ‘Baby boomers and housing inheritance’

6. Research question: What are the socio-economic implications of housing inheritance for the baby boomer generation? Research aim: To understand the attitudes and expectations of New Zealanders, aged between 41 and 61 years, towards housing inheritance.

7. ‘Baby boomers and housing inheritance’ Research objectives:  To explore whether housing inheritance contributes to class divisions in society.  To ascertain if the expectation of receiving a housing inheritance affects a person’s financial behaviour with respect to their own retirement planning.  To ascertain whether there is a ‘generational contract’ between baby boomers and their parents relating to the provision of care and housing inheritance.  To understand baby boomers’ attitude towards the use of equity accrued in the family home.  To understand baby boomers’ attitude regarding intergenerational transfers to their own children.

8. ‘Baby boomers and housing inheritance’ Theoretical orientation:  Constructionism.  Critical inquiry. Used to explore the meaning of home ownership and housing inheritance. Research methodology:  Structure and agency - Giddens and Bourdieu. Used to examine the significance of the relationship between institutional structures and individual agency.  Focus groups. Method of data collection.

9. ‘Baby boomers and housing inheritance’ Method - focus groups:  Male and female.  New Zealand Europeans.  41 to 61 years.  Snowball sampling.  Upper Hutt, Porirua, Wellington City.  August and September 2007.

10. ‘Baby boomers and housing inheritance’ Findings. Class divisions in society:  Class divisions, home ownership levels and structural ageing.  Class divisions and education.  Class divisions and individualism.

11. ‘Baby boomers and housing inheritance’ Findings. Elder care and inter-generational contracts:  Provision of care.  Intergenerational contracts. Savings and housing inheritance:  The more advantaged cohort.  Financial planning for retirement.

12. ‘Baby boomers and housing inheritance’ Findings. Intergenerational transfers:  Lifetime transfers.  Power.  Traditionalism. Home equity release:  Use home equity for life style and well-being.

13. ‘Baby boomers and housing inheritance’ Conclusion:  Fluidity between traditional and modern values.  Mass wealth transfer a one-off aberration unique to baby boomers.  From self-sacrifice to self-interest.  Support needed for baby boomers’ children.  Increase family social capital.