165265 20251219174252.0 doi 10.1111/roiw.70044 sideral 146711 ART-2025-146711 eng Belloc, Ignacio Universidad de Zaragoza (orcid)0000-0003-1081-4107 How Inheritance Expectations Impact Household Savings 2025 This article examines how expecting to receive an inheritance impacts household savings. Life-cycle consumption models indicate that the expectation of inheriting should reduce current savings for forward-thinking consumers. We investigate this economic prediction, considering factors such as liquidity constraints and education. To do so, we use household fixed effects to account for time-invariant factors and exploit within-household variation over time by using the Japanese Panel Survey of Consumers (2003–2019), which provides individual-level information and overcomes endogeneity concerns commonly present in cross-sectional studies. Our findings reveal that households adjust their current savings in anticipation of receiving future inheritances. Specifically, men decrease their current savings by 5% if they expect to receive an inheritance in the future. Additionally, we find more pronounced changes among households with higher education and income levels. These findings inform inheritance fiscal policies, such as inheritance taxes, revealing that future inheritance expectations influence current savings decisions. Access copy available to the general public Unrestricted info:eu-repo/grantAgreement/ES/DGA/S32-23R info:eu-repo/grantAgreement/ES/MCIU/FPU19-00527 info:eu-repo/grantAgreement/ES/MCIU/FPU20-03564 info:eu-repo/grantAgreement/ES/MCIU/PID2024-156465NB-I00 info:eu-repo/semantics/openAccess by-nc-nd https://creativecommons.org/licenses/by-nc-nd/4.0/deed.es info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Molina, José Alberto Universidad de Zaragoza (orcid)0000-0002-9437-4606 4000 415 Universidad de Zaragoza Dpto. Análisis Económico Área Fund. Análisis Económico 72, 1 (2025), e70044 [20 pp.] Rev. income wealth REVIEW OF INCOME AND WEALTH 0034-6586 385984 http://zaguan.unizar.es/record/165265/files/texto_completo.pdf Versión publicada 2368583 http://zaguan.unizar.es/record/165265/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:165265 articulos driver 2025-12-19-14:44:03 ARTICLE