In this paper, we study whether precautionary saving motives have an intergenerational component; namely whether and to what extent the income uncertainty of younger generations affects the savings of their parents. To this end, we exploit a cross-country European longitudinal household dataset collecting information on parents and their offspring, augmented with indicators for their offspring's income risk. We find that savings significantly respond to changes in income risk, also across generations. This finding is robust to several checks and displays heterogeneity across countries, which is consistent with substitutability between private and public insurance tools.

中文翻译：

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欧洲的代际预防性储蓄*

在本文中，我们研究了预防性储蓄动机是否具有代际成分；即年轻一代的收入不确定性是否以及在多大程度上影响了他们父母的储蓄。为此，我们利用了一个跨国欧洲纵向家庭数据集，收集有关父母及其子女的信息，并增加了子女收入风险的指标。我们发现储蓄对收入风险的变化有显着的反应，跨代也是如此。这一发现在多项检查中是稳健的，并且显示出各国之间的异质性，这与私人和公共保险工具之间的可替代性是一致的。