Kováts Bence: The Financialisation of Housing and Housing-related Family Support in Hungary
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3. The global rise of parental support in housing: trends and determinants
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3.4. Summary: determinants of the provision of space and money

3.4. Summary: determinants of the provision of space and money

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Concluding findings of the literature about intergenerational co-residence and financial support, there are significant differences among welfare regime clusters: SE and CEE are characterised by a high level of both financial support and intergenerational co-residence, while in social democratic countries both kinds of support are less widespread. Conservative welfare regimes fall in between intergenerational co-residence, but based on the example of France some of them may cluster with SE and CEE in financial support. Based on data from the UK, the liberal welfare regime shows identical figures in intergenerational co-residence with conservative continental welfare states (Arundel and Ronald, 2016, p. 892), while there is a lack of comparable data on financial support in the cluster.

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Data clearly suggest a recent increase in intergenerational co-residence, while scattered evidence available about financial support also points towards a rise. Whereas welfare regime-specific patterns in the increase of intergenerational co-residence and a convergence among core countries were not detected (Lennartz, Arundel and Ronald, 2016), such analyses were not yet carried out regarding financial support. Macro factors such as a benign labour market environment and the affordability of renting, however, result in a more modest increase in intergenerational co-residence (Lennartz, Arundel and Ronald, 2016).

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The relationship between unfavourable socio-economic conditions of the child and intergenerational co-residence is confirmed by the analyses of the effect of micro factors on the phenomenon: it is substantially affected by indicators denoting the adult child’s need such as unemployment, young age, single or divorced family status. Although findings of country-specific case studies diverge, financial support also seems to be affected by the child’s need, at least in two out of the four countries studied in detail. Parents’ socio-economic status seems to affect financial support significantly, while regarding intergenerational co-residence, its impact is found significant only in terms of the conditions of intergenerational co-residence. A big enough owner-occupied dwelling and the employment of parents is a necessary condition for co-residence, but income, wealth or education of parents are not found significant.

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In sum, the two kinds of support are provided for different purposes. Intergenerational co-residence is clearly need-driven and is provided by parents able to comfortably share their dwelling with their children regardless of their socio-economic status. In turn, financial support is not always provided based on need, but significantly depends on the socio-economic status of parents. Sometimes financial support is provided as a reward for merit.

Jegyzet elhelyezéséhez, kérjük, lépj be.!

The above findings seem to confirm that affluent parents whose children enter their adulthood with significant advantages in terms of education and social capital, receive considerable home ownership support from their parents even in case their transition from education to the labour market is smooth. Young adults without the means of purchasing a home, whose parents own a dwelling large enough, can count on their parents’ provision of accommodation. In the worst situation are young adults with a disadvantaged position in terms of education, social capital, and consequentially worse labour market perspectives, whose parents’ circumstances do not allow them to support their adult children in any way. These findings reinforce arguments by Flynn and Schwartz (2017), Ronald (2018) and Coulter (2018) that the tendency towards re-familialisation amidst intense housing financialization enhances already rising inequalities among young adults.
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