The Role of Private Wealth and Debt in Shaping Social and Economic Inequality in the United States. Spieker, J. L. Ph.D. Thesis, 2020. ![The Role of Private Wealth and Debt in Shaping Social and Economic Inequality in the United States. [link]](https://bibbase.org/img/filetypes/link.svg "link")
Link abstract bibtex This dissertation advances the sociological understanding of how privately held wealth and debt have become central to social mobility and well-being in 21st-century America. Chapter one adds to an emerging field of studying intergenerational wealth mobility by relating parents' intragenerational wealth trajectories to children's wealth standing in early to mid-adulthood. Children from continuously wealthy households have more wealth and higher net financial assets than children from any other group. This early divide is remarkable and can be expected to cement the wealth position of children from wealthy households due to compound interest and higher rates of appreciation as well as higher returns of financial assets. The second chapter focuses on the relationship between wealth transfers and transitioning into homeownership. Specifically, poorer households are less likely to receive a gift or inheritance of $10,000 or more but, compared to households with more economic resources, are more likely to leverage this wealth transfer into a transition to homeownership. However, these associations have changed substantially: before the Great Recession, wealth transfers increased transitions into homeownership more among poor households than well-off households, but after the Great Recession, the transfer ``boost'' converged; likely as a result of changes in housing markets, stricter mortgage lending conditions, and large scale wealth destruction among working-class households. The last chapter addresses the psychological costs of a sub-phenomenon of financialization, that is, the tremendous surge in privately held debt since the 1980s. The analysis distinguishes eight kinds of debt including credit card debt, outstanding medical and legal bills, other (secured) consumer debt, student debt, family loans, mortgage loans and business debt. There are two culprits for the loss in well-being associated with going into the red. First, any kind of consumer debt –{} secured or unsecured –{} exerts a statistically significant negative impact on subjective well-being. Second, increases in student debt robustly lead to a loss in subjective well-being. Contextualizing the results, the magnitude of the loss in subjective well-being stemming from consumer debt and student loans is comparable to the boost in well-being from major life events such as marriage and finding employment.
@phdthesis{Spieker2020,
title = {The Role of Private Wealth and Debt in Shaping Social and Economic Inequality in the United States.},
author = {Spieker, Jan Ludwig},
year = {2020},
url = {https://ecommons.cornell.edu/handle/1813/102903},
abstract = {This dissertation advances the sociological understanding of how privately held wealth and debt have become central to social mobility and well-being in 21st-century America. Chapter one adds to an emerging field of studying intergenerational wealth mobility by relating parents' intragenerational wealth trajectories to children's wealth standing in early to mid-adulthood. Children from continuously wealthy households have more wealth and higher net financial assets than children from any other group. This early divide is remarkable and can be expected to cement the wealth position of children from wealthy households due to compound interest and higher rates of appreciation as well as higher returns of financial assets. The second chapter focuses on the relationship between wealth transfers and transitioning into homeownership. Specifically, poorer households are less likely to receive a gift or inheritance of \$10,000 or more but, compared to households with more economic resources, are more likely to leverage this wealth transfer into a transition to homeownership. However, these associations have changed substantially: before the Great Recession, wealth transfers increased transitions into homeownership more among poor households than well-off households, but after the Great Recession, the transfer ``boost'' converged; likely as a result of changes in housing markets, stricter mortgage lending conditions, and large scale wealth destruction among working-class households. The last chapter addresses the psychological costs of a sub-phenomenon of financialization, that is, the tremendous surge in privately held debt since the 1980s. The analysis distinguishes eight kinds of debt including credit card debt, outstanding medical and legal bills, other (secured) consumer debt, student debt, family loans, mortgage loans and business debt. There are two culprits for the loss in well-being associated with going into the red. First, any kind of consumer debt \textendash{} secured or unsecured \textendash{} exerts a statistically significant negative impact on subjective well-being. Second, increases in student debt robustly lead to a loss in subjective well-being. Contextualizing the results, the magnitude of the loss in subjective well-being stemming from consumer debt and student loans is comparable to the boost in well-being from major life events such as marriage and finding employment.},
keywords = {Determinants of Wealth and Wealth Inequality}
}
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Children from continuously wealthy households have more wealth and higher net financial assets than children from any other group. This early divide is remarkable and can be expected to cement the wealth position of children from wealthy households due to compound interest and higher rates of appreciation as well as higher returns of financial assets. The second chapter focuses on the relationship between wealth transfers and transitioning into homeownership. Specifically, poorer households are less likely to receive a gift or inheritance of $10,000 or more but, compared to households with more economic resources, are more likely to leverage this wealth transfer into a transition to homeownership. However, these associations have changed substantially: before the Great Recession, wealth transfers increased transitions into homeownership more among poor households than well-off households, but after the Great Recession, the transfer ``boost'' converged; likely as a result of changes in housing markets, stricter mortgage lending conditions, and large scale wealth destruction among working-class households. The last chapter addresses the psychological costs of a sub-phenomenon of financialization, that is, the tremendous surge in privately held debt since the 1980s. The analysis distinguishes eight kinds of debt including credit card debt, outstanding medical and legal bills, other (secured) consumer debt, student debt, family loans, mortgage loans and business debt. There are two culprits for the loss in well-being associated with going into the red. First, any kind of consumer debt –{} secured or unsecured –{} exerts a statistically significant negative impact on subjective well-being. Second, increases in student debt robustly lead to a loss in subjective well-being. Contextualizing the results, the magnitude of the loss in subjective well-being stemming from consumer debt and student loans is comparable to the boost in well-being from major life events such as marriage and finding employment.","keywords":"Determinants of Wealth and Wealth Inequality","bibtex":"@phdthesis{Spieker2020,\n title = {The Role of Private Wealth and Debt in Shaping Social and Economic Inequality in the United States.},\n author = {Spieker, Jan Ludwig},\n year = {2020},\n url = {https://ecommons.cornell.edu/handle/1813/102903},\n abstract = {This dissertation advances the sociological understanding of how privately held wealth and debt have become central to social mobility and well-being in 21st-century America. Chapter one adds to an emerging field of studying intergenerational wealth mobility by relating parents' intragenerational wealth trajectories to children's wealth standing in early to mid-adulthood. Children from continuously wealthy households have more wealth and higher net financial assets than children from any other group. This early divide is remarkable and can be expected to cement the wealth position of children from wealthy households due to compound interest and higher rates of appreciation as well as higher returns of financial assets. The second chapter focuses on the relationship between wealth transfers and transitioning into homeownership. Specifically, poorer households are less likely to receive a gift or inheritance of \\$10,000 or more but, compared to households with more economic resources, are more likely to leverage this wealth transfer into a transition to homeownership. However, these associations have changed substantially: before the Great Recession, wealth transfers increased transitions into homeownership more among poor households than well-off households, but after the Great Recession, the transfer ``boost'' converged; likely as a result of changes in housing markets, stricter mortgage lending conditions, and large scale wealth destruction among working-class households. The last chapter addresses the psychological costs of a sub-phenomenon of financialization, that is, the tremendous surge in privately held debt since the 1980s. The analysis distinguishes eight kinds of debt including credit card debt, outstanding medical and legal bills, other (secured) consumer debt, student debt, family loans, mortgage loans and business debt. There are two culprits for the loss in well-being associated with going into the red. 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