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Children and standard of living in old age

A cross sectional data source, the Bank of Italy Survey on Household Income and Weatlh (SHIW) of the years 2000 and 2002, is used to asses the association between the economic conditions in one's old age and a few covariates, among which past fertility, marital status and living arrangements. For an elderly, having had children does not have any clear impact on current economic performance, except that it is associated with fewer assets. However, ceteris paribus, having (adult) co-residing children corresponds to worse economic conditions, both objectively (equivalent income, poverty, assets) and subjectively. In short, own children do not seem to protect from poverty in old age (and may make things worse). Prospects are better when there are other grown-up members in the household (especially if they are males), when education is high, and when the household resides in the North of Italy.