Family assets are the resources that a family has available to them. They include financial, physical, and human capital and other forms of wealth such as land or housing. Researchers use the term in many different ways, but it can be defined as “the total value of all property owned by an individual or household.” It includes both tangible and intangible properties.
The concept of family asset ownership was first introduced into research literature during the 1970s when economists began studying how families allocate their income among themselves. In this context, family assets were seen as one way for households to reduce inequality within society. Since then, there have been several studies on the topic which show that family assets play a significant role in determining economic outcomes at the household level.
The most common form of family assets is real estate because they provide shelter and food. Other types of family assets include personal possessions like furniture, clothing, jewelry, etc., and non-material goods including education, skills, knowledge, health care, social networks, etc. These assets also vary depending upon whether they are held jointly with others or individually.
The study of family assets is important because it helps us understand what factors influence people’s decisions about investing their money. For example, if we want to improve our economy, we should focus more on increasing access to affordable housing rather than trying to increase home values through building new homes. This would help lower costs associated with owning a house while improving the quality of life for those who live near public transportation systems.
In addition to helping policymakers make better decisions, understanding the determinants of family assets will identify areas where interventions could potentially benefit individuals and communities. One area where intervention may prove beneficial is in reducing poverty rates. Poverty refers to having insufficient funds to meet basic needs such as food, water, healthcare, and housing.
