When Families Become a Nation’s Shock Absorber: Intergenerational Risk-Sharing in an Aging World

Families insure children’s income shocks—cash for short hits, saving for long ones
In ageing, low-growth countries, this scales nationally: Japan’s seniors work longer to steady households
Policy fix: public “reinsurance” via income-linked tuition, midlife upskilling, and flexible senior roles in education