The intergenerational impact of pension reforms: How grandmothers’ pension eligibility affects daughters’ fertility
利用澳大利亚养老金改革（领取年龄提高7年），发现祖母延迟退休减少育儿支持，导致女儿生育率下降，尤其在低收入家庭中更明显。
• We study how grandmothers' pension eligibility affects their daughters' fertility. • An Australian pension reform increased women's eligibility age by 7 years. • The reform increased labour supply and reduced grandmothers' childcare support. • We find that this led to a decline in daughters' fertility rates. • Findings reveal the intergenerational impact of pension reform on fertility. This paper provides causal evidence on how changes in pension eligibility for women influence maternal grandmothers’ capacity to provide informal childcare and their daughters’ fertility decisions. Leveraging an Australian reform that raised the pension eligibility age by seven years, we show that the reform significantly increased the likelihood of grandmothers delaying retirement, thereby reducing their ability to provide childcare. As a result, we observe a decline in fertility rates among their daughters, particularly in lower-wealth households where financial constraints are more pronounced. Our findings highlight the intergenerational impacts of pension reform, revealing a clear link between grandmothers’ pension eligibility and fertility outcomes in the next generation.