Intergenerational equity has become a major policy issue: there is a widespread perception that the younger generations have been relatively disadvantaged by economic and demographic changes over the last 30 years and are now finding it harder to finance their education, enter well-paid employment, purchase their first house and save for retirement than their parents did. The principal aim of this proposal is to inform the current discussion of how generational well-being has changed over this period, and to assist policymakers in assessing the inter-generational effect of different policy initiatives going forward. We will achieve this by preparing Generational Wealth Accounts (GWA's), which generalise the system of National Transfer Accounts (NTA's), in order to investigate intergenerational transfers over the whole life course and not just within a chosen year. GWA's link annual NTA accounts by adjusting for expected births and deaths and including a lifetime resource constraint to measure expected public and private transfers to and from the unborn. GWA's can be regarded as an extension of Generational Accounting (GA), developed by Auerbach et al (1991), to include private transfers, human capital and market wealth in addition to public transfers. They thus present a comprehensive measure of generational resources, as well as the uses to which such resources are put. Sub-aims of the project are: 1. To calculate a set of NTA's for the UK going back to 1975. 2. To use these to build Generational Wealth Accounts (GWA) for the UK and the US over the same period 1975-2014. 3. To use GWA to look at key questions. Firstly, whether current consumption profiles by age are sustainable, and secondly, the relative economic advantage of the different cohorts in terms of lifetime resources. We will develop a set of indicators that summarise these findings. 4. To look at the impact of two economic events on generational resources and on generational risk sharing. Firstly, we will examine how the impact of the financial crisis was shared across the generations. In particular, we will focus on whether the greater proportional fall in labour income experienced by the younger generations was partly offset by greater transfers from older generations. Secondly, we will investigate whether there is any evidence that any part of the huge transfer in resources to older generations as a result of the capital appreciation of fixed property value has been distributed back down to the younger generations through private transfers. 5. To compare the trends we observe in generational transfers in the UK to those in the US, and attempt to link these to institutional differences between the two countries. 6. To compare current GWA of the UK to those constructed for European countries, using NTA results from European teams.