Abstract
The old and young consume public and private goods and services in excess of their labour income and incur lifecycle deficit (LCD). The share of the benefits received by the elderly 65 years and above and children below 20 years are, respectively, 6.3 and 42.1 per cent of the total familial in-transfer. The elderly themselves contribute to support, particularly for education of grandchildren, and their contribution is more than the benefit they receive from intra-household transfers. Contrary to the belief that in India, children provide old-age security, the elderly do not gain from the intra-household familial support. It is found that in India, there is a shortage of public funding to meet a greater share of the LCD of the population of children and the aged, and they would not have been able to consume essential goods and services if not for asset-based consumption and familial support.
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