Household savings and subjective wellbeing: Evidence from China

Fuzhong Chen, Guohai Jiang and Mengyi Gu

Journal of Consumer Affairs, 2021, vol. 55, issue 4, 1489-1504

Abstract: The purpose of this paper is to investigate the association between household savings and subjective wellbeing (SWB) using data from the China Household Finance Survey conducted in 2011, 2013, 2015, and 2017. The results indicate that the association between household savings and SWB is nonlinear, showing an inverted U‐shape, which implies that there may be an optimal amount of household savings to maximize SWB. Furthermore, this study explores the heterogeneity of different groups and finds that the optimal amounts of household savings vary among subsamples in terms of region, income, age, and risk attitude. These findings have implications for consumer educators and policymakers when they help consumers to make rational saving decisions.

Date: 2021
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