Demographic change and private savings in India
Neha Jain () and
Srinivas Goli ()
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Neha Jain: Indian Institute of Foreign Trade (IIFT)
Srinivas Goli: The University of Western Australia (UWA)
Journal of Social and Economic Development, 2022, vol. 24, issue 1, No 1, 29 pages
Abstract India is on the edge of a demographic revolution with a rapidly rising working-age population. For the first time in this study, we investigate the role of the rising working-age population on per capita small savings in post offices and banks net of socio-economic characteristics using state-level panel data compiled from multiple sources for the period 2001–2018. Our comprehensive econometric assessment with multiple robustness checks provides three key findings: (1) per capita private savings is increasing because of India’s growing working-age population; thus, the ‘economic life cycle hypothesis’ is evidentially supported; (2) the demographic factors contribute around one-fourth of the per capita private savings inequality across Indian states; and (3) the demographic window of economic opportunity for India can yield maximum benefits in terms of private savings when accompanied by favourable socio-economic policies on education, health, gender equity, and economic growth.
Keywords: Demographic change; Working-age population; Population ageing; Private savings; Life cycle hypothesis; Econometric analyses (search for similar items in EconPapers)
JEL-codes: J11 O15 O16 (search for similar items in EconPapers)
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