Intergenerational developments in household saving behaviour

Mark Vink

New Zealand Economic Papers, 2016, vol. 50, issue 1, 3-28

Abstract: This paper examines the saving behaviour of different generations of households in New Zealand over the period 1984--2010 using data from the Household Economic Survey. The paper employs a life-cycle framework to estimate regression models that identify the influence of age and birth year on household saving rates. The results show that household saving rates exhibit a hump shape over the life cycle and that, from the baby boomers onward, the average saving rates of each generation exceed those of the generation preceding it. These findings suggest that the movement of the baby boomers into their higher saving years has contributed positively to aggregate saving rates, but that future effects of population ageing are likely to be negative. However, it is possible that the lift in saving rates over recent generations will provide an ongoing positive contribution to aggregate saving rates throughout the projection period ending 2030.

Date: 2016
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DOI: 10.1080/00779954.2015.1040829

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