Policy Expectation Counts? The Impact of China's Delayed Retirement Announcement on Urban Households Savings Rates

Shun Zhang

Papers from arXiv.org

Abstract: This article examines the impact of China's delayed retirement announcement on households' savings behavior using data from China Family Panel Studies (CFPS). The article finds that treated households, on average, experience an 8% increase in savings rates as a result of the policy announcement. This estimation is both significant and robust. Different types of households exhibit varying degrees of responsiveness to the policy announcement, with higher-income households showing a greater impact. The increase in household savings can be attributed to negative perceptions about future pension income.

Date: 2023-07, Revised 2023-07
New Economics Papers: this item is included in nep-age and nep-cna
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