Dissaving by the elderly in Japan: Empirical evidence from survey data

Keiko Murata

ESRI Discussion paper series from Economic and Social Research Institute (ESRI)

Abstract: Using two micro datasets of household surveys, this study empirically examines the (dis)saving behavior of the elderly in Japan. Using the long-run dataset covering 20 years, the findings indicate that, on average, the elderly in Japan dissave, but the pace of dissaving of retired elderly appears to be excessively slow in light of the standard life cycle-permanent income hypothesis. The analysis suggests that one likely factor is the desire to leave a bequest. Both the saving rate and the pace of wealth decumulation show that retired households dissave more slowly if the head plans to leave a bequest. Retired elderly who intend to have savings for precautionary purposes are not found to dissave more slowly except for those who do not plan to leave a bequest to their children.

Pages: 28 pages
New Economics Papers: this item is included in nep-age
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Citations: View citations in EconPapers (6)

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