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

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  • Shun Zhang

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.

Suggested Citation

  • Shun Zhang, 2023. "Policy Expectation Counts? The Impact of China's Delayed Retirement Announcement on Urban Households Savings Rates," Papers 2307.02455, arXiv.org, revised Jul 2023.
    • Handle: RePEc:arx:papers:2307.02455
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    4. Sumit Agarwal & Wenlan Qian, 2014. "Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore," American Economic Review, American Economic Association, vol. 104(12), pages 4205-4230, December.
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