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Savings and wealth in the UK: evidence from micro-data

  • James Banks

    ()

    (Institute for Fiscal Studies and University College London)

  • Sarah Smith

    ()

    (Institute for Fiscal Studies and Centre for Market and Public Organisation)

The late 1980s saw a dramatic fall in personal saving rates in Britain and the United States which attracted the attention of academics and policymakers alike. The period was also marked by a number of important structural changes, any or all of which could have had an impact on personal saving behaviour. Included among these are systematic changes in the demographic structure of the population, female labour supply, productivity growth, financial liberalisation and the degree of inequality in household incomes. These changes, coupled with the decline in personal saving, led many commentators to pronounce that the ‘baby-boom’ generation (i.e. those currently middle-aged) were not saving enough for their retirement — a concern heightened by growing fears over the future of the state pension system, given current social and political attitudes.

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Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

Volume (Year): 17 (1996)
Issue (Month): 2 (January)
Pages: 37-64

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Handle: RePEc:ifs:fistud:v:17:y:1996:i:2:p:37-64
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  1. Dilnot, Andrew & Disney, Richard & Johnson, Paul & Whitehouse, Edward, 1994. "Pensions policy in the UK: An economic analysis," MPRA Paper 10478, University Library of Munich, Germany.
  2. Hochgürtel, S. & Alessie, R.J.M. & van Soest, A.H.O., 1995. "Household portfolio allocation in the Netherlands : Saving accounts versus stocks and bonds," Discussion Paper 1995-24, Tilburg University, Center for Economic Research.
  3. Attanasio, Orazio P & Weber, Guglielmo, 1993. "Consumption Growth, the Interest Rate and Aggregation," Review of Economic Studies, Wiley Blackwell, vol. 60(3), pages 631-49, July.
  4. Blundell, Richard & Browning, Martin & Meghir, Costas, 1994. "Consumer Demand and the Life-Cycle Allocation of Household Expenditures," Review of Economic Studies, Wiley Blackwell, vol. 61(1), pages 57-80, January.
  5. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-87, December.
  6. James Banks & Richard Blundell, 1993. "Household saving behaviour in the UK," IFS Working Papers W93/05, Institute for Fiscal Studies.
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