Demographic Change and the UK Savings Rate
We use microeconomic data to explore the effects of a changing age-structure on the UK's aggregate personal savings rate. Our findings suggest that changes to the population's age structure age have had detectable, sustained, but, relative to the yearly changes observed in the savings rate over the previous century, modest effects on aggregate personal sector savings. We estimate that the projected changes to the UK's age structure over the next 40 years are likely to raise the UK's savings rate but by no more than 2 percentage points. We find no basis for the view that the aggregate savings rate will decline as a result of the anticipated ageing of the UK population.
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