savings. In line with life-cycle theory, we found that longevity increases saving ratios. …

pensions on private consumption. We focus on the estimation of a ECM consumption function in the case of the United States and … the United Kingdom. It is shown that pension funds would have a negative impact on households’saving ratio. However, these … are then implemented, showing no impact of pension funds on private consumption. …

investigates the relationship between an increasing life expectancy and saving behaviour. We set up a life- cycle model in which … uncertainty as a consumption shock to stylise the fact that individuals may face an (uncertain) increase in expenditure for long … individual life-expectancy does not imply a decrease in saving or a more risk averse behaviour. …