both individual survey data on wealth holdings and administrative data on earnings histories from the UK to examine this … question. We find evidence of a positive relationship between saving rates (and wealth accumulation) and levels of permanent … the US, but somewhat at odds with evidence from the UK which has examined retirement wealth and lifetime earnings in the …

wealth accumulation is to finance future consumption, either their own or that of heirs. The paper concludes that the … simplest model that explains the relevant facts is one in which either consumers regard the accumulation of wealth as an end in … itself, or unspent wealth yields a flow of services (such as power or social status) which have the same practical effect on …