utility to differ between households with and without offspring. Our estimates imply a very strong utility of residual wealth …-quarters of aggregate wealth at age 85. More surprisingly, we estimate similar utility of residual wealth for households with and … without offspring. We interpret this as, prima facie, evidence that the utility of residual wealth represents forces beyond an …

wealth. In addition, the savings rate strongly responds to demographic trends. Besides the direct impact of the age structure …, an indirect effect arises through the accumulation of wealth. The savings rate does not decrease with age in a monotonic …This paper investigates the relationship between wealth, ageing and saving behaviour of private households by using …