Savings trajectories and cohort differences among older Chinese couples

Based on longitudinal data from four waves (2011, 2013, 2015, and 2018) of the China Health and Retirement Longitudinal Study, we examined savings and savings changes among older couples in China using hierarchical linear models, explored any cohort differences, and analyzed the effects of the accessibility of the employee pension and the number of children on parents' savings. The results indicate that the savings of older couples continued to increase in old age, but the growth slowed down with age. For the cohort born before 1940, savings declined in later years. The cohorts born after 1940 had higher savings, but their savings grew less in later years. Older adults with access to the employee pension saved more and faster. Older adults with more than two children had lower savings, while those from younger cohorts were less impacted.