  This article examines the impact of China's delayed retirement announcement
on households' savings behavior using data from China Family Panel Studies
(CFPS). The article finds that treated households, on average, experience an 8%
increase in savings rates as a result of the policy announcement. This
estimation is both significant and robust. Different types of households
exhibit varying degrees of responsiveness to the policy announcement, with
higher-income households showing a greater impact. The increase in household
savings can be attributed to negative perceptions about future pension income.
