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3. Discuss the consequence of bequest effect on savings decisions in the context of public pension...

3. Discuss the consequence of bequest effect on savings decisions in the context of public pension system.

please explain this clearly.

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Ans : Bequest is an act of giving personal property or financial assets to an individual or organisation through the provisions of will.

Saving decision is affected by bequest effect. Many households spend their wealth slowly during retirement , holding much of their wealth into old age . households  save a small part of their income to be used during their retirement time but given the substantial medical spending and mortality risks that retirees face , savings are spent primarily on precautionary needs in some states and on bequests in others.  So bequest effect adversely affect the saving decisions in context of public pension system .

workers earn their pension by contributing a portion of every paycheck towards their retirement . In India mostly household spend their pension on bequests so they try to save more in order to secure their children in future as they give some portion of their monthly pension to their children willingly .

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