This spending has driven our national saving rate from 14 percent in the fifties to 1 percent now.

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But although households account for a large part of China's exalted national saving rate, they were not responsible for the sharp rise in national thrift since 2000.

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Since the old, who have shorter time horizons, have larger propensities to consume than do the young, this transfer has fueled a huge increase in personal consumption, reducing our national saving rate (saving as a share of national income) from 10 to 15% in the 1950s and 60s to a negative 1.5% last year.

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Only 18% know they are on track to reach their income goal in retirement, and the national average savings rate is only about 4%, well below the 10-15% financial planners typically recommend saving for retirement.

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