Essentially, what the precautionary-saving literature says is that more uncertainty reduces the average propensity to consume (APC), the ratio of consumption to income.

从本质上讲，预防性储蓄理论说的是，更多的不确定性会降低平均消费倾向(APC)，即比消费与收入的比率。

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The new consumers in their 20s have a higher propensity to spend a greater proportion of their incomes than do those in their 50s, where saving absorbs a higher share of income.

这些20来岁的新的消费者，要比他们50来岁的父辈更愿意消费，消费占收入的比重会更高，而他们父辈则是把大部分的收入用于存款。

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Propensity to saving will rise leading to higher investments in the equity markets.

如果股票市场现在开始给予积极的回报。

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