Indeed, of the 20.2-percentage-point increase in aggregate household savings (as a share of GDP) in China from 1992 to 2009, the middle-aged cohort accounted for more than 60% (the remainder was largely attributable to the elderly). In the US, which experienced a 1.8-percentage-point decline in aggregate savings as a share of GDP, the savings-to-GDP ratio among the young declined by 1.25 percentage points, whereas the figure for middle-aged savers actually increased by about 1.5 percentage points.