In the US (and other countries) a lot of wealth is accumulated in 401ks or other pension like schemes. When people see that their retirement funds have a high v

In the US (and other countries) a lot of wealth is accumulated in 401ks or other pension like schemes. When people see that their retirement funds have a high value then they are more willing to spend money in the present. But since pensioners are spending less money on average than people in their working ages the effectiveness of stimulating demand via higher stock prices is limited.