In South Korea, improvements in medicine over the last 100 years lead to an increase in the life expectancy. As such, people anticipated that they would have a longer retirement period, and needed to save more to be able to afford the longer retirement.

Draw the market for loanable funds for this scenario. Make sure to label the supply and demand for loanable funds, both before and after the change caused by the scenario. Label the axes, and label the equilibrium quantity of loanable funds and interest rate both before and after the change.

(Hint: one of the curves is going to shift)