Integration of Urban-rural Pension Insurance and Rural Household Saving Rates: An Empirical Analysis Based on Data From the Chinese Household Finance Survey

The integrated urban-rural pension insurance policy is an important measure to improve the pension security system and promote coordinated economic development between urban and rural areas. It aims to enhance the retirement benefits of rural families, thereby influencing their household economic activities. Based on the 2015 and 2019 China Household Finance Survey data, this study employs the difference-in-differences method to analyze the impact and channels through which the integrated urban-rural pension insurance policy affects the rural household savings rate. The results indicate that the integrated urban-rural pension insurance policy significantly reduces the rural household savings rate. Furthermore, this study further analyzes the channels of impact: the integrated urban-rural pension insurance policy reduces the household savings rate by increasing subsistence consumption and alleviating income uncertainty faced by households. Heterogeneity analysis shows that the effect of the integrated urban-rural pension insurance policy on the rural household savings rate is more pronounced in the central and western regions, lower-educated households, lower-income households, and households in the phase of receiving pension payments. The above findings have theoretical reference value and policy implications for government departments to accurately grasp the direction and intensity of pension insurance reform and improve the pension insurance system for urban and rural residents.