1.College of Economics and Management, Huazhong Agricultural University;2.School of Social Sciences, Tsinghua University
Guiding residents to save for retirement is one of the important ways to alleviate the economic pressure . Based on the survey data of China Ageing Finance Forum , using ordered probit model, this paper empirically tests the impact of income level on the retirement saving behavior of urban and rural residents. The results show that: income has a positive effect, urban residents' retirement saving is more affected by income, with lower threshold; the income threshold of retirement saving in the northeast is the highest, while that in the east is the lowest; the retirement saving behavior in the west is the most sensitive to income, and that in the central is the least sensitive.In the lower income group, the elderly residents' retirement saving is more susceptible to income; in the higher income group, the elderly residents' retirement saving is more susceptible to income.The influence of income in the youngest and oldest urban residents is greater than that of the rural residents, while the opposite is true for the middle-aged groups. Therefore, it is necessary to strengthen the ageing financial education in rural areas, change the concept of the aged and improve the consciousness of retirement saving , so as to reduce the pressure of the aged economy.