OLS

2SLS

Savings rate 1

Savings rate 2

Savings rate 1

Savings rate 2

Married women labor participation

0.1071***

(0.0117)

0.0956***

(0.0115)

0.244***

(0.0727)

0.3076***

(0.0711)

Family size

0.0755***

(0.0050)

0.0764***

(0.0049)

0.0735***

(0.0051)

0.0731***

(0.0050)

Household income per capita

0.0814***

(0.0032)

0.0659***

(0.0027)

0.0806***

(0.0031)

0.0643***

(0.0026)

Medical insurance participation

0.1281***

(0.0392)

0.1806***

(0.0395)

0.1164***

(0.0405)

0.1603***

(0.0408)

Pension insurance participation

0.1878***

(0.0271)

0.1356***

(0.0268)

0.1907***

(0.0277)

0.1408***

(0.0275)

Husband’s wage income

0.0053***

(0.0020)

0.0039***

(0.0017)

0.0048***

(0.0020)

0.0034**

(0.0017)

Family member hospitalization

−0.0278

(0.0190)

0.1956***

(0.0177)

−0.0239

(0.0192)

0.1949***

(0.0181)

Married women’s education years

0.0123***

(0.0018)

0.0100***

(0.0017)

0.0111***

(0.0019)

0.0081***

(0.0018)

Married woman age

0.0066***

(0.0008)

0.0051***

(0.0008)

0.0067***

(0.0008)

0.0051***

(0.0008)

Number of children under 3 years old

0.0338

(0.0212)

0.0200

(0.0207)

0.0687***

(0.0231)

0.0600***

(0.0232)

Number of children 4 - 6 years old

−0.0827***

(0.0200)

−0.0397**

(0.0201)

−0.0711***

(0.0211)

−0.0381*

(0.0212)

Number of children aged 7 - 15

−0.0803***

(0.0112)

−0.0478**

(0.0112)

−0.0926***

(0.0131)

−0.0644***

(0.0130)

Unmarried boy

0.0657***

(0.0134)

0.0949***

(0.0129)

0.0550***

(0.0148)

0.0766***

(0.0144)

Older dependency ratio

0.0761

(0.0525)

0.2000***

(0.0507)

0.0949*

(0.0537)

0.2286***

(0.0521)

Married women are healthy

0.0205*

(0.0121)

−0.0086

(0.0118)

0.0117

(0.0124)

−0.0207*

(0.0121)

Married women are in poor health

−0.0791***

(0.0192)

0.0630***

(0.0186)

−0.0659***

(0.0212)

0.0866***

(0.0205)

Deposit account balance

−0.0009***

(0.0003)

−0.0008***

(0.0002)

−0.0009***

(0.0003)

−0.0008***

(0.0003)

Own housing

−0.0225

(0.0160)

−0.0326**

(0.0156)

−0.0307*

(0.0164)

−0.0422**

(0.0161)

Average consumption of the community

−0.0204***

(0.0033)

−0.0173***

(0.0032)

−0.0196***

(0.0035)

−0.0155***

(0.0033)

Rural household registration

−0.0466***

(0.0153)

−0.0209

(0.0149)

−0.0594***

(0.0171)

−0.0430***

(0.0167)

City house price

−0.0194

(0.0127)

−0.0279**

(0.0076)

−0.0161

(0.0130)

−0.0230*

(0.0128)

Identity control variable

YES

YES

YES

YES

Number of observations

19610

19610

18869

18869

Batch and goodness

0.199

0.147

0.194

0.132

F value

55.4223

42.5039

One-stage F value

36.84

36.84

Tool variable t value

21.85

21.85

DWH Chi²/F value

P-value

3.8044

0.0511

9.2713

0.0023