The Impact of the New Rural Social Pension Insurance on the Happiness of Rural Residents in the Context of Population Aging

Background The accelerating process of urbanization has led to an increasingly serious aging of the population. In this context, “happy old age” has become a hot issue of social concern. Objectives This study aims to examine the impact of the New Rural Social Pension on the well-being of rural residents in China. Specifically, it seeks to understand how the implementation of this policy affects life satisfaction, confidence in the future, and overall sense of well-being among rural residents. Methods Based on the 2018 and 2020 China Family Panel Studies (CFPS) data, empirical analysis was conducted using Ordinary Least Squares (OLS) and Ordered Probit models. The study also conducted heterogeneity analysis to explore the variability of the impact across different demographic groups. Results The findings show that the implementation of the New Rural Social Pension significantly increases rural residents' life satisfaction and level of confidence in the future, thus enhancing their sense of well-being. Additionally, the heterogeneity analysis reveals that younger residents, females, those from eastern and western regions, and married groups benefit more from the New Rural Social Pension. Conclusion This study provides empirical evidence for understanding the actual effects of the New Rural Social Security policy. It also offers policy recommendations for further optimizing the rural social security system in China.