中文摘要：

居民部门高储蓄、低消费困扰中国经济。笔者采用1978年-2008年时间序列数据，利用VECM模型方法，通过研究抚养比与居民储蓄的关系，从人口年龄结构视角探索居民部门高储蓄的原因。结果显示，1978年以来，少儿抚养比下降提高居民储蓄，老年抚养比上升降低居民储蓄，少儿抚养比的影响较老年抚养比大，约是老年抚养比的3倍；从影响时间上看，少儿和老年抚养比对居民储蓄是长期影响，时间长达20年。

英文摘要：

The household sectort high savings, low consumption plagues China economy. With 1978 -2008 time series data and the VECM model, the paper studies the relationship between the dependency ratio and household savings and explores the reasons of the household sector high savings by the perspective of population age structure. It is concluded that since 1978, the declining of the children dependency ratio raises household savings, and the rising of elderly dependency ratio reduces household savings, the effects of the child dependency ratio are more than the elderly dependency ratio, which is about 3 times more than the elderly dependency ratio; As for the impact time, children and elderly dependency ratio on household savings are about 20 years.