This research aims to empirically investigate the impact of population aging on the savings rate through the case of China, taking into account the heterogeneity between rural and urban areas. Data was collected from 2011 to 2021 for 31 provinces in China, and a panel dataset was constructed by separating the data into urban and rural categories for each province. The analysis utilized variables such as the elderly ratio, savings rate, income level, and social security spending for both rural and urban areas of each province, applying a panel fixed-effect model. The results revealed that the pattern of savings rates differs between rural and urban areas as aging progresses. Specifically, an increase in the elderly ratio, i.e., the level of aging, leads to an increase in the savings rate in urban areas but a decrease in rural areas. Additionally, the rate of change in savings rates significantly increases with the acceleration of aging. The increase in social security expenditures reduces the savings rate in all regions, but this effect is more pronounced in rural areas. Therefore, it is necessary to consider the different directions and sensitivities of savings rate due to aging in rural and urban areas when implementing policies. Moreover, the study suggests that to increase the savings rate, there should be a focus on enhancing productivity to boost labor income in rural areas.