Satisfaction with life and economic well-being: Evidence from Germany
2009 (English)In: Schmollers Jahrbuch (Journal of Applied Social Science Studies), ISSN 1439-121X, Vol. 129, no 2, 283-295 p.Article in journal (Refereed) Published
The relationship between an individual's economic well-being and satisfaction with own life has been the focus of many studies both within and across countries, in one period of time and over time. As a proxy of economic well-being household income both adjusted and unadjusted for household needs has been generally used. The aim of the present paper is to propose a more comprehensive measure of well-being considering the role that wealth and permanent income play in simultaneously determining satisfaction with life. The results, based on representative microdata from the German Socio-Economic Panel Study (SOEP), suggest that both income and wealth increase satisfaction, that long-run income is more appropriate than short-term income and that satisfaction with life is particularly high for those who are at the top of both the income and wealth distributions.
Place, publisher, year, edition, pages
2009. Vol. 129, no 2, 283-295 p.
IdentifiersURN: urn:nbn:se:su:diva-39511OAI: oai:DiVA.org:su-39511DiVA: diva2:320593