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The Impact of COVID-19 on Subjective Well-Being: Evidence from Singapore

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  • Cheng, Terence Chai

    (University of Adelaide)

  • Kim, Seonghoon

    (Singapore Management University)

  • Koh, Kanghyock

    (Korea University)

Abstract

We provide novel evidence on how the COVID-19 global health and economic crisis is affecting overall life satisfaction and domain-specific satisfaction using data from a monthly longitudinal survey of middle-aged and older Singaporeans. Using a difference-in-differences framework, we document large declines in overall life satisfaction and domain-specific satisfaction during the COVID-19 outbreak, except satisfaction with health. These declines coincide with the introduction of a nationwide lockdown, with life satisfaction remaining below its pre-pandemic levels even after the lockdown is lifted. We also find that individuals who report a drop in household income during the COVID-19 outbreak experience a decline in overall life satisfaction almost twice as large as those who do not report any income loss.

Suggested Citation

  • Cheng, Terence Chai & Kim, Seonghoon & Koh, Kanghyock, 2020. "The Impact of COVID-19 on Subjective Well-Being: Evidence from Singapore," IZA Discussion Papers 13702, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp13702
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    References listed on IDEAS

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    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Health > Distancing and Lockdown > Effect on well-being

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    Cited by:

    1. Lina Martínez & Eduardo Lora & Andres David Espada, 2022. "The Consequences of the Pandemic for Subjective Well-Being: Data for Improving Policymaking," IJERPH, MDPI, vol. 19(24), pages 1-20, December.
    2. Jun Hyung Kim & Yu Kyung Koh & Jinseong Park, 2023. "Mental Health Consequences of Working from Home during the Pandemic," Global Economic Review, Taylor & Francis Journals, vol. 52(1), pages 18-50, January.
    3. Mathias Huebener & Sevrin Waights & C. Katharina Spiess & Nico A. Siegel & Gert G. Wagner, 2021. "Parental well-being in times of Covid-19 in Germany," Review of Economics of the Household, Springer, vol. 19(1), pages 91-122, March.
    4. Rossouw, Stephanié & Greyling, Talita, 2022. "Collective emotions and macro-level shocks: COVID-19 vs the Ukrainian war," GLO Discussion Paper Series 1210, Global Labor Organization (GLO).
    5. Farzanegan, Mohammad Reza & Gholipour, Hassan F., 2023. "COVID-19 fatalities and internal conflict: Does government economic support matter?," European Journal of Political Economy, Elsevier, vol. 78(C).
    6. YAMAMURA, Eiji & Tsutsui, Yoshiro, 2020. "Impact of closing schools on mental health during the COVID-19 pandemic: Evidence using panel data from Japan," MPRA Paper 105023, University Library of Munich, Germany.
    7. Ahlheim, Michael & Kim, In Woo & Vuong, Duy Thanh, 2022. "The return of happiness: Resilience in times of pandemic," Hohenheim Discussion Papers in Business, Economics and Social Sciences 03-2022, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    8. Mars, Lidón & Arroyo, Rosa & Ruiz, Tomás, 2022. "Mobility and wellbeing during the covid-19 lockdown. Evidence from Spain," Transportation Research Part A: Policy and Practice, Elsevier, vol. 161(C), pages 107-129.
    9. Gaggero, Alessio & Fernández-Pérez, Ángel & Jiménez-Rubio, Dolores, 2022. "Effect of the COVID-19 pandemic on depression in older adults: A panel data analysis," Health Policy, Elsevier, vol. 126(9), pages 865-871.
    10. Eiji Yamamura & Yoshiro Tsustsui, 2021. "School closures and mental health during the COVID-19 pandemic in Japan," Journal of Population Economics, Springer;European Society for Population Economics, vol. 34(4), pages 1261-1298, October.

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    More about this item

    Keywords

    COVID-19; pandemic; life satisfaction; subjective well-being; individual-level monthly panel data; difference-in-differences;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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