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Satisfaction with Life and Economic Well-Being: Evidence from Germany

Author

Listed:
  • Conchita D’Ambrosio
  • Joachim R. Frick
  • Markus Jäntti

Abstract

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.

Suggested Citation

  • Conchita D’Ambrosio & Joachim R. Frick & Markus Jäntti, 2009. "Satisfaction with Life and Economic Well-Being: Evidence from Germany," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 129(2), pages 283-295.
    • Handle: RePEc:aeq:aeqsjb:v129_y2009_i1_q1_p283-295
    DOI: 10.3790/schm.129.2.283
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    Citations

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    Cited by:

    1. Karina Doorley & Nico Pestel, 2020. "Labour Supply after Inheritances and the Role of Expectations," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 82(4), pages 843-863, August.
    2. Verme, Paolo, 2013. "The relative income and relative deprivation hypotheses : a review of the empirical literature," Policy Research Working Paper Series 6606, The World Bank.
    3. Andrew E. Clark & Conchita D'Ambrosio & Rong Zhu, 2021. "Living in the Shadow of the Past: Financial Profiles and Well‐Being," Scandinavian Journal of Economics, Wiley Blackwell, vol. 123(3), pages 910-939, July.
    4. Zuzana Brokesova & Andrej Cupak & Anthony Lepinteur & Marian Rizov, 2021. "Wealth, Assets and Life Satisfaction: A Metadata Instrumental-Variable Approach," Working and Discussion Papers WP 4/2021, Research Department, National Bank of Slovakia.
    5. Andreas Peichl & Nico Pestel, 2013. "Multidimensional affluence: theory and applications to Germany and the US," Applied Economics, Taylor & Francis Journals, vol. 45(32), pages 4591-4601, November.
    6. Kuypers, Sarah & Marx, Ive, 2016. "Estimation of Joint Income? Wealth Poverty: A Sensitivity Analysis," IZA Discussion Papers 10391, Institute of Labor Economics (IZA).
    7. Peichl, Andreas & Pestel, Nico, 2010. "Multidimensional Measurement of Richness: Theory and an Application to Germany," IZA Discussion Papers 4825, Institute of Labor Economics (IZA).
    8. Conchita D’Ambrosio & Markus Jäntti & Anthony Lepinteur, 2020. "Money and Happiness: Income, Wealth and Subjective Well-Being," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 148(1), pages 47-66, February.
    9. Martin Berlin & Niklas Kaunitz, 2015. "Beyond Income: The Importance for Life Satisfaction of Having Access to a Cash Margin," Journal of Happiness Studies, Springer, vol. 16(6), pages 1557-1573, December.
    10. Berlin, Martin & Kaunitz, Niklas, 2011. "Subjective Well-Being, Income and Economic Margins," Working Paper Series 12/2011, Stockholm University, Swedish Institute for Social Research.
    11. Sarah Kuypers & Ive Marx, 2018. "Estimation of Joint Income-Wealth Poverty: A Sensitivity Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 136(1), pages 117-137, February.
    12. Bernhard Christoph, 2010. "The Relation Between Life Satisfaction and the Material Situation: A Re-Evaluation Using Alternative Measures," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 98(3), pages 475-499, September.

    More about this item

    JEL classification:

    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • D60 - Microeconomics - - Welfare Economics - - - General

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