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Zukunftsangst! Fear of (and Hope for) the Future and Its Impact on Life Satisfaction

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  • Alan Piper

Abstract

The thoughts that an individual has about the future contribute substantially to their life satisfaction in a positive or negative direction. This is a result found via five different methods, some of which control for personality and disposition and the potential endogeneity of thoughts and life satisfaction. The reduction in life satisfaction experienced by individuals who report being pessimistic is greater than that for well-known objective statuses like unemployment. Including individuals’ thoughts about the future substantially increases the explanatory power of standard life satisfaction models. Life satisfaction is made up of objective and subjective factors and methods exist to account for their potential endogeneity to enhance our understanding of well-being. This investigation is an example of such an analysis combining a subjective factor, thoughts about the future (treated as endogenous), with more standard objective factors to aid understanding regarding well-being.

Suggested Citation

  • Alan Piper, 2014. "Zukunftsangst! Fear of (and Hope for) the Future and Its Impact on Life Satisfaction," SOEPpapers on Multidisciplinary Panel Data Research 706, DIW Berlin, The German Socio-Economic Panel (SOEP).
    • Handle: RePEc:diw:diwsop:diw_sp706
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    Cited by:

    1. Hetschko, Clemens & Knabe, Andreas & Schöb, Ronnie, 2021. "Happiness, Work, and Identity," GLO Discussion Paper Series 783, Global Labor Organization (GLO).
    2. Piper, Alan T., 2014. "The Benefits, Challenges and Insights of a Dynamic Panel assessment of Life Satisfaction," MPRA Paper 59556, University Library of Munich, Germany.
    3. Monica Budowski & Sebastian Schief & Rebekka Sieber, 2016. "Precariousness and Quality of Life—a Qualitative Perspective on Quality of Life of Households in Precarious Prosperity in Switzerland and Spain," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 11(4), pages 1035-1058, December.

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    Keywords

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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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