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Satisfaction with job and income among older individuals across European countries

  • Bonsang Eric
  • Soest Arthur van

    (METEOR)

Using data on individuals of age 50 and older from 11 European countries, we analyze two economic aspects of subjective well-being of older Europeans: satisfaction with household income, and job satisfaction. Both have been shown to contribute substantially to overall well-being (satisfaction with life or happiness). We use anchoring vignettes to correct for potential differences in response scales across countries. The results highlight a large variation in self-reported income satisfaction, which is partly explained by differences in response scales. When differences in response scales are eliminated, the cross country differences are quite well in line with differences in an objective measure of purchasing power of household income. There are common features in the response scale differences in job satisfaction and income satisfaction. French respondents tend to be critical in both assessments, while Danish and Dutch respondents are always on the optimistic end of the spectrum. Moreover, correcting for response scale differences decreases the cross-country association between satisfaction with income and job satisfaction among workers.

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Paper provided by Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR) in its series Research Memorandum with number 059.

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Date of creation: 2010
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Handle: RePEc:unm:umamet:2010059
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  10. Agar Brugiavini & Tullio Jappelli & Guglielmo Weber, 2002. "The Survey on Health, Aging and Wealth," CSEF Working Papers 86, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  11. Bonsang Eric & Soest Arthur van, 2010. "Satisfaction with Social Contacts of Older Europeans," ROA Research Memorandum 012, Maastricht University, Research Centre for Education and the Labour Market (ROA).
  12. Viola Angelini, Danilo Cavapozzi, Luca Corazzini, Omar Paccagnella., 2008. "Do Danes and Italians Rate Life Satisfaction in the Same Way? Using Vignettes to Correct for Individual-Specific Scale Biases," ISLA Working Papers 31, ISLA, Centre for research on Latin American Studies and Transition Economies, Universita' Bocconi, Milano, Italy.
  13. Karl Kosloski & David Ekerdt & Stanley DeViney, 2001. "The Role of Job-Related Rewards in Retirement Planning," Journals of Gerontology: Series B, Gerontological Society of America, vol. 56(3), pages P160-P169.
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  16. Skalli, Ali & Theodossiou, Ioannis & Vasileiou, Efi, 2008. "Jobs as Lancaster goods: Facets of job satisfaction and overall job satisfaction," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(5), pages 1906-1920, October.
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  20. Tsakloglou, Panos, 1996. "Elderly and Non-elderly in the European Union: A Comparison of Living Standards," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 42(3), pages 271-91, September.
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  22. Peggy Schyns, 2002. "Wealth Of Nations, Individual Income andLife Satisfaction in 42 Countries:A Multilevel Approach," Social Indicators Research, Springer, vol. 60(1), pages 5-40, December.
  23. Bernard M. S. van Praag & Nico L. van der Sar, 1988. "Household Cost Functions and Equivalence Scales," Journal of Human Resources, University of Wisconsin Press, vol. 23(2), pages 193-210.
  24. Sousa-Poza, Alfonso & Sousa-Poza, Andres A., 2000. "Well-being at work: a cross-national analysis of the levels and determinants of job satisfaction," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 29(6), pages 517-538, November.
  25. Chang-ming Hsieh, 2004. "Income and Financial Satisfaction among Older Adults in the United States," Social Indicators Research, Springer, vol. 66(3), pages 249-266, May.
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