Chapter The impact of economic insecurity on life satisfaction among German citizens
The concept of life satisfaction dates back to the Age of Enlightenment and became popular in the Nineteenth century as a synonym for ‘good life’. Efforts are still underway to overcome the traditional economic criteria of well-being by broadening the definition and measurement of life satisfaction...
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| Format: | Online |
| Sprog: | engelsk |
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Firenze University Press, Genova University Press
2023
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| Online adgang: | ONIX_20230803_9791221501063_79 |
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| author | Panarello, Demetrio Punzo, Gennaro |
| author_browse | Panarello, Demetrio Punzo, Gennaro |
| author_facet | Panarello, Demetrio Punzo, Gennaro |
| author_sort | Panarello, Demetrio |
| collection | Directory of Open Access Books |
| description | The concept of life satisfaction dates back to the Age of Enlightenment and became popular in the Nineteenth century as a synonym for ‘good life’. Efforts are still underway to overcome the traditional economic criteria of well-being by broadening the definition and measurement of life satisfaction based on a large set of indicators. Although ‘money cannot buy happiness’, the economic dimension remains a crucial element of life satisfaction. Economic insecurity arises from unpredictable economic losses, which may affect individuals’ well-being due to the feeling of failure and inability to recover. In this paper, economic insecurity is investigated for its impact on the trajectories of life satisfaction over a timespan of 30 years among working-age German citizens, grouped by age (16-29, 30-39, 40-49, 50-64) and activity sector (secondary vs. tertiary). Latent Growth Curve Models were estimated on longitudinal data from the German Socio-Economic Panel (SOEP), using individual and time fixed effects. The analyses allow us to break down the impact of economic insecurity on life satisfaction into a fixed component and a specific random component for each individual. Every year, panel respondents have been asked to provide their subjective perception of life satisfaction on a 10-point Likert scale. Economic insecurity is measured through the Bossert and D’Ambrosio’s index. Our results show that economic insecurity has a negative impact on life satisfaction, which becomes more relevant for people in the 40-49 age group. This impact appears to be stronger for workers belonging to the secondary sector. Moreover, among the youngest individuals (16-29), such an impact shows a higher variability over time: therefore, within this age group, economic insecurity appears to affect life satisfaction more unpredictably. As relevant differences exist between the considered groups, our results give way to the implementation of targeted policy measures. |
| format | Online |
| id | doab-20.500.12854ir-112160 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2023 |
| publishDateRange | 2023 |
| publishDateSort | 2023 |
| publisher | Firenze University Press, Genova University Press |
| publisherStr | Firenze University Press, Genova University Press |
| record_format | ojs |
| spelling | doab-20.500.12854ir-1121602025-07-17T10:01:38Z Chapter The impact of economic insecurity on life satisfaction among German citizens Panarello, Demetrio Punzo, Gennaro SOEP Well-being Panel data analysis Latent Growth Curve Models thema EDItEUR::J Society and Social Sciences thema EDItEUR::J Society and Social Sciences The concept of life satisfaction dates back to the Age of Enlightenment and became popular in the Nineteenth century as a synonym for ‘good life’. Efforts are still underway to overcome the traditional economic criteria of well-being by broadening the definition and measurement of life satisfaction based on a large set of indicators. Although ‘money cannot buy happiness’, the economic dimension remains a crucial element of life satisfaction. Economic insecurity arises from unpredictable economic losses, which may affect individuals’ well-being due to the feeling of failure and inability to recover. In this paper, economic insecurity is investigated for its impact on the trajectories of life satisfaction over a timespan of 30 years among working-age German citizens, grouped by age (16-29, 30-39, 40-49, 50-64) and activity sector (secondary vs. tertiary). Latent Growth Curve Models were estimated on longitudinal data from the German Socio-Economic Panel (SOEP), using individual and time fixed effects. The analyses allow us to break down the impact of economic insecurity on life satisfaction into a fixed component and a specific random component for each individual. Every year, panel respondents have been asked to provide their subjective perception of life satisfaction on a 10-point Likert scale. Economic insecurity is measured through the Bossert and D’Ambrosio’s index. Our results show that economic insecurity has a negative impact on life satisfaction, which becomes more relevant for people in the 40-49 age group. This impact appears to be stronger for workers belonging to the secondary sector. Moreover, among the youngest individuals (16-29), such an impact shows a higher variability over time: therefore, within this age group, economic insecurity appears to affect life satisfaction more unpredictably. As relevant differences exist between the considered groups, our results give way to the implementation of targeted policy measures. 2023-08-08T05:40:47Z 2023-08-08T05:40:47Z 2023-08-03T15:05:31Z 2023 chapter ONIX_20230803_9791221501063_79 2704-5846 https://library.oapen.org/handle/20.500.12657/74883 9791221501063 https://directory.doabooks.org/handle/20.500.12854/112160 eng Proceedings e report open access image/png image/jpeg Attribution 4.0 International Attribution 4.0 International https://library.oapen.org/bitstream/20.500.12657/74883/1/9791221501063-11.pdf https://library.oapen.org/bitstream/20.500.12657/74883/1/9791221501063-11.pdf Firenze University Press, Genova University Press 10.36253/979-12-215-0106-3.11 10.36253/979-12-215-0106-3.11 74113d79-2268-4658-88bb-6e8757c543b0 ASA 2022 Data-Driven Decision Making 9791221501063 6 Florence open access |
| spellingShingle | SOEP Well-being Panel data analysis Latent Growth Curve Models thema EDItEUR::J Society and Social Sciences thema EDItEUR::J Society and Social Sciences Panarello, Demetrio Punzo, Gennaro Chapter The impact of economic insecurity on life satisfaction among German citizens |
| title | Chapter The impact of economic insecurity on life satisfaction among German citizens |
| title_full | Chapter The impact of economic insecurity on life satisfaction among German citizens |
| title_fullStr | Chapter The impact of economic insecurity on life satisfaction among German citizens |
| title_full_unstemmed | Chapter The impact of economic insecurity on life satisfaction among German citizens |
| title_short | Chapter The impact of economic insecurity on life satisfaction among German citizens |
| title_sort | chapter the impact of economic insecurity on life satisfaction among german citizens |
| topic | SOEP Well-being Panel data analysis Latent Growth Curve Models thema EDItEUR::J Society and Social Sciences thema EDItEUR::J Society and Social Sciences |
| topic_facet | SOEP Well-being Panel data analysis Latent Growth Curve Models thema EDItEUR::J Society and Social Sciences thema EDItEUR::J Society and Social Sciences |
| url | ONIX_20230803_9791221501063_79 |
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