Asset Impacts on Life Satisfaction in an Asset-Rich Country: Focusing on Older Adults in Singapore

Using a representative sample, this study examined the extent to which assets matter for life satisfaction among older adults in Singapore. Singapore is a particularly useful context to explore the relationship between life satisfaction and assets because almost all Singaporeans own their own house, regardless of income level. First, this study used a latent profile analysis to assess patterns of life satisfaction. Then, asset impacts on this pattern of life satisfaction were examined, while controlling for contextual and health factors. The study found that financial assets matter for life satisfaction of older adults in Singapore. In particular, older adults in both the moderate life satisfaction class (LSC) and the High LSC were likely to have higher financial assets. Comparatively, other economic indicators such as real assets, total debts, and monthly household income were not significantly related to life satisfaction of older adults in the Moderate and High LSC compared to the Low LSC. However, real assets and monthly household income were significant predictors distinguishing the Moderate LSC and the High LSC. Throughout the models, total debts were not considered as a significant predictor of life satisfaction differences. This paper concludes by providing several policy and practice implications.     

Financial Satisfaction in Old Age: A Satisfaction Paradox or a Result of Accumulated Wealth?

Prior research consistently has found that older adults, despite low incomes, are more financially satisfied than younger adults. This “satisfaction paradox” is typically attributed to elders’ supposed psychological accommodation to poor financial circumstances. We advance a different explanation, one that focuses on substantial age differences in wealth and liabilities. Data are from the first wave of the Norwegian NorLAG study (n = 4,169). Findings support the hypothesis that an examination of a wider range of economic variables shows that material circumstances are more important to the financial satisfaction of the elderly than previously believed. A considerable part of the higher financial satisfaction with increasing age can thus be explained by greater assets and less debt among the aged. Nonetheless, assets and debt do not mediate this relationship at lower incomes, because older people with little income have very little accumulated wealth. As older people with little income and wealth have a much stronger tendency to be financially satisfied than their younger, equally poor counterparts, an “aging paradox” still remains in this field.     

Is giving or receiving psychologically beneficial to older mothers in South Korea? Importance of marital status

In order to understand intergenerational financial transfers and subjective well-being for older mothers, this study argues that marital status is an important factor to be considered. Using the first wave of the Korean Longitudinal Study of Aging (KLoSA), this study finds that married older mothers report higher levels of life satisfaction when they provide economic support but widowed older mothers feel higher levels of life satisfaction when they receive economic support. Also, regular or irregular financial support appears to also matter in the associations between financial support and life satisfaction. These findings suggest that married and widowed older mothers have different viewpoints about the parent-children relationship.     

Money Buys Financial Security and Psychological Need Satisfaction: Testing Need Theory in Affluence

The most prominent theory to explain the curvilinear relationship between income and subjective well-being (SWB) is need theory, which proposes that increased income and wealth can lead to increased well-being in poverty because money is used to satisfy basic physiological needs. The present study tests the tenets of need theory by proposing that money can buy happiness beyond poverty if the money satisfies higher-order needs. Findings indicate that in older adults (n = 1,284), as economic standing rises, so do individual perceptions of financial security (a safety need), which in turn increases overall life satisfaction. Further, a path model tested the degree to which financial security and psychological need satisfaction mediated the path from economic standing to life satisfaction and demonstrated the complete mediation through higher-order needs—there was a 66% reduction in the direct link through financial security and a 34% reduction through psychological need satisfaction. Discussion focuses on how these mediation and path models extend need theory.     

Social Relations and School Life Satisfaction in South Korea

This study pays special attention to adolescents who are at the critical stage of social, cognitive and emotional development and their satisfaction with school life which is important for their educational experience and adult life. The purpose of this study is to examine how students’ relationships with friends, teachers and parents are associated with their school life satisfaction. We conducted hierarchical linear modeling with nationally representative data on 3,790 high school seniors in the consideration of different school types (general and vocational high schools) reflecting the contextual characteristics of South Korean education system. Our findings show that all those relations are associated with school life satisfaction and that some distinctive dimensions of each relation matter for students’ school life satisfaction. In particular, teacher-student relationship was found to shape students’ satisfaction with school life both at individual and school level. In spite of several limitations, the broad investigation of students’ social relations provided a policy implication for improving adolescents’ satisfaction with their school lives.     

Health and Other Aspects of the Quality of Life of Older People

Celebrating the United Nations' International Year of Older Persons, in September 1999 a survey research project was undertaken throughout the Northern Interior Health Region (NIHR) of British Columbia. A total of 875 people completed 23-page questionnaires, the average age of the respondents was 69 and the range ran from 55 to 95 years. Responses to the SF-36 questionnaire indicated that for male respondents aged 55–64, the mean score for the 8 dimensions was 74.4. This mean was practically identical to that of the United States norm for such people (74.5) and lower than that for the United Kingdom (77.4). For male respondents aged 65 and older, the mean was 68.3. This was numerically higher but again practically the same as that of the norm for the United States (68.1). For females aged 55–64, the mean score for 8 dimensions was 73. This was superior to that of the United States norm of (70.6) for such people and lower than that for the United Kingdom (74.6). For female respondents aged 65 and older, the mean score was 65.4. This was practically identical to that of the United States (65.5).Comparing 18 average figures for our respondents on satisfaction with specific domains of life (e.g., financial security, health, friendships) and life as a whole with those of average adults in Prince George in November 1999, we found that in all but two cases the older people's scores were higher. Only in the cases of satisfaction with health and overall happiness were older people's scores lower, and the differences were not statistically significant.Eleven percent of our respondents reported that they had been a victim of a crime in the last year, compared to 38% in our 1997 adult victimization survey. Older people had a more benign view than ordinary adults of the growth of crime in their neighbourhood and city, although exactly 64% of both groups thought that crime had increased in Canada. Although older people had a more optimistic view than other adults of the increase in crime in their neighbourhoods, fewer of the former than the latter felt safe out at night. Nevertheless, compared to adults surveyed in 1997, the behaviour of respondents in our survey of older people was not as constrained by concerns of criminal victimization.Two or three of the 8 SF-36 health dimensions explained 37% of the variation in life satisfaction scores, 34% of variation in happiness scores, 34% in satisfaction with the overall quality of life scores and 22% in satisfaction with one's overall standard of living. In every case, Mental Health was the dimension that had the greatest impact on our four dependent variables.When all of our potential predictors were entered into a regression equation simultaneously, we found that they could explain 60% of the variance in life satisfaction scores, 44% in happiness scores, 58% in satisfaction with the overall quality of life scores and 59% in satisfaction with one's overall standard of living scores.     

Gender as a Moderator of the Relation Among Social Support Functions and Life Satisfaction in Older Malaysians

The aim of this study was to examine the moderating role of gender on relations among social support functions and life satisfaction in older Malaysians. The study sample was 1,800 older residents in a community; all were at least 60 years old. This study was a cross-sectional and corelational survey, and the data were collected by multistage stratified sampling. This study revealed that fewer social support functions, and therefore less life satisfaction, were available for females than for males. The results of moderated regression analyses demonstrated that gender interacted only on the relationship between positive social interaction support and tangible support with life satisfaction. Specifically, at a high tangible support level, females had lower life satisfaction when compared to a low tangible support level. There may be a need for new programs and services to provide other aspects of social support to older female adults to improve and maintain life satisfaction in later life.     

The Relationship of Life Satisfaction to Patterns of Past Employment and Homemaking Responsibility for Older Women

This study examined the relationships among six different patterns of past employment and homemaking experiences and life satisfaction for a group of 172 older women who resided in subsidized housing in Brooklyn, New York. Data collected through the use of self-report questionnaires administered in small group settings provided demographic information, employment histories, self-assessed patterns of past employment and homemaking, as well as life satisfaction ratings. A series of regression analyses indicated that an older woman's pattern of past employment and homemaking was not significantly related to her level of life satisfaction. Perceived functional health and perceived financial adequacy were found to be related to life satisfaction, each explaining moderate amounts of life satisfaction variance.     

Patterns of Time Use Across the Life Span in Korea: A Latent Class Analysis and Age and Gender Differences

The purpose of this study was to gain an understanding of time use and the patterns of time use across the life span using a socioemotional selectivity theory. The data used for this study were from the “Korean Time Use Survey,” which is collected every 5 years by Statistics Korea (KOSTAT). The data collected in 1999, 2004, and 2009 were used to analyze the patterns of time use using latent class analyses and to observe the differences of time use by age and gender. The results were summarized as follows: Based on the analyses of nine behavior classifications, after sleep and personal care, Korean allocated more time in daily activities to relationship and leisure time, followed by education, paid work, and household management, with the order differing between each age group and gender. Three different classes of time use were classified at each age group. Education-centered time use was revealed to be mainly in the young, paid work-centered in the middle-aged, and relationship and leisure-centered in older adults. We find significant gender differences. Men’s patterns of time did not change markedly across the 3 years, while women’s patterns have shifted. Meanwhile, in the age 65 and older group, paid work appeared alongside as well as leisure among most prominent activities, were appeared as dominant forms of time use. This phenomenon is closely related to reflecting high rates of elderly poverty in Korea. Further discussions concerning the time use by age and gender were provided and countermeasures for changing time use in later life were discussed.     

Trajectory of Life Satisfaction and its Relationship with Subjective Economic Status and Successful Aging

The aim of the study was to explore the relationship between subjective economic status and indicators of successful aging to life satisfaction trajectories among the elderly in Taiwan. Data were from the four waves of “Survey of Health and Living Status of the Elderly in Taiwan”. Hierarchical linear modeling was conducted. Subjective economic status was measured by childhood economic status and time-varying economic satisfaction. Time-varying physical, mental, and social successful aging variables and demographics were also used to describe the trajectory of life satisfaction. Life satisfaction showed a slightly decreasing but generally stationary trend across time. The concurrent economic satisfaction was associated with life satisfaction trajectory, but childhood economic status was not significant. The time-varying depressive symptoms, cognitive function and social support were related to the life satisfaction trajectory. Policy on the elderly should take particular account of the economic security, mental health, and social support of the elderly.     

Dynamics of Asset Poverty in South Korea

Studies of economic insecurity tend to focus on changes in incomes and transitions in and out of income poverty. Yet family economic conditions are shaped by more than just income. Levels of assets and wealth, and changes in these over time also play a role. To identify which groups of the poor have been structurally trapped in poverty over time, using the Korean Welfare Panel Study, we examined the dynamics of asset poverty from 2005 to 2014. We defined three asset poverty lines by operationalizing assets as resources for either future consumption or development. Findings show that asset poverty experience in a previous year significantly increased the probability to incur asset poverty by 5–12% for all analysis samples. In addition, the probability of incurring asset poverty decreased with home ownership, higher disposable income, and greater diversification of the household portfolio. Our findings suggest that the asset poor are likely to fall into structural and persistent poverty over time, and an asset-building approach is needed to improve the asset poverty status of households in South Korea.

     

Economic Disparities and Life Satisfaction in European Regions

This paper investigates the role of economic variables in predicting regional disparities in reported life satisfaction of European Union (EU) citizens. European subnational units (regions) are defined according to the first-level EU nomenclature of territorial units. We use multilevel modeling to explicitly account for the hierarchical nature of our data, respondents within regions and countries, and for understanding patterns of variation within and between regions. Main findings are that personal income matters more in poor regions than in rich regions, a pattern that still holds for regions within the same country. Being unemployed is negatively associated with life satisfaction even after controlled for income variation. Living in high unemployment regions does not alleviate the unhappiness of being out of work. After controlling for individual characteristics and modeling interactions, regional differences in life satisfaction still remain, confirming that regional dimension is relevant for life satisfaction.     

Living Arrangement and Life Satisfaction of the Elderly in South Korea

With a rapid aging population in South Korea, the elderly living alone has received particular attention from researchers and stakeholders. Although previous research has found that living alone negatively affects life satisfaction of the elderly, much remains unclear about how life satisfaction of the elderly changes over time as their living arrangement change. To advance knowledge on life satisfaction of the elderly, using the Korean Longitudinal Study of Aging we tested the association between life satisfaction (overall life, health, and financial) of the elderly and their living arrangement. Our longitudinal research found that the elderly living with family had significantly higher life satisfaction compared to those living alone between 2006 and 2016. In addition, individuals who had a superior economic profile and maintained physical activity and social relations showed higher life satisfaction than their counterparts. Our findings suggest that to improve the life satisfaction of the elderly living alone, both material and psychological support programs are needed. Future research is needed to account for the multi-faceted nature of life satisfaction.

     

Does Child Gender Predict Older Parents’ Well-Being?

Inconsistencies in comparisons of older parents’ well-being with that of older, childless adults may be resolved by considering the separate effects of sons and daughters on parents. The hypothesis was that older parents of only daughters have greater life satisfaction, more satisfying relations with their children, more intimate family relations, and greater social support satisfaction compared to older childless adults and parents of only sons. Childless older adults were predicted to have more intimate friends. The effect of having both sons and daughters was also explored. Longitudinal results indicated parents had greater life satisfaction than childless adults, and parents of daughters were more satisfied with relations with their children than parents of only sons. Childless adults had more relations with friends and fewer family intimate relations. Neither social support satisfaction or affect varied across groups. The findings are related to gender socialization, social support, and normative expectations.     

老年人生活满意度影响因素研究

随着我国人口老龄化程度的不断加深,对老年人生活满意度影响因素进行研究非常必要。本文利用在山东的调查数据对影响老年人生活满意度的个人及家庭因素进行了分析,结果发现老年人健康状况、家庭经济条件、老年人在家庭中的经济地位和儿子对老人的经济支持对老年人的生活满意度影响显著。     

Perceived Social Policy Fairness and Subjective Wellbeing: Evidence from China

This study examined the relationship between perceived fairness of social policies and subjective well-being. Two types of policies examined were related to income distribution and social security. Subjective well-being was measured by work and life satisfaction. In addition, subjective well-beings between different income, age, and education groups in the context of perceived social justice were compared. With data from a random telephone survey conducted in Beijing, China among 2,113 respondents, findings from structural equation modeling indicate perceived fairness of social security and income distribution policies are positively associated with subjective well-being. After controlling for income, age, and education, the effect of income distribution fairness on work satisfaction was still positive and significant but had decreased in intensity, while the effect size on life satisfaction had changed little. Effects of social security fairness on both life and work satisfaction were still significant but had changed in different directions after adding demographic variables, in which the effect on life satisfaction had increased, while the effect on work satisfaction had decreased in size.     

Good Job,Good Life? Working Conditions and Quality of Life in Europe

Cross-national comparisons generally show large differences in life satisfaction of individuals within and between European countries. This paper addresses the question of whether and how job quality and working conditions contribute to the quality of life of employed populations in nine strategically selected EU countries: Finland, Sweden, the UK, the Netherlands, Germany, Portugal, Spain, Hungary, and Bulgaria. Using data from the European Quality of Life Survey 2003, we examine relationships between working conditions and satisfaction with life, as well as whether spillover or segmentation mechanisms better explain the link between work domain and overall life satisfaction. Results show that the level of life satisfaction varies significantly across countries, with higher quality of life in more affluent societies. However, the impact of working conditions on life satisfaction is stronger in Southern and Eastern European countries. Our study suggests that the issue of security, such as security of employment and pay which provides economic security, is the key element that in a straightforward manner affects people’s quality of life. Other working conditions, such as autonomy at work, good career prospects and an interesting job seem to translate into high job satisfaction, which in turn increases life satisfaction indirectly. In general, bad-quality jobs tend to be more ‘effective’ in worsening workers’ perception of their life conditions than good jobs are in improving their quality of life. We discuss the differences in job-related determinants of life satisfaction between the countries and consider theoretical and practical implications of these findings.     

Life Satisfaction of Middle-Aged and Older Chinese: The Role of Health and Health Insurance

The Chinese government has launched a series of health reforms to establish universal health insurance coverage, particularly for vulnerable groups, including middle-aged and older adults. However, the current public health insurance system is highly fragmented, consisting of different programs with different levels of premiums and benefits. We analyse whether the universal health insurance system increases the life satisfaction of middle-aged and older Chinese people and to what extent the type of health insurance affects the life satisfaction of this group. Our study is based on data from the China Health and Retirement Longitudinal Study, a nationally representative longitudinal survey of Chinese aged 45 and above, in 2011, 2013, and 2015. We find that the life satisfaction of middle-aged and older adults does not depend on having any health insurance coverage but varies with the type of health insurance coverage, controlling for potential confounding variables such as health status, occupation, hukou status, and other demographic variables. Individuals covered by the most generous program, the Government Medical Insurance, reported a higher life satisfaction. In comparison, individuals covered by the Urban Employee Medical Insurance, the Urban Resident Medical Insurance, and the New Rural Cooperative Scheme reported a lower life satisfaction by 0.155, 0.106, and 0.112 standard deviations, respectively. Our results suggest that establishing a more equitable health insurance system should be the next step in health reforms in China.

     

Developmental Trajectories and Predictors of Social Exclusion Among Older Koreans: Exploring the Multidimensional Nature of Social Exclusion

The purpose of this paper was to investigate the developmental patterns of social exclusion among older Koreans over time. In addition, we identified the significant determinants that may increase the risk of social exclusion among older Koreans. The analyses were based on the panel data from the Korean Longitudinal Study of Ageing and included older adults from 2008 to 2012 (N?=?24,074) for the final analysis. Social exclusion was categorized into four different sub-dimensions: financial, social relational, social cultural, and emotional. The analysis was based on a semi-parametric group-based approach followed by multinomial logistic regression. The results showed considerable variations and different developmental trajectories by the social exclusion sub-dimensions among older Koreans; in particular, the results showed that being older, male, and less educated were significant indicators of social exclusion. This study adds to the limited body of literature on longitudinal studies of social exclusion among older Koreans, and the results will help develop interventions for older Koreans who are socially isolated.