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KMID : 0379220190390010169
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Journal of Korea Gerontological Society
2019 Volume.39 No. 1 p.169 ~ p.188
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Effects of Old-age Income Level on Life Satisfaction: Focusing on Effects of the Relative Income of Reference Groups
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Kim Hak-Ju
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Abstract
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In this study, the author utilizes longitudinal data of the recent 12 years to verify whether the absolute versus relative income of old age has a significant effect on their life satisfaction of life. The findings of this study show that there is a significant difference in life satisfaction of old age according to respondents’ relative income of three reference groups based on their asset quintile and residental area and education. In the correlation analysis using the cross-sectional data, the absolute and relative income level was closely related to the life satisfaction. In the panel regression analysis using the 12 years longitudinal data from the Korea National Labour Panel dataset, the income level of counterparts in those reference groups appeared highly significant in determining the level of life satisfaction of the elderly. However, some demographic variables such as age and marital status did not have a statistically significant effect in the long-term perspective. The income of reference groups in terms of asset levels, education and region as well as their own past life satisfaction level had a significant effect on the elders’ life satisfaction determination. These results suggest that the relative income hypothesis in terms of life satisfaction among the elderly is more valid than the previous absolute income hypothesis.
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KEYWORD
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relative income hypothesis, referents’ income, life satisfaction, happiness, quality of life among the elderly
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