We examine how family, money, and health explain variation in life satisfaction (“happiness”) over the life cycle. Globally, these factors explain a substantial fraction of happiness, increasing from 12 percent in young adulthood to 15 percent in mature adulthood. Health is the most important factor, and its importance increases with age. Income is important only at ages below 50. Remarkably, the contribution of family is small across ages. Across regions health is most important in the wealthier, and income in the poorer regions of the world. Family explains a substantial fraction of happiness only in Western Europe and Anglophone countries.
That is from the new paper "Family, Money, and Health: Regional Differences in the Determinants of Life Cycle Life Satisfaction" by Rachel Margolis, and Mikko Myrskyla. HT: Viviana Di Giovinazzo
To be sure, these variables are hard to measure and they affect each other in different ways. Nevertheless I think the authors say interesting things. A telling graph from the paper:
To be sure, these variables are hard to measure and they affect each other in different ways. Nevertheless I think the authors say interesting things. A telling graph from the paper:
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