Economic Characteristics and Subjective Well-Being
Economic Characteristics and Subjective Well-Being

Summary/Abstract: The primary objective of this study is to examine the relationship between economic characteristics and well-being as one of the components of quality of life. The study is based on microdata obtained from a representative EU-SILC 2013 survey covering the Slovak population age 16 and older. Subjective well-being is proxied by a score reflecting the general mood or affect, including depression, anxiety, and psychologic well-being. The estimated mean value of the total subjective well-being score is 70 (median: 73). The results presented in this study suggest that economic factors are strongly correlated with the level of subjective well-being. The findings propose positive and diminishing returns to income; unemployed people score on average approximately 9 points lower than those who are employed; people living in indebted households have a lower level of subjective well-being than those living in households without debts; and the ability to face unexpected financial expenses increases the level of well-being.

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