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The Monetary†Equivalent Effect of Voluntary Work on Mental Wellbeing in Europe

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  • Leonardo Becchetti
  • Pierluigi Conzo
  • Mirko Di Febbraro

Abstract

The hypothesis that active community involvement is beneficial for health finds strong support in the medical literature and in most policy guidelines for active ageing in OECD countries. We test it empirically and find that voluntary work has a significant impact on several measures of mental wellbeing. When accounting for fixed effects, panel attrition, endogeneity, and reverse causality, the positive effect of voluntary work remains robust. For the first time in the literature, we calculate the monetary equivalent of mental wellbeing benefits of voluntary work with the compensating variation approach, and estimate them up to a maximum of around 9,500 euros per indicator. Our results imply that policies fostering voluntary work of the elderly would contribute to active ageing and the wellbeing of the elderly and reduce welfare costs for society.

Suggested Citation

  • Leonardo Becchetti & Pierluigi Conzo & Mirko Di Febbraro, 2018. "The Monetary†Equivalent Effect of Voluntary Work on Mental Wellbeing in Europe," Kyklos, Wiley Blackwell, vol. 71(1), pages 3-27, February.
    • Handle: RePEc:bla:kyklos:v:71:y:2018:i:1:p:3-27
    DOI: 10.1111/kykl.12160
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    Cited by:

    1. Marcus Dittrich & Bianka Mey, 2023. "Voluntary labour supply by birth cohort: empirical evidence from Germany," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 50(2), pages 389-410, May.
    2. A. l. Moro-Egido & M. Navarro & A. Sánchez, 2022. "Changes in Subjective Well-Being Over Time: Economic and Social Resources do Matter," Journal of Happiness Studies, Springer, vol. 23(5), pages 2009-2038, June.
    3. Trine Filges & Anu Siren & Torben Fridberg & Bjørn C. V. Nielsen, 2020. "Voluntary work for the physical and mental health of older volunteers: A systematic review," Campbell Systematic Reviews, John Wiley & Sons, vol. 16(4), December.

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