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Family, money, and health: regional differences in the determinants of life cycle life satisfaction

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  • Rachel Margolis
  • Mikko Myrskylä

    (Max Planck Institute for Demographic Research, Rostock, Germany)

Abstract

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.

Suggested Citation

  • Rachel Margolis & Mikko Myrskylä, 2012. "Family, money, and health: regional differences in the determinants of life cycle life satisfaction," MPIDR Working Papers WP-2012-012, Max Planck Institute for Demographic Research, Rostock, Germany.
    • Handle: RePEc:dem:wpaper:wp-2012-012
    DOI: 10.4054/MPIDR-WP-2012-012
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    References listed on IDEAS

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    More about this item

    Keywords

    World; family; health; income; mental health;
    All these keywords.

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics
    • Z0 - Other Special Topics - - General

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