Economic and Sociological Factors Influencing Life Satisfaction of the Aged

Abstract

This investigation examines the relative importance of income, health status, and such sociological factors as worker roles and family setting in explaining the life satisfaction of the aged. A sample of retired individuals was taken from the Columbus, Ohio, area. The survey gathered detailed economic and social data in conjunction with a Life Satisfaction Index-Z (LSIZ). Results of the survey indicated that the lower life satisfaction of the recently retired resulted primarily from the loss of income and not from the loss of a worker-producer role. Furthermore, the greater life satisfaction of those living in a family setting seems to result from the higher income available to the household resulting from this living arrangement. The sample data also supported the proposition that higher income reduces the impact of health problems on life satisfaction. Results further suggest that policy makers should concentrate upon economic factors when designing policy to improve the welfare of the aged.