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Self-Reported Satisfaction and the Economic Crisis of 2007–2010: Or How People in the UK and Germany Perceive a Severe Cyclical Downturn

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Abstract

Self-reported satisfaction measures respond to a great variety of socio-demographic characteristics as well as the job and living environment. In this paper we ask whether the recent financial market crisis has caused a deterioration of satisfaction not only for the unemployed but also for those out of the labour force and especially those in employment. The focus of our analyses is on the pattern of life, job and health satisfaction over time and the influence of unemployment rates, inflation rates and GDP growth. We compare the UK and Germany, two countries with different employment protection regulations and different consequences of the crisis for the labour market. For our analysis we use data from the German Socio-Economic Panel and the British Household Panel Study for the period 1996–2010 and supplement this with annual information on macroeconomic indicators. We estimate Ordered Logit and OLS models, both with individual fixed effects. We find some limited psychological costs with respect to self-reported life satisfaction in the crisis years, and a considerable impact of regional and national unemployment rates. Looking at job and health satisfaction we get similar though somewhat weaker results.

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Notes

  1. For overviews of the quickly growing literature on life satisfaction see e.g. Frey and Stutzer (2002), Di Tella and MacCulloch (2006), Dolan et al. (2008), Blanchflower and Oswald (2011).

  2. Gerdtham and Johannesson (2001) have looked at this question using Swedish data.

  3. See also references to the medical literature therein.

  4. Early studies using the BHPS use the GHQ-12 measure rather than self-reported life satisfaction, the measure we use in this study.

  5. Also see the literature on social capital and life satisfaction, which shows a clear and positive link between these variables [see Becchetti et al. (2008, 2009), Bartolini (2007, 2008), Helliwell and Putnam (2004), Tkach and Lyubomirsky (2006), Winkelmann (2009) for Germany and Powdthavee (2008) for the UK]. As life satisfaction increases with the level of social involvement, increasing regional unemployment may create possibilities for social interaction and thereby influence life satisfaction positively.

  6. Shapiro (2010) analyses financial well-being and consumption of older Americans.

  7. One of the most discussed issues in the economic literature on satisfaction is the question of how income and life satisfaction are related. Easterlin wrote his seminal article in 1974 and since then the question hasn’t unequivocally been resolved. Clark et al. (2008a) provide a thorough overview of this issue. For recent discussions see Stevenson and Wolfers (2008), Sacks et al. (2010, 2013), Powdthavee (2010) and Easterlin (2013).

  8. We control for regional dummies because of potentially biased standard errors (Moulton 1990).

  9. Compare Frijters et al. (2004a, b) for a detailed analysis of the east/west difference in the first decade after reunification and Vatter (2012) for a more recent study.

  10. “Appendix” Table 8 shows the full results for this estimation. Personal characteristics influence life satisfaction as reported in the literature: the largest effects can be found for life events and personal unemployment as well as low individual health. The latter have a large negative impact on life satisfaction. Cohabiting and positive life events like having a baby and getting married influence life satisfaction positively (though the number of children has a negative influence), while negative events like breaking up a relationship or death of the partner show strong negative effects. Dummies for age categories indicate that rising age tends to have positive rather than negative effects in the UK. As we estimate FE regressions, we cannot control for sex, nationality and education as there are hardly any changes in those variables.

  11. We checked our results for robustness and found the Ordered Logit FE results to match exactly the results from OLS FE regressions, see tables in “Appendix 2”. We also estimated Ordered Logits without fixed effects clustering standard errors for years or individuals. While the results on the macro variables were pretty similar, the year variables produced different results. In Table 4 below we will report some results from these models.

  12. When we include regional unemployment only, the effect is also positive.

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Acknowledgments

We thank Julia Schneider and an anonymous referee for intensive proof reading and helpful comments as well as participants of the 2012 Meeting of the Royal Scottish Society, the Health@Work EU-project meeting in Thessaloniki, the FINEC workshop in Berlin, the IWH Workshop on Quality of Work 2011 and the 2012 Conference of the Verein für Socialpolitik for discussion of earlier versions. Financial support of the European Commission under the Seventh Framework Programme, Theme HEALTH-2007-4.2-3 (Grant Agreement No.: 200716) is gratefully acknowledged.

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  1. Faculty 2, Berlin School of Economics and Law, Alt-Friedrichsfelde 60, 10315, Berlin, Germany

    Antje Mertens

  2. Fakultät Wirtschafts- und Sozialwissenschaften, Universität Hamburg, Welckerstr. 8, 20354, Hamburg, Germany

    Miriam Beblo

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Appendices

Appendix 1: Full Table

See Table 8.

Table 8 Life satisfaction in Germany and the UK, all respondents age 20–80—OLS fixed effects: year and macroeconomic effects/corresponds to Tables 1 and 2 in the text
Full size table

Appendix 2: Robustness Analysis

See Tables 9, 10, 11, 12, and 13.

Table 9 Life satisfaction in Germany and the UK, all respondents age 20–80—ordered logit fixed effects: year effects (corresponds to Table 1 in the text)
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Table 10 Life satisfaction in Germany and the UK, all respondents age 20–80—ordered logit fixed effects: macroeconomic effects (corresponds to Table 2 in the text)
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Table 11 Life satisfaction in Germany and the UK, employees age 20–65 (with job controls)—ordered logit fixed effects: year and macroeconomic effects (corresponds to Tables 3 and 4 in the text)
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Table 12 Job satisfaction in Germany and the UK, employees age 20–65 (with job controls)—ordered logit fixed effects: year and macroeconomic effects (corresponds to Table 5 in the text)
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Table 13 Health satisfaction in Germany and the UK, employees age 20–65 (with job and health controls)—ordered logit fixed effects: year and macroeconomic effects (corresponds to Table 6 in the text)
Full size table

Appendix 3

See Figs. 1 and 2.

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Mertens, A., Beblo, M. Self-Reported Satisfaction and the Economic Crisis of 2007–2010: Or How People in the UK and Germany Perceive a Severe Cyclical Downturn. Soc Indic Res 125, 537–565 (2016). https://doi.org/10.1007/s11205-014-0854-9

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