Job and Income Satisfaction Among Older Europeans

Abstract

This entry summarizes a study by Bonsang and van Soest (2012) using data on individuals of ages 50 and older from 11 European countries to analyze satisfaction with household income and job satisfaction, both contributing substantially to overall well-being (Van Praag & Ferrer-i-Carbonell, 2008). Labor market and living conditions of older individuals have become key policy issues in Europe. Poverty is more prevalent among the elderly (Tsakloglou, 1996) and lack of economic resources makes older people vulnerable to poor quality of life (Grundy, 2006). Policies aimed at increasing labor force participation of older individuals are required to preserve the sustainability of pension systems. Since job satisfaction is an important factor driving retirement decisions (Kosloski, Ekerdt, & DeViney, 2001), it is particularly relevant to study job satisfaction of older workers.