Quality of life of the youth: assessment methodology development and empirical study in human capital management

Abstract

Based on existing approaches to assessing the quality of life and similar concepts in human capital management, a quality of life index for young people is proposed. It takes into account the factors of four groups that determine the subjective satisfaction with the quality of life: Economic environment; Socio-political environment; Social environment; Natural environment. Partial factors and their corresponding quality of life indicators are adapted to the assessments of young people, whose needs and interests differ significantly from other age groups due to differences in the values of generations and features of economic activity at a young age. The methodology developed by the authors is based on taking into account subjective assessments of the level of satisfaction with quality of life factors, as well as their importance based on the determination of weights. As a result of testing the methodology, it was found that the most important factors for a positive perception of quality of life are the social environment, in particular, family relationships and health. Economic and environmental factors have approximately the same effect. Socio-political environment factors have the least influence. Due to material well-being and the quality of socio-political life, satisfaction with the life of employed youth is slightly higher (by 3%). Instead, respondents who do not work are more satisfied with social comfort. The integrated index of quality of life of the interviewed youth is 3,438 points out of 5 maximum. The methodology and results of the assessment are useful for the development of national and regional programs and strategies of human capital development due to increase the level of satisfaction of material, spiritual and cultural needs of young people.