A Comparative Study on Satisfaction with Current Standard of Living and its Effects on Overall Life Satisfaction: Case of Romania, V4 and EU-15

Abstract

Purpose: The main aim of the paper is to explore the patterns of differences in overall life satisfaction in Romania and the V4 in comparison to the EU-15. Methodology/Approach: We carried out contingence analysis and linear regression analysis in order to assess the impact of income and satisfaction with current standard of living on overall life satisfaction. Findings: The main novelty of our research, which presents a significant contribution to the body of knowledge, is that we found that life satisfaction of citizens increases with income category, but there is a more relevant relationship between subjective life satisfaction and subjective self-reported satisfaction. Research Limitation/implication: Despite several limitations of our research (data from the third wave of EQOLS, restricted number of determinants of life satisfaction, absence of effects of financial crisis), we can say that material living conditions and satisfaction with current standard of living still play an important role in life satisfaction of the citizens and the well-being of nations. Originality/Value of paper: The paper focuses on the importance of material living conditions and satisfaction with current standard of living in overall life satisfaction to explore the patterns of differences of life satisfaction in selected countries, and that results are useful for policymakers.

Keywords

• satisfaction
• income
• standard of living
• quality of life
• Romania
• Visegrad Group countries