Research on Finnish Society (10:2017)

Life satisfaction during the economic crisis

Taru Lindblom & Arto Lindblom
University of Tampere, Aalto University

This study explores how life satisfaction varies among socio-demographic groups as the wider economic environment crumbles. Our primary goal is to identify which socio-demographic groups are most vulnerable during an economic crisis as far as life satisfaction is considered. The empirical data is based on a cross-sectional study that was conducted in Finland in October 2015. Based on our analyses (ANOVA and logistic regression) and a sample of 976 Finns, we argue that during an economic crisis, life satisfaction is greatest among women, people who live with partners, people having more than basic education, entrepreneurs and the higher income groups. The unemployed and those in ambiguous employment situation as well as those with only primary education have the lowest level of life satisfaction. High levels of life satisfaction for certain groups may be explained by future prospects (students) and self-efficacy and job control (entrepreneurs) in working life.

Keywords: economic crisis, life satisfaction, Finland, well-being, socio-economic groups