Human well-being is a multi-dimensional concept that encompasses various aspects of life, including physical health, mental state, social relationships, and economic stability. Over the years, researchers have focused on investigating the factors that affect human well-being, such as income and age. However, a new study reveals that the combined influence of these two factors is more significant than previously thought. In this article, we explore the findings of this study and the implications for global policies aimed at promoting human well-being.
A recent study published in the Scientific Reports journal explores the effects of age and income on human well-being. The relationship between age, income, and well-being has been poorly defined, with theories suggesting that higher income will eventually reach a ceiling point where well-being does not improve any further. However, studies have shown that increased income is positively associated with subjective well-being (SWB) and benefits for SWB gradually diminish but remain positive.
Researchers in this study analyzed the effects of income, age, and various variables on human well-being using the Gallup World Poll (GWP) dataset. The data collected from over 2.4 million individuals resulted in a total cumulative effect of age on life evaluation, averaging at -6.1 x 10^-3, meaning that a higher age negatively affects life evaluation. The impact of age on life evaluation decreased when the age was >70, and higher age aggravated most factors influencing life evaluation.
Increased income consistently elevated SWB, with the effects gradually diminishing as income increases. The researchers observed the positive impact of increased income on life evaluation in Africa due to poverty, and the adverse effects of age on life evaluation were more significant in countries in Europe, Oceania, and North America than in other countries.
Although the study used one of the largest global datasets, improvements were still needed, such as elaborately assessing the causal relationship between income and age if more data were available. Overall, interventions for improving health in aging societies remain the most effective means to improve/maintain human well-being. While a higher age, per se, is not detrimental to well-being, it could lead to physical/mental health issues that might deteriorate overall well-being.
A higher income and improved health in aging societies are key factors in maintaining and improving human well-being. The study reconfirmed that an increased income contributes the most towards well-being up to the poverty line, and its impact remains positive in most pathways. More research with more data needs to be done to determine the underlying relationship between income, age, and well-being definitively.
In conclusion, the study provides valuable insights into the complex relationship between income, age, and well-being across the globe. The findings highlight the importance of addressing income inequality and ensuring access to basic resources to enhance quality of life for all individuals. Additionally, the study highlights the need for targeted policies and interventions to support individuals at different stages in their lives. By understanding the cumulative effects of income and age on human well-being, we can work towards creating a more just and equitable society for all.
