Beyond Money: A Social Analysis of Happiness

Abstract

As a main indicator of well-being, happiness-related studies have become an essential topic in the economics literature; the relationship between happiness and economic factors is frequently discussed. However, social well-being is not only related to economic factors such as income and employment but also social relations, status, health, and behavioral factors. In this study, I reveal social factors affecting the happiness level. Using the World Values Survey data (2017-2021), I analyzed the relationship with several social factors. The results indicate that health, security, commitment to religion, financial satisfaction, freedom of choice, having children, interests in politics, living in a secure and democratic environment, and supporting the increase of government ownership in the industry have positive and significant impacts on happiness. Moreover, the econometric model shows that young people and women tend to be happier, and marriage and income have positive and significant impacts on happiness. Also, happier people prefer TV as an information resource, but those who prefer the internet and social media to obtain information are less happy. Lastly, perceived corruption is negatively correlated with happiness.