Work longer, better satisfaction? Financial and psychological satisfaction among Korean baby boomers and older workers

This study explores the differences in the financial and psychological satisfaction of three age cohorts and the factors contributing to those satisfaction levels among Korean baby boomers and older workers. The data of 1555 participants came from the Korean Welfare Panel Study from wave 1 (2006) to...

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Bibliographic Details
Published inInternational social work Vol. 61; no. 6; pp. 809 - 825
Main Authors Kim, Jeungkun, Kang, Suk-Young
Format Journal Article
LanguageEnglish
Published London, England SAGE Publications 01.11.2018
Sage Publications Ltd
Subjects
Age differences
Age groups
Baby boomers
Job satisfaction
Labor force
Older people
Older workers
Welfare
Workers
older Koreans
Depression
national data
financial satisfaction
satisfaction paradox
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Summary:This study explores the differences in the financial and psychological satisfaction of three age cohorts and the factors contributing to those satisfaction levels among Korean baby boomers and older workers. The data of 1555 participants came from the Korean Welfare Panel Study from wave 1 (2006) to wave 8 (2013). The Chow test and multiple regressions were utilized to explore whether impacts differed by birth cohort and to identify unique factors associated with financial and psychological satisfaction. The results showed the ‘satisfaction paradox’ – a positive relationship between age and the financial satisfaction. Moreover, working longer played an important role in reducing depression, but not in increasing financial satisfaction.
ISSN:0020-8728
1461-7234
DOI:10.1177/0020872816670476