The Impact of Physical, Financial, and Psychological Factors on Elderly Life Satisfaction

Abstract

This study aims to enhance the life satisfaction of the elderly population in South Korea by exploring their satisfaction levels and identifying influencing factors. Utilizing data from the 17th Korean Welfare Panel, which includes 6,260 individuals aged 65 and older, this study employs independent sample t-tests, one-way ANOVA, and hierarchical regression analysis. The results showed that, in general, the life satisfaction of the elderly population was somewhat lower than that of the general adult population in all areas, except for job satisfaction and satisfaction with housing. Key factors influencing life satisfaction among the elderly population include demographic characteristics (gender, age, economic activity, residence, education level), subjective health status factors, financial factors (disposable income, monthly living expenses), and psychological factors (depression, self-esteem). Notably, psychological factors, particularly self-esteem and depression, profoundly affect all life satisfaction domains. Enhancing life satisfaction necessitates fostering positive self-perception and capabilities in the elderly population, suggesting the need for programs focused on positive emotional experiences. Moreover, depression significantly reduces life satisfaction, underscoring the importance of policy interventions to address negative emotions in this demographic. This study is expected to provide basic data for establishing concrete and effective policies for improving the quality of life for the elderly population. Additionally, by highlighting the importance of positive psychological factors, it is anticipated that the study will offer a new direction for improving the life satisfaction of the elderly population.