The Role of Economic Factors Affecting Thai Older Persons’ Life Satisfaction.

Abstract

An aging population is one of the significant demographic issues affecting the world. As Thailand is moving closer to being considered a super-aged society, major policy reforms must be made to prepare for this transition. Economic factors have long been established as one of the factors contributing to elderly life satisfaction. As the aging population is becoming an ever-increasing and more relevant phenomenon, policymakers' goals are shifting to accommodate the sociopolitical changes that will come with the demographic developments. This independent study examines a sample of n=4716 Thai elderly. The statistical techniques used in this study are Linear Regression and Order Logit Model. The study finds that several significant economic factors contribute to the life satisfaction of the Thai elderly. These factors include income level, with higher income contributing to higher life satisfaction. Secondly, the source of income, with work, gratuity, spouse, and daughter contribute to a higher level of life satisfaction. In addition, assets were found to be a significant contributor to the life satisfaction of the elderly, with gold and savings resulting in higher life satisfaction. Moreover, lower total asset net worth negatively affected life satisfaction. Finally, this independent study examines possible policy recommendations and discussions related to the findings.