Education, Income and Happiness: Panel Evidence for the UK

Felix FitzRoy and Michael A. Nolan ()
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Michael A. Nolan: University of Hull

No 11185, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: Using panel data from the BHPS and its Understanding Society extension, we study life satisfaction (LS) and income over nearly two decades, for samples split by education, and age – to our knowledge for the first time. The highly educated went from lowest to highest LS, though their average income was always higher. In spite of rapid income growth up to 2008/09, the less educated showed no rise in LS, while highly educated LS rose after the crash despite declining real income. In panel LS regressions with individual fixed effects, none of the income variables was significant for the highly educated.

Keywords: life satisfaction; economic growth; income; education; Easterlin Paradox (search for similar items in EconPapers)
JEL-codes: I31 O47 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2017-11
New Economics Papers: this item is included in nep-eur and nep-hap
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Published - published in: Empirical Economics, 2020, 58, 2573 - 2592

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