Changes in the labor market status during the COVID-19 pandemic and subjective well-being of Russians

Abstract

This paper investigates the association between changes in the labor market status and subjective well-being of Russians during the COVID-19 pandemic. The materials of the first stage of the international project “Values in crisis” form the empirical dataset. Regression analysis shows that individuals who lost their jobs or closed their business during the initial period of the pandemic are somewhat less satisfied with their lives than those who did not. Being reduced to part-time work and working from home are not directly related to subjective well-being. At the same time, the strength of the association between subjective well-being and possible changes of the labor market status depends on such factors as the presence of children, as well as the value of self-enhancement (according to Schwartz) and conscientiousness (one of the Big Five personality traits). The job or business loss is associated with a decrease in subjective well-being among respondents without children; this association is not observed among those with children. In addition, the negative relationship between life satisfaction and job or business loss is stronger among individuals with high level of self-enhancement and weaker among those with high level of conscientiousness. Among respondents who had to switch to part-time or remote work, having children reduces the level of subjective well-being; among those without such experience, it is positively associated with subjective well-being.