Socioeconomic and Demographic Factors Affecting Individual's Life Satisfaction in Selected SAARC Countries: A Micro Data Analysis

Abstract

Life satisfaction is increasingly recognized as a significant dimension of wellbeing. Thus the main b of the objective study will be to explore the association among income, family composition, health, and religion over life satisfaction. In this effort, correlates of the life satisfaction for the SAARC countries Pakistan, India, and Bangladesh analyzed. Micro data from the World Values Survey (WVS) fourth wave (1999 to 2004) for Pakistan, India and Bangladesh was utilized comprising a wide range of information on political, social and cultural values of countries. The multinomial logistic regression was employed to examine the effects of various socioeconomic and demographic factors on life satisfaction.  Health, income, shows significant positive factor in determining life satisfaction, however financial satisfaction is overpowered by religious faith especially in India and Pakistan. Employment had a positive impact on individual's satisfaction in Pakistan and India. Gender, education has insignificant impact on life satisfaction in three countries. Age has insignificant effect on life satisfaction in Pakistan, while shows insignificant impact in India and Bangladesh. Preferences for democracy are associated with life satisfaction in India and Bangladesh.