Increasing life satisfaction: Particularly satisfied silver workers

Increasing life satisfaction: Particularly satisfied silver workers

According to a current evaluation by the German Economic Institute (IW), Germans' life satisfaction has increased in recent years. The so-called “silver workers”, i.e. people aged 66 to 70 who continue to work past retirement age, stand out particularly positively. Between 2005 and 2021, the average life satisfaction of Germans rose from 6.8 to 7.4 scale points. These values ​​are based on surveys of almost 14,000 to over 30,000 people by the Socio-Economic Panel, in which the participants rated their current satisfaction on a scale of 0 to 10.

What is particularly interesting is that financial reasons play a secondary role in the decision to continue working in old age. Social contacts and maintaining a structured everyday routine were mentioned as important motives. The aspect of social exchange in the workplace, the co-generation of activities and the absence of these interactions in retirement were also highlighted. The IW identifies workers in the 66 to 70 age group as the front runners in terms of life satisfaction, with an average of 7.6 scale points in 2021.

The statement by pension expert Ruth Student underlines the importance of fun and social contacts when continuing to work in old age. In contrast, the study shows that life satisfaction among unemployed 61 to 65 year olds has only increased minimally over the last ten years. The behavioral economist Jennifer Potthoff points out that leaving work early is no guarantee of high life satisfaction. Emotional states and social interactions seem to play a decisive role in the quality of life in old age.