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Does the Chilean Pension Model Influence Life Satisfaction? A Multilevel Longitudinal Analysis

  • Esteban CalvoEmail author
Part of the International Handbooks of Quality-of-Life book series (IHQL)

Abstract

This study assesses the influence of the Chilean old-age pension model on the life satisfaction of older adults across the world. Numerous countries have implemented similar old-age pension reforms, combining individualization of risk through pension privatization and redistribution of resources through mechanisms such as non-contributory pensions. Using data for 126,560 adults age 45 and over living in 91 countries over the period 1981–2008, and employing three-level hierarchical linear regressions, this study finds that on average redistribution increases life satisfaction, while individualization has no significant effect. However, the relationship between pension policy and life satisfaction varies in complex ways across countries.

Keywords

Pension policy Social security Life satisfaction Subjective well-being Hierarchical linear modeling 

Notes

Acknowledgements

The author acknowledges partial financial support from Fondecyt #11100176 and the Center for Retirement Research at Boston College, and would like to thank Ariel Azar, Armando Barrientos, Maureen Berho, Nicolas Contreras, Amelia del Villar, Paula Errázuriz, Catalina Figueroa, Aranzazu Garmendia, Barbara Kritzer, James E. Lubben, Alicia H. Munnell, Natalia Sarkisian, Macarena Vivent, and John B. Williamson for their comments and other forms of help in connection to this research. However, the author should be held responsible for any errors or inaccuracies remaining in this chapter.

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Copyright information

© Springer Science+Business Media Dordrecht 2016

Authors and Affiliations

  1. 1.Public Policy Institute, School of Business and EconomicsUniversidad Diego PortalesSantiagoChile

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