UNVEILING JOY: EXPLORING THE DETERMINANTS OF HAPPINESS

Abstract

This study explores the determinants of happiness at the individual level, delving into the multifaceted nature of this concept. For empirical analysis, it utilizes the most recent wave of the World Values Survey, encompassing data from 66 countries worldwide. A logistic regression model is employed to examine the impact of various covariates on happiness. The findings reveal that females are more likely to report happiness than males, and age exhibits a U-shaped relationship with happiness, with younger and older individuals being happier than those in middle age. Urban living slightly reduces happiness compared to rural living, while marriage significantly boosts happiness due to emotional and financial support. The effect of education is insignificant, but income consistently enhances happiness by alleviating financial stress. Employment increases happiness, whereas unemployment reduces it due to stress and lack of structure. Good health strongly correlates with higher happiness, and social class influences happiness, with higher classes reporting greater happiness due to financial security and resource access. Financial satisfaction significantly enhances happiness by reducing stress and anxiety associated with financial insecurity. This study highlights the key determinants of happiness and their implications for policy, interventions, and personal development to improve quality of life and foster sustained happiness.