Subjective Well-being Analysis as a Return on Investment in Education and its Effects from Socio-Economic Factors by Panel Ordered Probit Method
DOI:
https://doi.org/10.35877/454RI.qems3840Keywords:
subjective well-being, education, social-economic, panel ordered ptobitAbstract
This study attempted to deepen the understanding of how social, economic, and demographic factors affect subjective well-being through the Panel ordered probit method from the Indonesian Family Life Survey (IFLS) 4 and 5. Subjective well-being has emerged as an important indicator of quality of life. Subjective well-being is important for individuals because it reflects the level of happiness and life satisfaction that affects various aspects of life. The research method used is quantitative. Data collection and analysis in this study were conducted through econometric modeling. This research utilizes panel data analyzed using the Panel Ordered Probit Method with the help of STATA 17 software. The results showed that higher education levels increased the likelihood of a person feeling “Very Happy”. In addition to education and age, control variables such as employment status, marital status, and residential location also show a significant influence on happiness; individuals who are employed have a 2.59% higher probability of feeling “Very Happy”, while those who are married tend to be happier and less likely to feel “Unhappy” or “Very Unhappy”. Location of residence was also influential, with individuals living in urban areas 0.97% more likely to feel “Very Happy” compared to those living in rural areas. Overall, the results confirm that education, employment status, social relationships through marital status, and neighborhood are important factors in influencing subjective well-being, emphasizing the importance of investing in education and policies that promote work-life balance and social relationships to improve people's well-being.
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Aryogi, I. (2016). Subjective Well-being Individu dalam Rumah Tangga Di Indonesia. Jurnal Ilmu Ekonomi Terapan, 1(1). https://doi.org/10.20473/JIET.V1I1.1900
Biswas-Diener, R., Diener, E., & Tamir, M. (2004). The psychology of subjective well-being. Daedalus, 133(2), 18–25. https://doi.org/10.1162/001152604323049352
Blanchflower, D., & Bryson, A. (2024). The Gender Well-Being Gap. Social Indicators Research, 173(3), 1–45. https://doi.org/10.1007/S11205-024-03334-7
Casas, F., González-Carrasco, M., Oriol, X., & Malo, S. (2022). Economic and Children’s Subjective Well-Being Indicators at the National Level in 35 Countries. Child Indicators Research, 15(5), 1539–1563. https://doi.org/10.1007/S12187-022-09918-4/FIGURES/8
Castelletti, C., Ogunlayi, F., Miret, M., Lara, E., & Oyebode, O. (2024). Demographic and socio-economic inequalities in subjective wellbeing: analysis of repeated cross-sectional health surveys in England 2010–2019. Journal of Public Health, 46(4), e604–e613. https://doi.org/10.1093/PUBMED/FDAE247
Diener, E., Oishi, S., & Lucas, R. E. (2012). Subjective Well-Being: The Science of Happiness and Life Satisfaction. The Oxford Handbook of Positive Psychology, (2 Ed.). https://doi.org/10.1093/OXFORDHB/9780195187243.013.0017
Dogarawa, A. B. (2012). Impact of Higher Education on Worker Productivity and Salary in Kaduna State. SSRN Electronic Journal. https://doi.org/10.2139/SSRN.1751068
Eid, A. (2012). Higher education R&D and productivity growth: An empirical study on high-income OECD countries. Education Economics, 20(1), 53–68. https://doi.org/10.1080/09645291003726855
Eliophotou Menon, M. (2016). Productivity as an indication of quality in higher education: the views of employed graduates in Greece. Quality in Higher Education, 22(3), 183–196. https://doi.org/10.1080/13538322.2016.1249120
Fang, C., Ma, H., Bao, C., Wang, Z., Li, G., Sun, S., & Fan, Y. (2022). Urban–rural human settlements in China: Objective evaluation and subjective well-being. Humanities and Social Sciences Communications 2022 9:1, 9(1), 1–14. https://doi.org/10.1057/s41599-022-01417-9
Gao, B., & Wang, J. (2023). The Mediating Effects of Peer Relationship and Self-Esteem on the Relations Between Subjective Socioeconomic Status and Subjective Well-Being for High School Students. Chinese Education and Society, 56(2), 163–172. https://doi.org/10.1080/10611932.2023.2251842
Ge, C.-L., & Li, Y.-S. (2020). The Effect of Education on Residents’ Subjective Well-Being. 335–342. https://doi.org/10.2991/ASSEHR.K.200207.052
Giacomoni, C. H. (2004). Subjective well-being: the search for quality of life. Temas Em Psicologia, 12(1), 43–50. http://pepsic.bvsalud.org/scielo.php?script=sci_arttext&pid=S1413-389X2004000100005&lng=pt&nrm=iso&tlng=pt
Gu, S. (2024). The Impact of Higher Education on Economic Growth: A Comparative Analysis of China, Germany, and the United States. Advances in Economics, Management and Political Sciences, 99(1), 105–113. https://doi.org/10.54254/2754-1169/99/2024OX0191
Hardini, M., & Wasiaturrahma, W. (2020). Social capital dimensions and individual happiness in Indonesia: The micro-level study. Jurnal Ekonomi Pembangunan, 18(2), 147–162. https://doi.org/10.29259/JEP.V18I2.12753
Haryati, H. U. (2023). The Effect of Education on Happiness, Self-Acceptance, and Family Harmony (Empirical Evidence from Indonesia). The Journal of Indonesia Sustainable Development Planning, 4(1), 35–56. https://doi.org/10.46456/JISDEP.V4I1.371
Hoan, E., & MacDonald, G. (2024). “Sisters Are Doin’ It for Themselves”: Gender Differences in Singles’ Well-Being. Social Psychological and Personality Science. https://doi.org/10.1177/19485506241287960
Huo, C., & Chen, L. (2023). The impact of the educational marriage-matching model on the household income gap. Frontiers in Psychology, 13, 1082970. https://doi.org/10.3389/FPSYG.2022.1082970/BIBTEX
Idaiani, S., & Saptarini, I. (2023). Urban and rural disparities: evaluating happiness levels in Indonesian women. Healthcare in Low-Resource Settings, 11(s2). https://doi.org/10.4081/HLS.2023.12005
Jung, D. B. (2015). EFFECTIVENESS OF HIGHER EDUCATION TO LABOR PRODUCTIVITY. PEOPLE: International Journal of Social Sciences, 1(1), 01–22. https://doi.org/10.20319/PIJSS.2015.11.0122
Khoirunnisa, R., & Nurchayati, N. (2023). Kesejahteraan Subjektif pada Lanjut Usia Terlantar. Jurnal Psikologi Teori Dan Terapan, 14(1), 124–140. https://doi.org/10.26740/JPTT.V14N1.P124-140
Lolle, H. L. (2023). Differences in subjective well-being between rural and urban areas in Denmark. Rural Quality of Life, 348–369. https://doi.org/10.7765/9781526161642.00032
Maulana, H., Obst, P., & Khawaja, N. (2018). Indonesian perspective of wellbeing: A qualitative study. Qualitative Report, 23(12), 3136–3152. https://doi.org/10.46743/2160-3715/2018.3508
Mayuzumi, Y. (2023). Survey of rural and urban happiness in Indonesia during the corona crisis. Asia-Pacific Journal of Regional Science, 7(1), 29–67. https://doi.org/10.1007/S41685-022-00265-4
Meisenberg, G., & Woodley, M. A. (2015). Gender Differences in Subjective Well-Being and Their Relationships with Gender Equality. Journal of Happiness Studies, 16(6), 1539–1555. https://doi.org/10.1007/S10902-014-9577-5
Nandini, D., & Afiatno, B. E. (2020). Determinants Of Subjective Well-Being: Evidence Of Urban Indonesia. Jurnal Ekonomi Pembangunan, 18(1), 1. https://doi.org/10.22219/JEP.V18I1.11687
Navarro-Carrillo, G., Alonso-Ferres, M., Moya, M., & Valor-Segura, I. (2020). Socioeconomic Status and Psychological Well-Being: Revisiting the Role of Subjective Socioeconomic Status. Frontiers in Psychology, 11, 543258. https://doi.org/10.3389/FPSYG.2020.01303/BIBTEX
Ndoya, H., Belomo, M. L., Okere, D. F., & Talla, M. B. (2024). Does Gender Equality Promote Happiness in Developing Countries? Journal of Economic Issues, 58(1), 59–84. https://doi.org/10.1080/00213624.2024.2307788
Ningsih, D. A. (2013). SUBJECTIVE WELL BEING DITINJAU DARI FAKTOR DEMOGRAFI (STATUS PERNIKAHAN, JENIS KELAMIN, PENDAPATAN). Cognicia, 1(2). https://doi.org/10.22219/COGNICIA.V1I2.1662
Nisrina Nursyiana, & Badriyah, N. (2022). DETERMINAN KEBAHAGIAAN PEREMPUAN BEKERJA DI INDONESIA: ANALISIS DATA INDONESIA FAMILY LIFE SURVEY. Journal of Development Economic and Social Studies, 1(3), 421–432. https://doi.org/10.21776/JDESS.2022.01.3.07
Nugroho, T. W., Hanani, N., Toiba, H., & Sujarwo, S. (2022). Promoting Subjective Well-Being among Rural and Urban Residents in Indonesia: Does Social Capital Matter? Sustainability 2022, Vol. 14, Page 2375, 14(4), 2375. https://doi.org/10.3390/SU14042375
Nuhermaria Agusta, C., & Hawadi, L. F. (2023). Subjective Well-Being pada Siswa SMA selama Pandemi Covid-19: Peran Academic Hope sebagai Mediator. Jurnal Psikologi?: Jurnal Ilmiah Fakultas Psikologi Universitas Yudharta Pasuruan, 10(2), 231–252. https://doi.org/10.35891/JIP.V10I2.4292
Núñez-Naranjo, A., Morales-Urrutia, X., & Simbaña-Taipe, L. (2024). Social capital, education, and subjective well-being in Ecuador. Frontiers in Sociology, 9, 1417538. https://doi.org/10.3389/FSOC.2024.1417538/BIBTEX
Pramono, R. W. D. (2018). The transect of happiness and community’s capability in urbanizing Yogyakarta. IOP Conference Series: Earth and Environmental Science, 126(1). https://doi.org/10.1088/1755-1315/126/1/012099
Rahayu, T. P. (2016). The Determinants of Happiness in Indonesia. Mediterranean Journal of Social Sciences. https://doi.org/10.5901/MJSS.2016.V7N2P393
Rakhmawati, R. (2024). Indonesian Happiness Factor: A Panel Data Analysis. Jurnal Ekonomi Dan Studi Pembangunan, 16(1), 16. https://doi.org/10.17977/UM002V16I12024P016
Rana, S. K. (2022). Empirical Data Study from Higher Education Sector about Improving Productivity of Employees via Job Involvement. Amity Journal of Professional Practices, 2(01). https://doi.org/10.55054/AJPP.V2I01.632
Requena, F. (2016). Rural–Urban Living and Level of Economic Development as Factors in Subjective Well-Being. Social Indicators Research, 128(2), 693–708. https://doi.org/10.1007/S11205-015-1051-1/TABLES/5
Salameh, A. A., Amin, S., Danish, M. H., Asghar, N., Naveed, R. T., & Munir, M. (2022). Socio-economic determinants of subjective wellbeing toward Sustainable Development Goals: An insight from a developing country. Frontiers in Psychology, 13, 961400. https://doi.org/10.3389/FPSYG.2022.961400/BIBTEX
Salluca Vasquez, C., Salluca Vasquez, E. K., Salluca Vasquez, E., Salluca Vasquez, J. M. A., & Munive Viscarra, C. (2024). Subjective well-being of older adults and its relationship with depression, educational level and economic dependence. Salud, Ciencia y Tecnología - Serie de Conferencias, ISSN-e 2953-4860, No. 3, 2024 (Ejemplar Dedicado a: Salud, Ciencia y Tecnología - Serie de Conferencias), 3(3), 713. https://doi.org/10.56294/sctconf2024.713
Samsu, S. H., Lajuni, N., & Yun, W. S. (2023). Factors Influencing Subjective Economic Well-Being. International Journal of Academic Research in Economics and Management Sciences, 12(4). https://doi.org/10.6007/IJAREMS/V12-I4/18294
Sitohang, Y. O., Sasmita, Y., Andriyana, Y., & Pawitan, G. (2017). The Analysis of Nascent Entrepreneurs’ Happiness Level in Indonesia. Jurnal Dinamika Manajemen, 8(2). https://doi.org/10.15294/JDM.V8I2.12765
Snyder, C. R. (2010). Positive Psychology: The Scientific and Practical Explorations of Human Strengths (Google eBook). 588. https://books.google.com/books/about/Positive_Psychology.html?hl=id&id=T3aW7gWMgpQC
Sohn, K. (2016). The Role of Spousal Income in the Wife’s Happiness. Social Indicators Research, 126(3), 1007–1024. https://doi.org/10.1007/S11205-015-0934-5
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2025-05-11
How to Cite
Setiawan, T., Samith, M. F., & Mughits, M. H. (2025). Subjective Well-being Analysis as a Return on Investment in Education and its Effects from Socio-Economic Factors by Panel Ordered Probit Method. Quantitative Economics and Management Studies, 6(3), 322–333. https://doi.org/10.35877/454RI.qems3840
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