Impact of Macroeconomic Indicators on Subjective Satisfaction

Several analyses have already shown that subjective satisfaction levels are closely correlated with economic performance, and therefore there is a growing focus for governments to monitor the level of satisfaction in society. In our study, we investigate the relationship between subjective satisfaction and financial market variables using macroeconomic data for European countries over the period 2013–2022. From a financial perspective, the savings and loans of the population are a very significant share of the financial sector, which is influenced by both market and governmental factors. In our analysis we include demographic, economic and financial market variables. We find that increases in the ratio of savings to household credit are positively correlated with subjective satisfaction, while changes in the central bank base rate have a negative impact on household satisfaction.