HLM analysis of effects of Cultural capital and Social Welfare Expenditures on life satisfaction of the elderly in OECD countries

The object of this study is through an empirical analysis, how cultural capital at the individual level and social welfare expenditure at the national level affect the life satisfaction of the elderly. In this study method, a Hierarchical Linear Model(HLM) analysis was performed on 3,297 elderly people aged 65 and older and 9 OECD countries. As a result of analysis, first, it was confirmed that life satisfaction and social class had a significant effect. Therefore, in to increase the satisfaction of the life of the elderly, policy and practical intervention measures that can narrow the gap between social classes should be prepared. Second, the old-age pension and survivor's pension had no significant effect on life satisfaction. However, as a result of the interaction, social class has a positive effect on life satisfaction, and it was confirmed that the lower the income inequality, the more positive the life satisfaction was. In conclusion, this implies that both individuals and countries should make efforts to variously increase the life satisfaction of the elderly.