This study uses data from the 11th year(2016) to the 15th year(2020) of the Korea Welfare Panel(KOWEPS) for the five years that the survey was completed to predict the life satisfaction of each individual by generation, centered on single-person households. This is a longitudinal analysis using a latent growth model. The generational division was based on the turning point of a major event experienced by the cohort that brought about a decisive change in the socialization process, historical event, and technological development as factors.
The analysis data used in this study were of 27,447 persons in the 15th year of the Korea Welfare Panel(2020), 2,778 persons who were single-person households even in the first year from the last 5 years, and 1,448 persons who were single-person households continuously for 5 years. Excluding those born in 1922 to 1944(843 persons), 605 persons born between 1945 and 1996 were included.
As a result of the study, Generation Y(millennials) than Generation X(new generation) and Generation X generation than Baby Boomers showed higher overall life satisfaction. Since overall life satisfaction by generation does not have an effect on the rate of change, it was found that this difference remains the same for all generations.