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What makes people happy, a well-paid job or more free time?

2024-05-13 12:14:09Lifestyle SHKRUAR NGA REDAKSIA VOX

What makes people happy, a well-paid job or more free time?

What makes people happy? A well-paid job or more free time? Obviously, the answer is both. But in reality it may be more the latter, if there is a good welfare state. The OECD data on annual working hours in different countries of the world and the Happiness Report have aroused great interest, crowning Finland again for 2023 as the country with the happiest citizens in the world. On the podium in second place is Denmark, in third place Iceland. In fourth place is Sweden and in fifth place is Israel (the data refers to the years 2021-2023, i.e. before the massacre of October 7, 2023).

The United States is in 23rd place between the United Arab Emirates and Germany. In terms of time spent working, the US is ahead of Europeans with 1811 working hours per year in 2022 (Israel 1892), compared to 1498 hours in Finland, 1372 in Denmark, 1449 in Iceland, 1440 in Sweden. Italy is among the employed countries with 1694 hours of work per year together with Poland with 19815 hours. On the other hand, France stops at 1511, Germany at 1341 (it is the country in the world with the fewest working hours per year).

The model of Northern Europe

Referring to the statistics, the Northern European model seems to be the winner. However, we should also consider that Finland's population is about 5.5 million and Denmark's is about 6 million. That of the United States is approximately 431.5 million, Italy's 59 million, Germany's 84 million. The 27 countries of the EU together are roughly equivalent to the population of the United States: the Union has 448.4 million inhabitants. These figures quickly piqued the interest of the Financial Times and the Economist, both British newspapers (the UK hasn't fared too well since Brexit, though it's 20th in the happiness rankings).

Differences between Europe and the United States

City newspaper started the analysis from the words of Nicolai Tangen, who manages the Norwegian Sovereign Fund (the largest public financial fund in the world. Tangen explained that there is a difference in the "general level of ambition" between Americans and Europeans. "We Europeans are not very ambitious, I have to be careful when I talk about work-life balance, but Americans work harder” In summary, for the FT “Europeans have more time and Americans have more money” and this is because Americans , who typically have fewer paid holidays, earn the equivalent of more than an extra hour of work each day compared to Europeans, and “because Americans are also more productive per hour worked than most Europeans their earnings are higher higher than in all European countries, except Luxembourg, Ireland, Norway and Switzerland".

In Europe, unions are stronger

One of the reasons Americans work harder, the Economist explained, citing a 2005 study by Italian economist Alberto Alesina (who died prematurely) of Harvard University: European unions are stronger than American ones, and they solved collective action problem fighting for paid leave, which was eventually enshrined in law. "America, with the weakest unions - recalls the Economist - is one of the few countries without mandatory paid holidays. Therefore, well-regulated leisure time in Europe may generate more leisure time because it is more socially acceptable and the market responds by offering more valuable ways not to work." The cultural aspect should not be underestimated. "Most Americans probably would prefer European working hours - writes the Financial Times - simply, their employers and the cost of health insurance get in the way".

Something is changing with smart work

However, something is changing in the United States thanks to smart work: «15% more that is done every year by Americans - continues the Economist - is now done in the comfort of their home or, occasionally, on the beach, maybe even in a from the European ones", with an improvement in the quality of life, while in Europe remote work is not equally widespread everywhere.

EUROSTAT data

However, the correlation between happiness and leisure is not automatic. If you look at the latest Eurostat data on average life satisfaction in the EU, which refers to the year 2022, the highest score on a scale from 0 (very dissatisfied) to 10 (very satisfied) was recorded in Austria ( 7.9 ), where the hours worked per year are 1,707 according to OECD data, followed by Finland, Poland and Romania (each with 7.7), Belgium and the Netherlands (both with 7.6). The lowest in Bulgaria (5.6), and Greece (6.7). But the Germans don't seem satisfied either (6.5) despite 1341 working hours a year.

 

 


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