Uncovering the Impact of Basic Income on Work, Well-being, and More
Long-term results of basic income project unveiled - Study reveals long-term impacts of universal basic income program
Here's the scoop on a fascinating long-term study conducted by the German Institute for Economic Research, "Mein Grundeinkommen," and the Vienna University of Economics. The study aimed to explore the effects of an unconditional basic income on employment, well-being, self-determination, and various aspects of life. This groundbreaking project was funded through generous donations.
Contrary to popular belief, the study discovered that recipients didn't slack off on work. In fact, the proportion of unemployed individuals in the basic income group was remarkably similar to the control group. And guess what? Those on basic income kept their jobs, debunking the "social hammock" myth.
Another intriguing finding was the significant jump in mental health and life satisfaction among recipients. They reported improvements in mental health by 0.347 standard deviations (SD) and life satisfaction by 0.417 SD. The study showed that the unconditional income reduced stress levels and improved sleep quality.
The study also delved into the financial management aspects of basic income. Participants saved about 37% of their basic income payments, demonstrating smart financial planning skills. Around half of the funds were spent on consumption, with a good chunk going towards travel and supporting friends and family. On average, recipients donated approximately 125 euros per month to charitable causes.
Participants also appreciated the basic income's impact on their self-determination. It allowed them to make more autonomous decisions and encouraged engagement in further education. The funds even helped participants pursue personal passions and lessen the financial burden of education.
Lastly, the study revealed that recipients spent more time socializing, contributing to better overall well-being. There was an increase of nearly four hours per week in socializing compared to the control group.
In conclusion, this study offers valuable insights into the effects of Universal Basic Income, challenging many stereotypes and highlighting its potential benefits in mental health, financial stability, and personal autonomy. Hats off to the researchers for shedding light on this taboo topic!
The results of a long-term study on unconditional basic income, led by the German Institute for Economic Research and Vienna University of Economics, are presented. This research revealed that recipients did not decrease their work hours, and the proportion of unemployed individuals in the basic income group was surprisingly similar to the control group. Furthermore, the study demonstrated that the unconditional income brought about significant improvements in recipients' mental health and life satisfaction, suggesting that it can lead to reduced stress levels and improved sleep quality.
