The purpose of this study is to confirm the impact of savings on social capital and life satisfaction among poor young people. In order to carry out the research, 678 young people aged between 15 and 39 were selected from among the households who rece...
The purpose of this study is to confirm the impact of savings on social capital and life satisfaction among poor young people. In order to carry out the research, 678 young people aged between 15 and 39 were selected from among the households who received living benefits who participated in the first study on asset formation support projects by the Korea Development Institute for Self-Sufficiency and Welfare.
For analysis, we used the SPSS Statistics 21.0 program to perform frequency analysis, technical statistics, correlation analysis, and multiple regression analysis to determine how savings affect social capital and life satisfaction among poor young people.
The results of the study are summarized as follows.
First, the results of the regression analysis showed that savings had a positive (+) significant impact on the social capital of poor young people. In other words, the more assets (savings) formed through savings, the more social capital of poor young people increases. Based on these results, we confirmed that savings should be considered as a leading factor in improving social capital of poor young people.
Second, it was found that savings had no significant effect on the satisfaction of poor young people in their lives. Analysis of the reasons for the difference from the previous study shows that the savings of poor young people are very low because they save with small income, and that the effect of improving the overall satisfaction of poor young people is insignificant or insignificant.
Third, the analysis of various control variables affecting social capital and life satisfaction found that self-esteem has a meaningful positive (+) effect on social capital and life satisfaction among poor young people. In addition, family support has a significant positive effect on social capital, and life satisfaction has a negative (-) effect on the presence or absence of a spouse, and a positive (+) effect on subjective health.
Based on these findings, the discussions presented in this study are as follows.
First, assets (savings) formed through savings can be considered as a leading factor in social capital, and it is necessary to support poor young people to effectively form assets through savings. On the other hand, it is necessary to strengthen public relations on projects to support the formation of youth assets, which are increasing in quantity, so that many young people can participate. In addition, young people who participated in the project but failed to succeed in the project should be continuously monitored and managed afterwards to help them get out of poverty.
Second, it is necessary to establish a qualitative service system for asset formation support projects that are increasing in quantity for the formation of assets for young people. As confirmed in this study, savings themselves are difficult to improve the satisfaction of living among poor young people, so additional services such as information provision and linkage of various welfare services, financial counseling, and education should be supported at the same time.
Third, it is necessary to prepare social support and policy measures to increase the social capital of poor young people. Employment support services should be provided to help poor young people escape from social isolation and become members of society, and opportunities should be prepared to form social relationships and participate in various activities outside of the workplace. In addition, it is necessary to prepare institutional measures to support social capital formation in the form of additional services along with projects to support asset formation for youth so that savings can more effectively affect the satisfaction of the lives of poor young people.