Artikel
Income loss among the self-employed: implications for individual wellbeing and pandemic policy measures
Due to the pandemic-induced economic crisis, self-employed individuals are currently suffering considerable income losses. The self-employed and the members in their households usually form an economic unit. As a consequence, the income cuts not only affect the self-employed themselves but also the rest of their household. We used the German Socio-Economic Panel (SOEP) to calculate how much income the self-employed are able to sacrifice to achieve a subjective barely sufficient household income, which we interpret as the minimum level to maintain the standard of living. Our results suggest that full-time self-employed are typically the bread-earners in their households and that, as a consequence, even moderate income losses of the self-employed often lead to problems in maintaining the living standards of their households. Conditional on individual and household characteristics, the self-employed with employees are found to live in households that are less resilient to income losses. Furthermore, a negative correlation between falling short of the barely adequate household income and wellbeing was discovered. Self-employed in households with less than adequate incomes also reported higher concerns about social cohesion. These results have implications for policy - especially in light of the economic crisis induced by the pandemic.
- Language
-
Englisch
- Bibliographic citation
-
Journal: Review of Economics of the Household ; ISSN: 1573-7152 ; Volume: 21 ; Year: 2021 ; Issue: 1 ; Pages: 37-57 ; New York, NY: Springer US
- Classification
-
Wirtschaft
Entrepreneurship
- Subject
-
Entrepreneurial households
Income
Income cuts
Self-employment
- Event
-
Geistige Schöpfung
- (who)
-
Schneck, Stefan
- Event
-
Veröffentlichung
- (who)
-
Springer US
- (where)
-
New York, NY
- (when)
-
2021
- DOI
-
doi:10.1007/s11150-021-09583-6
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Schneck, Stefan
- Springer US
Time of origin
- 2021
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