How Much Is It Worth Not Being Alone? An empirical evaluation of social support using the life satisfaction approach in Japan

This study attempts to clarify the monetary value of social support, the importance of which is becoming widely recognized in the context of the global spread of COVID-19. Using the Life Satisfaction Approach and data obtained from a nationwide survey in Japan, we estimated that the monetary value of social support can be as high as the average household consumption expenditure for one year, and that the value of life satisfaction gained by providing social support to elderly people who live alone and who do not receive social support can be more than 1 trillion yen. These results suggest that the value of social support is high, and that significant social benefits might accrue from policy-based promotion of social support provision.