Figure 1. Research model.

Figure 2. Age-information histogram.

Figure 3. Moderating effect of COVID-19 between life satisfaction and Engel coefficient.

Table 1. Variable description.

Table 1. Variable description.

NameCodeDescriptionLife satisfactionLSA(0 = Very poor, 100 = Very good)Subjective healthSHE(1 = Very bad, 5 = Very good)Engel coefficientENG[(Food expenditure + Eating out expenditure)/Living expenditure] × 100COVID-19COV(0 = participants in 2018, 1 = participants in 2020) GenderGEN(0 = Male, 1 = Female)AgeAGEPhysical age of survey participants Personal assets ASTPersonal assets (10,000 KRW)

Table 2. Descriptive statistics (n = 3879).

Table 2. Descriptive statistics (n = 3879).

VariableMeanSDMinimumMaximumLSA64.6412.684100SHE2.90.8515ENG34.9612.02083.33COV0.490.4901GEN0.350.4701AGE72.099.257102AST31,218.5142,186.180818,000

Table 3. Correlation matrix (n = 3879).

Table 3. Correlation matrix (n = 3879).

Variable1234561. LSA1 2. SHE0.282 *1 3. ENG−0.116 *−0.0071 4. COV0.039 *−0.0120.085 *1 5. GEN0.042 *0.100 *0.0060.181 *1 6. AGE−0.184 *−0.395 *0.052 *0.105 *−0.029 *17. AST0.219 *0.102 *−0.078 *0.028 *0.048 *−0.080 *

Table 4. Results of hypotheses testing (n = 3879).

Table 4. Results of hypotheses testing (n = 3879).

VariableModel1
β (t-Stat)Intercept64.418 (29.87) *SHE3.589 (14.37) *ENG−0.100 (−4.26) *COV2.740 (2.31) *ENG × COV−0.019 (−0.60)GEN0.625 (1.61)AGE−0.146 (−6.09) *AST0.001 (12.62) *F-value91.57 *R20.1421

Table 5. Results of hypotheses testing: subsample analysis (N2018 = 2011; N2020 = 1868).

Table 5. Results of hypotheses testing: subsample analysis (N2018 = 2011; N2020 = 1868).

VariableModel 2
2018
β (t-Stat)Model 3
2020
β (t-Stat)Intercept65.330 (23.12) *66.914 (20.53) *SHE5.124 (15.26) *1.986 (5.44) *ENG−0.095 (−4.23) *−0.119 (−5.12) *GEN1.774 (3.26) *0.219 (0.39)AGE−0.231 (−6.94) *−0.080 (−2.30) *AST0.001 (7.32) *0.001 (10.35) *F-value110.08 *40.84 *R20.21540.1421

Table 6. Mean values for moderating effect of COVID-19 (n = 3879).

Table 6. Mean values for moderating effect of COVID-19 (n = 3879).

LSALow ENGHi ENG202066.7263.40201865.7562.05

Table 7. Results of independent t-test regarding COVID-19.

Table 7. Results of independent t-test regarding COVID-19.

VariablePre-COVID-19
Mean (SD)
(n = 2005)Post-COVID-19
Mean (SD)
(n = 1874)t-ValueLSA64.16 (12.65)65.16 (12.70)−2.452 *ENG33.95 (11.63)36.00 (12.33)−7.436 *