Self-employed workers are happier: study

Self-employed workers aren't just happier on the job, they also have a sunnier outlook on life than those under the thumb of a boss, a review of employment data has found.

A study of more than 7,000 Australian workers showed running your own business could lead to more satisfaction in general than other career paths.

Researchers from Murdoch University in Western Australia said this was the first extensive study to examine whether self-employment could, in fact, lead to greater personal rewards.

"The results of our survey seem to be pretty clear," said study leader Professor Michael Schaper, the university's dean of business.

"If you really want to get a sense of satisfaction and contentment in your work life, then you should seriously consider going into business for yourself."

Using data from the national Household, Income and Labour Dynamics in Australia (HILDA) survey, the researchers compared the level of satisfaction and well-being between 526 business owners and 6,840 wage and salaried employees.

The researchers examined a range of issues, including satisfaction with one's own life and job, individual priorities, perceived prosperity, risk preferences, and individual health and well-being.

The findings will be published in the international journal Small Business Economics.

"The results suggest the level of satisfaction between the self-employed and paid employees does differ significantly and that entrepreneurs are more satisfied than their waged counterparts," Prof Schaper said.

"Self-employed business owners report both higher levels of overall life satisfaction and job satisfaction."

The results broadly align with findings amongst other Organisation for Economic Cooperation and Development (OECD) nations, he said.

Another study, released earlier this year, showed lawyers and other well-paid white-collar workers were the most likely to suffer depression.

Of more than 7,500 professionals surveyed, almost one in 10 reported moderate to severe depressive symptoms. This was significantly higher than the general population, including all professions, the unemployed and the homeless.