We consider the link between poverty and subjective well-being, and focus in particular on potential adaptation to … poverty. We use panel data on almost 45,800 individuals living in Germany from 1992 to 2011 to show first that life … satisfaction falls with both the incidence and intensity of contemporaneous poverty. We then reveal that there is little evidence …

We consider the link between poverty and subjective well-being, and focus in particular on the role of time. We use … satisfaction falls with both the incidence and intensity of contemporaneous poverty. Second, poverty scars: those who have been … poor in the past report lower life satisfaction today, even when out of poverty. Last, the order of poverty spells matters …