The Monetary‐Equivalent Effect of Voluntary Work on Mental Wellbeing in Europe

The hypothesis that active community involvement and, more specifically, voluntary work is beneficial for mental wellbeing has an established tradition. Community involvement is one of the main suggestions in policy guidelines for active ageing1 formulated in most high-income countries (see, among others, those of Australia, New Zealand, the US and UK in Hutchison et al., 2006). The rationale behind this policy is well explained by Watson and Hall (2001), who argues that “continued participation in the workforce, volunteering, community activities or family responsibilities contributes to the maintenance of mental capacity and a sense of well-being in older adults. This is a type of psychological capital or the extent to which the person can deal with threats to mental health – whether, for example, they can resist depression and anxiety when under stress. Individuals who have built up their psychological capital are resilient and able to cope with change and other stresses