Life satisfaction continues to be an important construct in the psychosocia
l study of ageing. It is one of the commonly-accepted subjective conditions
of quality of life and seems to be one of the facets of successful ageing,
both of which are key concepts in ageing. Research reports that life satis
faction is strongly related to socio-demographic and psychosocial variables
. These, however, are mutually dependent interactive variables, and much mo
re attention should be paid to the study of the relative contribution of th
ese two types of factors to life satisfaction. The purpose of the research
reported in this article was to discover which socio-demographic conditions
and psychosocial factors are the most important, and to decide to what ext
ent they contribute to life satisfaction. A sample of 507 individuals aged
65 and over and representative of the Spanish population in terms of age an
d gender, were interviewed at home. The results indicate that two socio-dem
ographic characteristics (income and education) influence life satisfaction
both directly and also indirectly, through psychosocial factors such its a
ctivity (physical activity level, satisfaction with leisure activities, and
social contacts), perceived health and physical illness. Among psychosocia
l factors, activity and health both contribute to explaining life satisfact
ion. The results are discussed from the point of view of the activity theor
y of ageing.