Program bantuan tunai telah menjadi kebijakan pengentasan kemiskinan utama di beberapa negara berkembang. Penelitian ini menganalisis dampak yang dirasakan dari Bantuan Langsung Tunai (BLT) sebagai Unconditional Cash Transfer (UCT) atau program transfer tunai tanpa syarat di Indonesia dengan melakukan pengujian terhadap persepsi kesejahteraan secara subjektif rumah tangga penerima bantuan. Dua putaran data panel dari   Indonesian Family Life Survey (IFLS) di tahun 2007 (IFLS-4) dan tahun 2015 (IFLS-5) digunakan dalam penelitian ini, dimana indikator kesejahteraan subjektif berasal. Tiga kategori utama komponen kesejahteraan subjektif dikembangkan dengan menggunakan Principle Component Analysis (PCA) yaitu : kepuasan keluarga, persepsi masa depan, dan persepsi terhadap anak-anak. Metode Ordinary Least Squares (OLS) dan Fixed Effect  digunakan untuk menentukan dampak program UCT terhadap kesejahteraan subjektif. Secara umum program UCT di Indonesia berkorelasi negatif atau tidak berdampak pada peningkatan kesejahteraan subjektif penerima dibandingkan dengan non-penerima bantuan. Diantara tiga komponen kesejahteraan subjektif, kepuasan keluarga terlihat menerima dampak yang  signifikan dan positif dari program UCT. UCT juga dapat membantu penerima manfaat mempertahankan tingkat konsumsi yang stabil selama guncangan ekonomi jangka pendek, tetapi tidak berpengaruh terhadap persepsi masa depan dan persepsi terhadap kesejahteraan anak-anak.

Cash transfer programs have become the main poverty-alleviating policy in several developing countries. This study analyzes the perceived impact of Direct Cash Assistance (BLT) as an Unconditional Cash Transfer (UCT) program in Indonesia by examining beneficiary households subjective wellbeing. Two rounds of Indonesian Family Life Survey (IFLS) panel data from 2007 (IFLS-4) and 2015 (IFLS-5) are used, from which this study take the subjective wellbeing indicators. Three main categories of subjective wellbeing components are developed using Principle Component Analysis (PCA): family satisfaction, future perception, and children. Ordinary Least Squares (OLS) and fixed effect methods are used to determine the impact of UCT program on subjective wellbeing. The Indonesian UCT program is negatively correlated or has no impact on improving recipients subjective wellbeing compared to that of non-recipients. Out of the three subjective wellbeing components, family satisfaction appears to have received significant and positive impact from the UCT program. UCT may also help beneficiaries maintain stable consumption level during short-term economic shocks, but future perception and children s wellbeing perception are not found to be affected.