Multifaceted approach to measuring societal wellbeing
The analysis of wellbeing determinants has been performed at various levels, individual, regional or national, with no correlation between them. What is more, a key indicator of socioeconomic performance and general progress is gross domestic product (GDP). Alone, it fails to provide a comprehensive view of societal performance. To address the issue, the EU-funded EWEBE (Micro and macro determinants of well-being) project sought to determine the extent to which wellbeing drivers influence personal wellbeing at individual, regional and national levels. It also looked into whether such drivers vary within and between EU countries. EWEBE is based on 'equitable and sustainable' wellbeing, an indicator identified by Italy's National Council for Economics and Labour and the National Institute of Statistics together with entrepreneurs, trade unions and civil society. It combines GDP with indicators such as inequality and sustainability. Findings of an online survey show the share of temporary jobs greatly influences how much effort and time respondents put into work-life balance, and the extent to which they volunteer also positively affects how much they invest in social relationships. In addition, trust in justice at regional level greatly impacts their involvement in politics and institutions. Project partners also analysed the determinants of financial inclusion – a key enabler to reducing poverty and boosting prosperity – at individual, regional and national levels across Europe. They exploited regional financial and economic data from The Life in Transition Survey II. The 2010 survey examined households mainly in Eastern Europe communist regimes to assess public attitudes, wellbeing and impacts of economic and political change. Results show that the probability of financial inclusion is determined by household income, employment type, marital status, education, age, religion and ethnicity. EWEBE took a multidimensional approach to measuring societal wellbeing by considering economic, social and demographic determinants from local through to national levels. It will better inform policymakers tasked with developing and evaluating policies designed to promote societal progress.
Keywords
Societal wellbeing, wellbeing determinants, gross domestic product, financial inclusion
