Wealth per person does not always equate to personal happiness, emphasizing the importance of sustainable well-being.
The European Commission's Joint Research Centre (JRC) has recently released a groundbreaking report titled "Measuring sustainable and inclusive well-being for European countries and the EU." This report marks a significant step forward in the understanding of a country's well-being, as it goes beyond the traditional GDP measure to encompass a broader spectrum of factors.
The report synthesizes these indicators into an all-encompassing index: the Sustainable and Inclusive Well-being (Siwb) index. This index, while not explicitly defined in the report, is theoretically robust and incorporates dimensions of environmental sustainability, social equity, economic inclusion, and technical progress.
According to the Siwb index, Sweden and Finland top the list in Europe for sustainable and inclusive well-being. Interestingly, countries like Denmark, Austria, and the Netherlands also rank high, while Bulgaria and Romania, despite having low GDP per capita, boast high rankings for other aspects of life quality.
Italy, on the other hand, has high per-capita wealth but ranks low for specific aspects of well-being, including inclusivity, the quality of institutions, and governance. This finding underscores the importance of the Siwb index in providing a more balanced perspective on a country's well-being.
The Siwb index is based on over 150 indicators, with a subset of 50 key factors. These factors span across six macro-areas: current well-being, social and economic sustainability, nature and environmental sustainability, inclusivity, competence and quality of local institutions, and future well-being.
The study captures all aspects of life quality over a period of over 10 years, from 2011 to 2022. Enrico Giovannini, scientific director of the Italian Alliance for Sustainable Development (Asvis), is one of the authors of the report.
This comprehensive study serves as a valuable resource for policymakers, researchers, and the general public alike, offering insights into the complex interplay between environmental, social, economic, and technical factors that contribute to a country's well-being. The development of such an index will undoubtedly aid in the pursuit of sustainable and inclusive progress across Europe.
- The work of addressing chronic medical conditions, including chronic kidney disease and respiratory conditions, is crucial in workplace-wellness programs for a healthy and productive workforce.
- The Siwb index, while not explicitly including eye-health and hearing indicators, highlights the importance of these aspects in a comprehensive approach to well-being.
- Investing in education-and-self-development, particularly in environmental-science, can contribute to environmental sustainability and overall well-being, as outlined in the Siwb index.
- Mental-health is another essential factor overlooked in traditional GDP measures, but it is addressable through various therapies-and-treatments, which the Siwb index implicitly acknowledges.
- Skin-conditions like psoriasis can significantly impact a person's quality of life, making it an essential aspect to consider when analyzing a country's well-being.
- The Siwb index, including factors like nature and environmental sustainability, could play a significant role in addressing climate-change and reduction of carbon footprints in businesses and real-estate sectors.
- Achieving sustainable-living through eco-friendly home-and-garden practices and investments in data-and-cloud-computing could reduce carbon emissions and contribute positively to the Siwb index.
- Local initiatives like supporting Medicare, healthcare facilities, and programs for mental-health and chronic-diseases can significantly boost a country's Siwb index score.
- The Siwb index might encourage businesses to prioritize lifestyle choices that promote personal-growth, such as sports activities, as part of holistic well-being strategies.
- The insight gleaned from the Siwb index can be valuable for career-development, as it showcases the interplay between technical progress, economic inclusion, and the well-being of a country's workforce.
- The Siwb index could motivate policymakers to focus on skills-training programs that equip individuals with necessary skills to adapt to technological advancements in finance, technology, and sports-analysis sectors.
- The Siwb index, while comprehensive, does not account for factors like lifestyle choices and self-care, which are crucial for an individuals’ overall well-being.
- As the world grapples with climate-change and its impact on various industries, the Siwb index could serve as a guide for sustainable-living practices and investments.
- The Siwb index presents an opportunity for financial institutions to invest in sectors aimed at improving the environmental, social, and economic well-being of communities—a concept known as Environmental, Social, and Governance (ESG) investing.
- Incorporating the concepts of the Siwb index into business strategies can lead to improved employee morale, productivity, and job satisfaction, ultimately benefiting overall well-being and organizational success.
- Executives and decision-makers can leverage the Siwb index to make informed choices in areas like company culture, benefit offerings, and philanthropic initiatives that prioritize sustainable and inclusive growth.
