Session 13

Economy of Wellbeing: from concept to practice

Enabling transformational leadership and inclusivity

Organised by the Ministry of Social Affairs and Health, Finland

The Economy of Wellbeing (EoW) is a policy and governance approach which puts people and their wellbeing at the centre of decision-making. The EoW covers material factors, such as housing, income and jobs, and factors related to quality of life such as education, skills, health, gender equality and security. In the long term, an EoW aims at strengthening equity, societal resilience and environmental sustainability. The COVID-19 experience demonstrates how crucial an EoW can be to the short- and medium-term fiscal sustainability and societal stability.

While not being an entirely new model, the EoW is a policy change-maker and has far-reaching economic, social and political implications. Investing in people´s health and wellbeing has wider co-benefits for other sectors, including economic growth and environmental sustainability, while not doing so generates wider societal co-costs.

This session highlights the real-world significance and experiences of piloting, scaling-up and implementing the EoW - in the EU and beyond.