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SURVEYED
17,000 people worldwide
INTERVIEWED
6 experts from academia, finance and education
Santander and FT Longitude launch the Global Wellbeing Index analyzing perception of prosperity in different countries.
The research shows 67% of people worldwide believe the rising cost of living is affecting their well-being; however, 63% expect to improve their well-being in the next three years.
Of the 17,000 people surveyed, only 32% feel they have a good level of well-being.
People the world over believe banks can improve citizens’ quality of life; but while 83% of respondents say it’s important to have access to reliable financial services.
Madrid, 4 October 2023.
Santander and the FT Longitude launched the Santander Global Wellbeing Index today to explore what prosperity and well-being mean to people in different demographic groups across the world. The findings reveal that, while the cost-of-living crisis has impacted well-being, people are optimistic about the future, with 63% of respondents expecting to have better personal well-being in the next three years.
The index measures well-being and prosperity in terms of quality of life; people and community; and education and employment. It scores each respondent before combining the results in an overall index. The average Global Wellbeing Score is 66 out of 100. The higher the score is, the greater respondents’ sense of well-being and prosperity is perceived. The index reveals above-average scores in Asian and Pacific countries, where most people believe they have a good level of well-being.
Respondents from all countries agree that good health is key to determining well-being. In the Asia-Pacific region, 83% of respondents say they are in good health, compared to 73% in the Americas and just 66% in EMEA.
The environment, community safety, being valued at work, and income are of primary importance in people’s perception of well-being. However, the cost-of-living crisis is having an impact: 67% of respondents agree that rising prices are affecting their well-being and 60% admit to changing their consumption patterns. In fact, while 71% of respondents say that living comfortably is important, just 58% say they can afford to. Similarly, the vast majority (90%) say it’s important to have a regular income to cover more than just the essentials; yet only 63% do.
Despite all this, most respondents feel hopeful about the next three years. People in Brazil are the most optimistic, with 87% of respondents expecting their well-being to improve. This is a general feeling in developing countries such as Mexico (82%) and India (75%). Meanwhile, just 55% of respondents in the US have similar expectations. The results are even lower in Norway (41%) and France (34%).
Financial services can create opportunity
Banks can improve people’s quality of life by increasing access to reliable financial services. 61% of respondents cite lack of savings or income and other financial difficulties as the greatest barrier to prosperity and well-being.
Banks and financial service providers can also improve well-being through financial education and advice. Nearly 72% of respondents agree this is important.
Financial institutions have a big role to play in enhancing basic financial services and providing tailored finance to individuals and SMEs. Teaching finance from an early age at school, as well as promoting financial inclusion, entrepeneurship and employability, is key.
How to build a better future
A better future lies with health
of people worldwide say that health is one of the top three factors that influence their wellbeing
say that access to high-quality and affordable healthcare is the most important determinant of quality of life
of people worldwide say that health is one of the top three factors that influence their wellbeing
say that access to high-quality and affordable healthcare is the most important determinant of quality of life
Banks and financial services create opportunities
of people worldwide say that financial difficulties are one of the top three barriers to a good level of wellbeing
say that access to safe and dependable financial services is important
of people worldwide say that financial difficulties are one of the top three barriers to a good level of wellbeing
say that access to safe and dependable financial services is important
We need a guiding light through the cost-of-living crisis
of people worldwide agree that the rising cost of living is having an impact on their wellbeing
admit to changing their consumption patterns by opting for cheaper alternatives
of people worldwide agree that the rising cost of living is having an impact on their wellbeing
admit to changing their consumption patterns by opting for cheaper alternatives
A world of possibilities: Wellbeing differs from place to place
value community more than people in Europe, the Middle East and Africa (EMEA) and the Americas
being able to afford a comfortable life is more important
value community more than people in Europe, the Middle East and Africa (EMEA) and the Americas
being able to afford a comfortable life is more important
How businesses can help people prosper
What do wellbeing and prosperity mean to you? And how would you rate these factors in your life today?
In this interview, Hannah Freegard, managing editor at FT Longitude, talks with Juan Cerruti, global chief economist at Banco Santander, about the role that businesses and policymakers can play in improving wellbeing and prosperity worldwide.
The index measures prosperity and wellbeing across three pillars
- Quality of life
- People and community
- Education and employment
A regular income, a safe environment and high-quality healthcare are the most important factors supporting a good quality of life.
For most people, prosperity is not about living like an oligarch. It's about living a life you have reason to value. It's not just about lack of poverty, it's being able to take your place in society without shame and having agency.
Income, healthcare and a safe environment are important in determining quality of life
How important are each of the following in determining your quality of life, and do you have each of them today?*
*Hover mouse over graph for more details.
A sense of personal security and a good public-transport system are key to participation in and connection with the local community, but about a quarter of respondents do not have either of these.
If you’re adding value and love the tasks of your job, you’ll feel you are thriving, even if you’re not as well paid as your neighbour. Where we go wrong is that we feel the material benefits, higher income and higher status will give us happiness but they don’t.
Feeling safe and secure is key to participating in the local community
How important are each of the following in determining your participation in the local community, and to what extent do you have each of them today?*
*Hover mouse over graph for more details.
A good work-life balance, feeling valued and receiving adequate compensation are the top three factors that positively impact on wellbeing at work.
It would be a wonderful initiative to teach life skills in schools. And financial literacy would definitely be one of the key skills.
Work-life balance and feeling valued are more important than job security and progression
How important are these factors to wellbeing in your professional/academic life, and to what extent do you have them?*
*Hover mouse over graph for more details.