The real wealth of wellbeing:

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• The real wealth of well-being
• Money, debt and the good life
• Minds Where to with wellbeing conference
• 27 November 2009

Juliet Michaelson centre for well-being nef (the
new economics foundation)
Emma Mamo Mind
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About nef

• An independent UK think-and-do-tank (founded
  1986)
• Inspired by 3 principles
• Environmental sustainability
• Social justice
• Well-being
• Well-being programme set up in 2001 to ask
• What would policy look like if it focused on
  improving well-being?

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Workshop topics

• What makes a good life?
• Money and the good life
• Well-being as wealth how are we doing?
• Why were not doing better materialism and debt
• Minds In the red campaign
• A non-money perspective The Five Ways to
  Well-being

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Workshop topics

• What makes a good life?
• Money and the good life
• Well-being as wealth how are we doing?
• Why were not doing better materialism and debt
• Minds In the red campaign
• A non-money perspective The Five Ways to
  Well-being

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The good life?
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What do we mean by well-being?

• Well-being The quality of peoples experience
  of their lives
• Includes subjective aspects - experience-based
• Multi-faceted e.g. happiness, physical, emotional
  health

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Defining well-being 1

• WHO definition of health as
• A state of complete physical, mental and social
  well-being, and not merely an absence of disease
  or infirmity 1946

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Defining well-being 1

• WHO definition of health as
• A state of complete physical, mental and social
  well-being, and not merely an absence of disease
  or infirmity 1946

dynamic
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A dynamic model of well-being
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Workshop topics

• What makes a good life?
• Money and the good life
• Well-being as wealth how are we doing?
• Why were not doing better materialism and debt
• Minds In the red campaign
• A non-money perspective The Five Ways to
  Well-being

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The problem with focusingon money

• Gross National Product counts air pollution, and
  cigarrette advertising andthe destruction of the
  redwood and the loss of our natural wonder in
  chaotic sprawl. It does not allow for the health
  of our children, the quality of their education
  or the joy or their playthe beauty of our poetry
  or the strength of our marriages. It measures
  everything, in short, except that which makes
  life worthwhile.
• Robert Kennedy, 1968

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Scarce gains
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Diminishing returns (1)
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Diminishing returns (2)
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Workshop topics

• What makes a good life?
• Money and the good life
• Well-being as wealth how are we doing?
• Why were not doing better materialism and debt
• Minds In the red campaign
• A non-money perspective The Five Ways to
  Well-being

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National Accounts structure
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Personal well-being
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Social well-being
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UK well-being Well-being Profiles by age group
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UK well-being components by gender
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UK well-being functioning by household income
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Workshop topics

• What makes a good life?
• Money and the good life
• Well-being as wealth how are we doing?
• Why were not doing better materialism and debt
• Minds In the red campaign
• A non-money perspective The Five Ways to
  Well-being

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The high price of materialism

• Higher
• Anxiety
• Depression
• Physical Symptoms
• Unpleasant emotions
• Drug Alcohol Use

• Lower
• Self-actualization
• Vitality
• Life Satisfaction
• Pleasant Emotions

Kasser Ryan, 1993, 1996, 2001 Sheldon
Kasser, 1995, 1998, 2001
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Values and well-being
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Debt is associated withmental illness
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Workshop topics

• What makes a good life?
• Money and the good life
• Well-being as wealth how are we doing?
• Why were not doing better materialism and debt
• Minds In the red campaign
• A non-money perspective The Five Ways to
  Well-being

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• Launched in May 2008
• Focuses on the powerful impact debt has on mental
  health and how mental health issues can get you
  into debt

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• 1,804 survey responses
• 8 focus groups with 56 participants

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Key findings

• In the previous twelve months
• 70 had been unable to pay a bill at final
  reminder
• 78 had been threatened with legal or court
  action
• 51 had been contacted by bailiffs or debt
  collectors

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Key findings

• 50 of respondents were in problem debt (being
  two or more payments behind with at least one
  bill)
• I got very frightened that the creditors would
  burst into my home and take my things away. I
  got very stressed.

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Key findings

• Almost 50 were living on less than 200 a week
  below the poverty line
• 56 had gone without food due to shortage of
  money
• 51 had gone without heating
• 92 reported not being able to socialise

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• Debt is a significant factor in worsening mental
  health
• 91 of respondents said that debt had worsened
  their mental health problems

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Reasons for problem debt

• Mental health problems 66
• Living on a low income 66
• Difficulties in managing money 58

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Advice and support

• Some people did seek advice
• 63 went to a free advice service such as CAB
• 47 sought advice from friends and family
• Only 23 had spoken to a mental health
  professional about their debts

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Advice and support

• However 34 of respondents in problem debt
• did not seek advice for the following reasons
• Embarrassment (62)
• Did not know who to ask (45)
• Did not think anyone could help (47)

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What we want

• Comprehensive implementation of mental health
  good practice and policies among creditors and
  debt collection agencies
• Improved quality and accessibility of debt advice
  services available to people with experience of
  mental distress
• Joined up working between finance, advice, health
  and social care sectors

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What we are doing

• Bailiff regulation
• Creditor policies and practices
• Supporting individuals

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Workshop topics

• What makes a good life?
• Money and the good life
• Well-being as wealth how are we doing?
• Why were not doing better materialism and debt
• Minds In the red campaign
• A non-money perspective The Five Ways to
  Well-being

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Five ways to well-being
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Five ways to well-being
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Five ways to well-being
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Five ways to well-being
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Five ways to well-being
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To find out more about well-being

• visit the following links
• nef website www.neweconomics.org
• National Accounts of Well-being
  www.nationalaccountsofwellbeing.org
• Happy Planet Index www.happyplanetindex.org
• juliet.michaelson_at_neweconomics.org

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To find out more about In the red

• Contact Minds Policy and Campaigns Team
• t 020 8215 2424
• e action_at_mind.org.uk
• w www.mind.org.uk