A further slowing in growth
Family, our homes and personal safety contribute the most to our feeling of Wellbeing.
Results of the latest NAB Wellbeing Index showed Australia’s wellbeing for the September quarter 2016 improved across all measures – life satisfaction, personal anxiety, happiness and life worth.
The report released today found national wellbeing rose to 64.3 points in Q3 2016 (where 0 is the lowest and 100 the highest), compared to 63.6 points in Q2.
This reversed a trend decline in the previous 3 quarters with wellbeing now back on par with long-term average levels.
Wellbeing improved for nearly all Australians, except labourers, self-employed and older and younger women.
According to NAB Chief Economist Alan Oster: “The continued decline in wellbeing for young women raises some concerns as they also continue to report the lowest levels of wellbeing across all Australians.”
Overall, wellbeing continues to be most positively influenced by our family and personal relationships, our homes and personal safety.
But what drives wellbeing can differ significantly across groups, with these differences especially pronounced between young men and women and the lowest and highest income earners.
“More young men benefit from their mental and physical health and appearance and the environment while events such as abuse and victimisation and general finances detract a lot more from the wellbeing of young women” said Mr Oster.
“And for the highest income earners, their general finances, ability to fund retirement, buying homes, work and school issues contribute positively to their overall wellbeing, but they detract from wellbeing among the lowest income earners”.
NAB’s latest research shows Australians feel only “moderately” connected to their local communities – and less so than in Q2.
But some groups are more connected than others, particularly older women.
“This is very encouraging as maintaining good community connections are important at any age, but especially as we get older and feelings of loneliness can increase” Mr Oster said.
NAB’s report shows that Australians remain only “moderately” satisfied with their present financial position.
Local jobs and affordable housing continued to be most commonly cited as the way to enhance wellbeing in our local communities.
“These could also be key reasons why the level of satisfaction with our financial position is weighing heavily on some of us” said Mr Oster.
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