Below trend growth to continue
The NAB Australian Wellbeing Index rose to 63.8 points in Q3 2014 (61.7 in Q2 2014). Wellbeing was rated higher for all measures, with the biggest improvements related to life satisfaction, worthwhile life and happiness.
The NAB Australian Wellbeing Index rose to 63.8 points in Q3 2014 (61.7 in Q2 2014).
Wellbeing was rated higher for all measures, with the biggest improvements related to life satisfaction, worthwhile life and happiness.
Australian’s were slightly less anxious, but anxiety continues to be the biggest detractor of overall wellbeing.
NAB Chief Economist Alan Oster said: “More than 1 in 3 people continue to rate their current level of anxiety as very high”.
Widows and retirees retain their position as having the strongest levels of wellbeing and single people the lowest.
While men and women report similar levels of wellbeing, 50+ males have notably stronger levels of wellbeing, while young women (18-29) report significantly weaker levels.
Mr Oster noted that “Increasingly, most measures of wellbeing appear to be improving with income. However, heightened anxiety cuts across most demographics, regardless of wealth”.
The NAB Quarterly Australian Wellbeing Index was launched in April 2013 in conjunction with the NAB Quarterly Australian Consumer Anxiety Index with the aim of assessing perceptions of wellbeing and consumer stress.
Subjective wellbeing measures can play an important role in supplementing traditional economic measures of national income and activity. The NAB Australian Wellbeing Index provides a snapshot of how more than 2,000 Australians perceive their own lives based on life satisfaction, life worth, happiness and anxiety.
The NAB Wellbeing Index is complemented by the NAB Consumer Anxiety Index which provides a subjective assessment of over 2,000 Australian’s own concerns about their future spending/savings plans arising from job security, health, retirement, cost of living and government policy.
Both indices provide detailed results by: geography; age; income; employment status; occupation; sex; and marital status.
For further analysis download the full reports.
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