Wellbeing economy toolkit: supporting place based economic strategy and policy development

What is a wellbeing economy?

Wellbeing can be defined as ‘living well’ and is about ‘how we’re doing’ as individuals, communities and as a nation – and how sustainable that is for the future.

While definitions vary, a wellbeing economy can be described as an economic system operating within safe environmental limits, that serves the collective wellbeing of current and future generations first and foremost.

It is a system that empowers communities to take a greater stake in the economy, with more wealth generated, circulated and retained within local communities, while protecting and investing in the natural environment for generations to come. It provides opportunities for everyone to access fair, meaningful work, and values and supports responsible, purposeful businesses to thrive and innovate.

The approach recognises that reducing inequality and improving the lives of citizens through a human rights-based, social justice approach can also make the economy more resilient. It supports the transformations in our economy and society needed to thrive within the planet’s sustainable limits and capitalises on the opportunities this creates for improving people’s mental and physical health and wellbeing, tackling inequalities and supporting green jobs and businesses.