Finland is committed to developing an Economy of Well-being. Its National Action Plan identifies five directions to be taken by the country to integrate this approach in decision-making. This builds on a long history of interest in well-being, sustainability and fostering long-term cross-silo thinking in policy.
Finland’s National Action Plan for the Economy of Wellbeing 2023‑25 and related initiatives
Abstract
Finland has a long history of interest in well-being. In 2009, it launched the Findicator programme – a collection of around 100 indicators describing the development of Finnish society, with data produced by Statistics Finland and other official data providers – although the programme had to be discontinued in 2022 due to technical reasons. Over the past decade, the concept of an “Economy of Well-being” has been discussed in Finland as a means to achieve a better balance across economic, social and ecological sustainability in decision-making. Finland led discussions on the Economy of Well-being at the level of the European Union, as one of the priorities of Finland’s EU Council Presidency in 2019. In a collaboration with the Finnish Ministry of Social Affairs and Health, the OECD developed a working paper on the Economy of Well-being to inform the discussions, The Economy of Well-being: Creating opportunities for people’s well-being and economic growth. In October 2019, the EU Council, under the Finnish Presidency, adopted a position requesting that the European Commission and EU member states include an economy of well-being perspective in national and Union policies and to put people and their well-being at the centre of policy design. Most recently, at the national level, a Steering Group on the Economy of Well-being started its work in February 2021 and prepared the Finnish National Action Plan for the Economy of Well-being, which was launched in March 2023.
The National Action Plan includes five key directions for promoting the Economy of Well-being between 2023 and 2025, namely (1) the preparation of a governance model for the economy of well-being; (2) an examination of how well-being monitoring can be integrated more prominently in the decision-making power of the state, regions and municipalities; (3) development of impact assessments and building capacity in this area; (4) work to influence the EU, including through the European Semester; and (5) strengthening inclusion. The Finnish Institute for Health and Welfare is currently developing a steering model and an indicator set for the well-being economy in Finland, with a view to finalise the work at the end of 2024.
Finland has also developed a range of dedicated tools to keep sight of long-term societal goals in policy. For instance, the Committee for the Future in Finland’s Parliament as well as the Government Report on the Future (a cross-governmental effort prepared by the Prime Minister’s office once every electoral term and supported by the ministries’ joint foresight working group) are both mechanisms that date back to 1993 and have fostered a culture of long-term, cross-silo thinking in Finnish society and politics. Moreover, Finland is fostering integrated policy-making and long-term cohesion across government policies through its national sustainability strategies: most recently, the strategy “A prosperous and globally responsible Finland that protects the carrying capacity of nature” was adopted by the Finnish Commission on Sustainable Development in March 2022.
Finland is also a member of the Wellbeing Economy Governments (WEGo) group, a cross-governmental cooperation initiative. In addition to Finland, membership of the group currently involves the governments of Iceland, New Zealand and Wales, with Canada actively participating.
Finland’s commitment to developing an Economy of Well-being is founded in the desire to support policy approaches to achieve a better balance between social, ecological and economic sustainability. It has developed a range of dedicated tools and cross-government efforts to foster a culture of long-term, cross-silo thinking in Finnish society and politics.
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