Well‑being and the global financial crisis

How did people’s life change during the global economic and financial crisis? In the wake of the crisis, household income and wealth, jobs and housing conditions deteriorated and have not completely recovered yet in many OECD countries. This had the effect of increasing poverty and inequalities, especially among young people and low-skilled workers. The number of discouraged workers and inactive people has increased, as did perceived work-life conflicts for employed people. Clear negative trends have also emerged in subjective well‑being and civic engagement, with increasing levels of stress, lower life satisfaction and decreasing trust in national governments. Trends in other well‑being dimensions, such as health and social connections, are less clear. Information on short-term trends in well‑being is limited, however, and there is a need to improve the timeliness and frequency of the statistical base used to guide short-term policy decisions in order to better take into account households’ perspective.