A seven-step guide to estimate wellbeing cost-effectiveness with less-than-perfect information.

 [Extract from this week’s guest blog]
Jon is Chief Economist at Pro Bono EconomicsIt’s not always easy to put a pounds and pence figure on everything a charity does nor does it always feel like the morally ’right thing’ to do. But, measuring wellbeing effects gives an increasingly valuable alternative route for charities assessing their impact. It speaks to what really drives charitable efforts: not just delivering value for money for funders but improving people’s lives. Yet gaps in data or a lack of alignment to standardised measures often make the task an uphill battle.  Pro Bono Economics and the What Works Centre for Wellbeing today publish a seven-step guide to estimate wellbeing cost effectiveness with less-than-perfect information.We can, of course, look at direct measures. Self-assessments of life satisfaction may allow us to estimate direct wellbeing benefits. But we can also look more widely at how other outcomes indirectly impact on wellbeing. For example, a charity focused on getting veterans into jobs can look at how the additional employment achieved for these individuals  impact wellbeing – as well as the knock-on effects of higher income; lower levels of crime; better physical and mental health; and benefits family members feel.  Read more

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