Wellbeing Indicators

Cost of living

Financial position

Income levels

Net worth

Living standards have a strong connection to a person’s wellbeing. The Wellbeing Framework focuses on living standards primarily from a financial perspective, with other domains painting a broader socio-economic picture of wellbeing.

Financial wellbeing is largely determined by a person's command over financial resources. Income and wealth (net worth) are the financial resources that households use to support their consumption of goods and services. These measures are presented in the Living standards domain along with a cost of living measure and together provide a broad understanding of overall financial capacity.

While living standards are considered primarily from a financial perspective, other domains bring together the broader socio-economic picture of wellbeing, particularly Economy, Health, Education and Life-long learning, and Housing and home.