Our well-being economy mission is to help transition Wales to an economy that puts people and planet first.

Our economy can be reshaped to better protect communities from the widening economic inequality in Wales, resulting in better health and well-being for people on a healthy planet.

We advocate people-centred approaches to economic development, which redirects wealth back into the local economy; places more control and benefits into the hands of local people; and responds to future trends such as AI, digital and green skills.

We will work with the organisations already leading on eradicating poverty in Wales to ensure our activities complement efforts to address the root causes of poverty at local, regional, and national level.

A Well-being Economy Theory of Change  

We will make it our mission to help transition Wales to an economy that puts people and planet first. As a result, governments at all levels, communities and business are making this happen.

Needs 

Economic growth is often seen as an end in itself, instead of leading to improvements in peoples’ well-being.

The cost-of-living crisis is widening economic inequality, poverty is increasing, and the economy is using natural resources at a faster rate than can be replenished.

Activity

1. Assess the integration of well-being economic approaches within local, regional, and national economic development plans.
2. Convene public bodies, business, think tanks and others to share good practice and barriers to progress.
3. Review future trends, such as AI, and consider how Wales’ economic plans could respond.
4. Build tools for Welsh businesses on how to support the well-being goals and build tools for the public sector on how to incentivise businesses to act and invest in the well-being goals.
5. Provide advice to public bodies on how they measure success in achieving a well-being economy, drawing on international examples.

Outcomes

Local authorities, City / Growth Deals and Corporate Joint Committees frame their economic plans around a well-being economy and implement a set of well-being economy objectives.

More businesses, including social enterprises, incorporate the well-being goals in their business models.

There is a shared understanding across public bodies about how we measure success in a well-being economy.

Impact

Wales is making progress on its well-being indicators related to the Prosperous Wales goal.

Our global footprint is reducing, and we are on track to only use our fair share of global resources by 2050.

Welsh economic and business success results in fair work, higher skill levels, lower poverty levels and reduced pay differences based on gender, disability, and ethnicity.

Future Generations 2025: Recommendations

1. Welsh Government should identify key sectors where the private sector falls short in implementing the Real Living Wage – and develop plans to implement the Real Living Wage with businesses in these sectors.
2. The Welsh Government should ensure all businesses receiving Welsh Government support meet a standard set of commitments aligned to the Well-being of Future Generations Act. This should include Real Living Wage accreditation as a baseline requirement.
3. Welsh Government should set a target to double the size of the social business sector in Wales by 2035 and continue support to Social Business Wales and Social Investment Cymru to achieve this.
4. Welsh Government should work with the wider public sector to launch a Co-operative Development Hub and support social enterprises in expanding into public and private sector supply chains.
5. Welsh Government should urgently develop an action plan by 2027 to ensure Wales has the skills to achieve a just transition to a low carbon well-being economy, and at the same time improve post-16 educational outcomes and reduce inequalities.
6. Welsh Government should establish a commission to examine artificial intelligence’s impact across public services, workforce planning, and digital infrastructure, and set out a clear national direction for ethical and responsible artificial intelligence deployment.
7. Welsh Government’s economic mission and all four regional economic strategies of Corporate Joint Committees must fully embed the Well-being of Future Generations Act as the framework for designing economic development strategies and in implementing and measuring progress.
8. By 2027 all public sector organisations must commit to a plan on how they will achieve Real Living Wage accreditation.
9. Welsh Government and public bodies should ensure every community in Wales has access to a local repair and re-use hub by 2035.