International examples to help Finland create governance model for wellbeing economy

Ministry of Social Affairs and Health
Publication date 4.12.2025 8.46
Type:Column

The economy of wellbeing offers tools for policy makers to secure the preconditions for a good life both for the current population and future generations. A new working paper by the Finnish Institute for Health and Welfare (THL) analyses how wellbeing economy practices have been integrated into decision-making in ten countries. This comparison will also help Finland create its own governance model.

The wellbeing economy practices of the ten reference countries, which were analysed by the Finnish Institute for Health and Welfare, respond to a globally recognised need to monitor the development of society not only through GDP but also broadly through different dimensions of wellbeing and sustainability. The ten reference countries included in the working paper are Canada, Estonia, Iceland, Ireland, Italy, the Netherlands, New Zealand, Scotland, Sweden and Wales. 

These countries have developed tools for integrating a broad-based wellbeing approach into their decision-making and policy formulation by by applying tools in the areas of strategic, resource, and regulatory governance.

Reference countries have different emphases when it comes to combining forms of governance 

There are many tools and practices and their combinations to implement wellbeing economy governance. For countries interested in the economy of wellbeing, these examples provide an opportunity to put together a combination of governance tools and practices suited to their national context.

In Canada, wellbeing aspects have been integrated into budget preparation materials to support resource allocation and policy planning. 

In Estonia, the national long-term development vision ‘Estonia 2035’ serves as the country’s highest-level strategic document, and it is advanced by means of regulatory governance through ministries’ sectoral development plans and programmes. Therefore, the pursuit of both wellbeing impacts and the development vision is also reflected in the ministries’ draft budgets. 

In Wales, the Well-being of Future Generations Act sets out seven goals for 2050 and the ways of working to achieve them. Even though no new mechanisms have been developed for budget preparation, the wellbeing-oriented approach becomes embedded in decision-making through regulatory and strategic governance.

Many countries, including Finland, are at a turning point, charting their own course

Many countries are currently in a situation where the economy of wellbeing is not yet an established model, but broad wellbeing indicators, wellbeing strategies or long-term plans are already being developed. 

In this situation, it is important to identify choices for development – whether to focus primarily on strategic, resource or regulatory governance or on a combination of these. International examples show that there is no single right approach. Instead, the forms of governance are shaped by each country’s administrative culture and societal objectives.

Finland has also laid a solid foundation for the next steps. 
The cross-sectoral development work coordinated in recent years by the Ministry of Social Affairs and Health, the National Action Plan for the Economy of Wellbeing and the recently completed RRP project, which was carried out by the Finnish Institute for Health and Welfare under the guidance of the Ministry of Social Affairs and Health, have all produced guidelines and tools for strengthening governance. Developing wellbeing economy governance is linked to other government processes focusing on sustainable development. These include the holistic assessment model for sustainability-related considerations developed by the Prime Minister’s Office and the 2030 Agenda work led by the Ministry for Foreign Affairs. 

Creating a governance model for the economy of wellbeing does not mean copying one single model. Instead, it involves creating a combination of tools and practices that is based on local needs and objectives. The key is to identify those national initiatives that can be put into practice. The new working paper invites all interested parties  to take part in this work – both in Finland and elsewhere.

Emma Korpi, Project Planning Officer, Finnish Institute for Health and Welfare (THL)
Saija Iivonen, Researcher and Special Planning Officer, Finnish Institute for Health and Welfare (THL)
Satu Leino, Ministerial Adviser, Ministry of Social Affairs and Health

The Finnish Institute for Health and Welfare’s project (2022–2025) is funded by the EU's Recovery and Resilience Facility (RRF) as part of the Sustainable Growth Programme for Finland.