Australians are not alone in feeling the pain of rising house prices and cost of living pressures, with the world a sadder place now than before the pandemic.
The latest OECD report on the state of well-being of people around the globe raises concerns about housing costs, financial well-being and social connection.
OECD Secretary-General Mathias Corman said the How’s Life? 2024 report found Government interventions had buffered the economic impacts of the COVID-19 pandemic and high inflation on households and businesses, but cost pressures remained significant, especially for the most vulnerable.
Mr Corman said positive economic trends included average incomes, which had not fallen below pre-COVID levels in any OECD country, and employment rates at historic highs at the end of 2023.
“However, the report raises concerns about housing costs and self-reported financial well-being.
“Nearly one in five low-income households are overburdened by housing costs and almost one in five people reported financial difficulties in 2023.”
Mr Corman said the report charted both current well-being outcomes and future resources, offering a comprehensive picture of people’s lives.
He said this 6th edition of the report introduced new people-focused indicators, including measures of loneliness, household energy poverty, exposure to extreme temperatures, and physical pain.
“Relying solely on economic metrics to assess crisis recovery and monitor societal progress yields an incomplete picture.
“Critical non-economic aspects of well-being – such as health, social connectedness, and subjective well-being – are showing signs of deterioration.”
The report found that in 2023, one-third of people experienced “a lot of pain or worry on the previous day”, one-fifth felt considerable sadness, and between four to 14 percent of people felt lonely in countries with available data.
“Compared to pre-pandemic levels, feelings of pain, worry, sadness, loneliness and life satisfaction have worsened in more OECD countries than have seen improvements,” Mr Corman said.
Read the full report: How’s Life? 2024
