The Finnish Institute for Health and Welfare (THL) has published a governance model for the wellbeing economy . The proposed model is part of Finland's National Action Plan for the Economy of Wellbeing 2023–2025 that called for the development of guidance to implement the wellbeing economy approach.
The model can be used for policy planning and monitoring policy impact from the point of view of economic, social and ecological sustainability. It offers a sustainability perspective that can be utilized in preparing the Government Programme as well as the state budget.
Close and wide cooperation needed to strengthen the knowledge base of wellbeing economy
In an effort to operationalize wellbeing objectives, the model proposes using an extensive citizens' consultation process as well as introducing long-term wellbeing targets that guide government programs. The model also includes an indicator set that provides a tool for launching national-level monitoring of sustainable wellbeing. Furthermore, the model proposes close cooperation between the public administration and sectoral research institutes to strengthen the knowledge base for wellbeing economy.
"Finland has been pioneering the concepts of wellbeing economy and sustainable development, but we haven't had a governance model or monitoring indicators for balancing social, economic and ecological sustainability in decision-making at the national level. Estonia, for one, plans and monitors long-term policy measures to ensure sustainable development. In this way, the parties have been able to commit to objectives that extend beyond government terms," says Research Professor Heikki Hiilamo, who was in charge of developing the model.
International symposium in May brings together policymakers, researchers and officials
The model also recognizes the importance of international cooperation in national-level implementation. Finland has played an active role in the OECD, WHO, and Wellbeing Economy country networks to better understand the approach and tools needed. Many of the recommendations included in the model are based on tools and practices used in other countries.
As part of the continued international cooperation, THL, together with Frontline Forum is organizing a symposium "Wellbeing Economy – The New Strategic Paradigm for Finland" in Helsinki on May 20, 2025. The symposium brings together policymakers, researchers, and officials to discuss how wellbeing economy principles can be integrated into governance and policy making.
The event is free of charge, held in English and all sessions can be accessed both online and in-person. Register here for the event: Symposium: Wellbeing Economy - The New Strategic Paradigm for Finland .
The governance model was developed as part of the Sustainable Growth Programme for Finland (RRP), in a project called " Building a knowledge-based wellbeing economy in Finland – a project to develop policy tools ". THL received funding for the Sustainable Growth Programme from the from the one-off EU recovery instrument 'Next Generation EU' (NGEU), that speeds up the recovery of Europe's economies, societies and people from the COVID-19 crisis.
