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The C-WELLBY: Towards a Universal Measure of Children’s Wellbeing for Policy Analysis

Isaac Parkes

Abstract

There is a pressing need for a universal measure of children’s wellbeing, parallel to the WELLBY, for use in cost-benefit analysis. Currently, there is no consensus on how to value the wellbeing of children, raising concerns that their welfare is being undervalued in policy decisions. In this report, we discuss the issues inherent in measuring children’s wellbeing and investigate a policy-oriented solution: the C-WELLBY. Children aged 10 and above generally demonstrate stable, valid responses to evaluative life satisfaction questions, as evidenced by analyses of both Understanding Society and the Active Lives of Children and Young People Survey. Consequently, we recommend the use of WELLBYs, valued at the usual £15,920 in 2024 prices (HMT, 2021), for cost-benefit analyses of policy affecting this age group. For children aged below 10, we recommend estimating a C-WELLBY, also valued at £15,920.

Value for Money: How to improve wellbeing and reduce misery

David Frayman, Christian Krekel, Richard Layard, Sara MacLennan and Isaac Parkes

Abstract

The government spends billions on our behalf. How do we want this money to be spent? This report reviews a range of policies and asks the fundamental question which should be asked of every policy: Does it deliver value for money? In other words, what benefit does it deliver to people relative to its net cost to the government. This benefit/cost ratio is the key single number the government should be looking at when it makes its spending decisions. In each case the benefits are measured in terms of the monetary equivalent of the impact of the policy in improving wellbeing. And the costs include an allowance for savings in subsequent years.

Isaac Parkes

Isaac Parkes is a Research Associate at the Wellbeing Research Centre at the University of Oxford. He completed an MSc in Behavioural Science from the London School of Economics, where he also holds a Research Assistant position at the Centre for Economic Performance. His research examines subjective measures of wellbeing, with a focus on understanding the interpersonal incomparability of scale responses.

Before commencing his Master’s studies, Isaac read Economics BSc at the University of Bristol, where his research focused on non-market valuation of environmental resources. Alongside academia, Isaac has worked with the UN Environment Programme and the Nordic Council of Ministers on projects supporting the transition to sustainable living in Europe.