The Economy of Wellbeing: Bridging the Gap 🤝 – The Findings

Wellbeing is a multidimensional construct influenced by economic security, social capital, and institutional structures. This study explored the relationship between hedonic wellbeing (happiness and pleasure), eudaimonic wellbeing (purpose and meaning), and life satisfaction, examining their relevance within Malta’s socio-political landscape. Moving away from top-down governance, this research adopts a participatory, evidence-based approach to policymaking, ensuring that societal needs drive legislative frameworks. In a time when populism provides a false sense of security in resolving socio-economic challenges, the rise of far-right politics across Europe and beyond poses the risk of regressing to historical instability. The global order, shaped by decades of progress, faces threats from reactionary politics, necessitating policies grounded in evidence-based governance to mitigate dynamic socio-economic shifts. As the economy continues to achieve unprecedented results, it is crucial to transition towards policies that prioritise social resilience and long-term community wellbeing.

Research Strategy and Scope

This study follows a mixed-methods approach, combining quantitative survey data with qualitative insights from open-ended responses. By engaging diverse demographic groups, including different socio-economic classes, age cohorts, and occupational sectors, it provides a comprehensive overview of happiness, purpose, and life satisfaction within broader socio-ecological determinants such as work-life balance, financial security, and community trust. Beyond individual perspectives, this research informs policy frameworks that enhance resilience, governance, and political engagement. By embedding wellbeing within a political-economic structure, it ensures that findings shape long-term governance strategies. The initial survey establishes the agenda for continuous research, forming the driving force behind MEP Thomas Bajada’s political agenda at the European Parliament. This shift away from bi-party politics, which operates on legislative timeframes, fosters an ongoing dialogue between policymakers and society.

Hedonic and Eudaimonic Wellbeing

Findings suggest that subjective happiness is closely tied to social capital, with a significant portion of respondents reporting high levels of happiness. Family relationships emerge as the strongest determinant, reinforcing the importance of kinship and emotional support. However, generational variations reveal that young adults associate happiness with career aspirations and friendships, while older respondents prioritise family cohesion and religious affiliation. These patterns reflect theories of social integration, demonstrating how social relationships influence wellbeing. Eudaimonic wellbeing, which relates to purpose and meaning, is driven by occupational stability and community participation. Religious engagement plays a significant role among older respondents, highlighting its contribution to moral guidance and existential security. However, work-life balance dissatisfaction points to contradictions within contemporary capitalism, where economic success is achieved at the cost of personal fulfilment and family time. These disparities underscore systemic inequalities in access to wellbeing resources and the need for policy interventions that balance economic productivity with social cohesion.

Life Satisfaction and Economic Stability

Economic security remains a primary determinant of life satisfaction, with concerns over the cost of living and job-related stress emerging as key sources of dissatisfaction. Family networks continue to function as vital sources of support, reinforcing Bourdieu’s concept of familial capital. However, increased reliance on state-funded childcare schemes, designed to encourage labour force participation, raises concerns about intergenerational resilience. While these schemes have successfully boosted employment, they have also resulted in apparent social costs, as parents struggle to invest sufficient time in child-rearing. This shift has contributed to a generation with diminished resilience, highlighting the need for family-friendly policies that enable parents to be more actively involved in their children’s development. Policy measures must also address the growing social fragmentation caused by increasing levels of distrust within communities. Incentivising family-oriented solutions and strengthening voluntary sector support will be key to restoring social cohesion and trust.

Political Scope and Policy Implications

The research underscores the political nature of wellbeing, advocating for a transition from reactive, short-term policies to proactive, sustainable governance. By integrating wellbeing measures into policy frameworks, Malta can move towards evidence-based governance that prioritises economic security, social trust, and community engagement. Trust in institutions is alarmingly low, reflecting widespread scepticism and increasing social fragmentation. While family remains the most trusted institution, distrust in broader societal structures necessitates targeted policies that enhance civic engagement and reinforce community networks. By placing participatory governance at the heart of policymaking, this study marks a departure from traditional top-down approaches. The shift to a participative methodology ensures that policymaking prioritises the experiences and aspirations of Maltese society, bringing all strata of the community—including marginalised groups—into the decision-making process. This inclusive approach strengthens long-term resilience and ensures that policies remain adaptable to the evolving needs of society.

Wellbeing in Malta is shaped by economic security, social cohesion, and participatory governance. However, challenges such as work-life balance inequalities, declining social trust, and generational disparities require targeted interventions. Policies must address economic precarity, promote family resilience, and strengthen civic networks. By embedding wellbeing into long-term governance strategies, Malta can move beyond electoral cycles, ensuring a sustainable, research-driven political framework that fosters collective resilience and inclusive development. This study reinforces the necessity of continuous policy reform to meet the changing aspirations of society. Evidence-based governance remains the most effective tool in countering populist rhetoric, which offers superficial solutions to deep-rooted socio-economic challenges. Now is the time to provide honest and credible hope to a society that has catered to market needs and driven economic success but must now prioritise social stability for both present and future generations.

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