COVID misery burns through billions in life satisfaction

Australian adults have lost the equivalent of $338 billion in life satisfaction due to COVID-19, according to new analysis from The Australian National University (ANU). The analysis, from the ANU Centre for Social Research and Methods, examined the financial value of declining wellbeing among adults between March and November. Study co-author, Professor Nicholas Biddle, said the decline in wellbeing during the height of the pandemic and associated lockdowns was "a massive hit to happiness, experienced by Australians from all walks of life". "Our analysis, which examined the experiences of more than 3,000 people, found that each person lost the equivalent of $17,000 due to declining wellbeing or life satisfaction," he said. "Put another way, that drop in life satisfaction was worth $423 in lost income per week." The total amount of lost wellbeing over the period was significantly higher for those who lived in Victoria compared to the rest of the Australian population, but lower for those who lived outside a capital city. Those aged 55 years and over, people who spoke languages other than English at home and those living in the most advantaged areas of Australia also had lower levels of lost life satisfaction. The study's findings show since the end of November life satisfaction and wellbeing has improved - reaching the same levels as before the 2019/20 bushfires and start of the coronavirus pandemic.