Last month, the Housing Associations Charitable Trust (HACT) released their brand new Social Value Bank, a comprehensive database of outcomes and values. The values and outcomes cover a range of topics such as employment, health, local environment, financial inclusion, sports and hobbies. They have been compiled to assist organisations (specifically in the social housing sector) to complete measurements of their social impact.
All of the values in the Social Value Bank are based on a relatively new methodology called Wellbeing Valuation. Addressing the challenge of how to put a value on non-market qualities such as ‘confidence levels’ or ‘anxiety about being a victim of crime’, the WV methodology is innovative because of its reliance on large data sets from national surveys to generate the value. This makes it more robust and reliable than some other valuation techniques. The four national surveys that the data was extracted from are:
These surveys are all based in the UK.
Although the statistical processes to generate a Wellbeing Valuation are complex, the concept is comparably intuitive; data from national surveys is compared and analysed. Through analysis of such large data sets, it is possible to isolate different variables and examine the effect these factors have upon the wellbeing of an individual. A further evaluation of income data reveals the amount of money that would be required to increase the wellbeing of an individual by the same amount.
The stakeholders have been helpfully divided between different age groups and different locations in the UK. This lends the valuations more precision due to the differences in impacts on wellbeing between different groups. For those who do not have detailed data on their stakeholder, an overall average is included.
Please note: before using any of these valuations, the data is subject to a licensing agreement. Make sure you are well aware of the terms and conditions before using the data for any purpose.
The GVE team are excited to be part of this cutting-edge movement in Wellbeing Valuation – tell us what you think about the new entries by logging in and leaving your comments. You can also rate the entries and tell us if you used them! Any questions please contact us.
For more about Wellbeing Valuation, read a report by Daniel Fujiwara here.
To see the HACT report from March 2014 from which the valuations were derived, click here.