The NOIPolls Personal Wellbeing Index for Q3, 2017 (PWBI) experienced a 1.3-point contraction to stand at 64.1-points from the 65.4-points obtained in Q2, 2017. This infers a decline in the level of satisfaction experienced by Nigerians with their well-being. Also, it is worthy to note that, from a comprehensive analysis of the seven components that make up the PWBI, all indicators experienced a decrease except the Economic Index which experienced a slight increase compared to the results of Q2, 2017.
These are the key highlights from the Q3, 2017 Portfolio of Indices Press Release.
In February 2014, NOIPolls Limited introduced its portfolio of indices; the NOIPolls Personal Well-Being Index (PWBI), the NOIPolls Consumer Confidence Index (CCI) and the NOIPolls Eagle 30 Business Confidence Index (EBCI). The NOIPolls Personal Well-Being Index measures factors impacting on the lives of everyday Nigerians; thereby producing a complete view of the individual’s personal well-being. The NOIPolls Consumer Confidence Index provides consumer assessments of the economic situation and their intentions and expectations for the future. The NOIPolls Eagle 30 Business Confidence Index measures business leaders’ perceptions and expectations about the Nigerian business environment using the top 30 companies in the country.
Nigerian businesses, financial and government agencies largely depend on the perceptions and micro assessment of consumers’ expectations in making decisions. At best, they draw conclusions on the business environment based on information from their immediate surroundings while the minorities conduct surveys that are time and money consuming. However, the introduction of these indices provides indicators that will ensure stakeholders can detect and respond to changes in consumer behavior, the economy, and the business environment in Nigeria.
This report presents the Q3, 2017 results for the NOIPolls Personal Well Being Index (PWBI).
THE NOIPOLLS PERSONAL WELL-BEING INDEX (PWBI)
The NOIPolls Personal Well-Being Index (PWBI) consists of seven items of satisfaction which are indicative of the perceptions of Nigerians regarding the value of their standard of living. In Q3 2017, PWBI declined to 64.1-points signifying that Nigerians are not satisfied with their Personal Well-Being compared with the results obtained in Q2, 2017 representing a 1.3-points decrease.
In addition, the sub-components of the indices that make up the PWBI revealed that Nigerians were satisfied in terms of Physical Health (75.2-points), Social Interaction (77.5-points), and Religion (88.4-points) indices. Sequentially, the results from Achievement in Life (52.4-points), Standard of Living (50.1-points) and Personal Security (65.7-points) indices revealed that Nigerians were somewhat neutral in terms of these indices, whereas some Nigerians were not satisfied with their Personal Economic Situation (40.8-points) index. Though the Economic Index experienced a marginal increase of 0.3-points in Q3, 2017, it has consistently remained the lowest ranked indicator which suggests that Nigerians are still not satisfied with their personal economic situation.
Personal Standard of Living Index – 50.1
The Personal Standard of Living Index declined by 1.2-points to stand at 50.1-points in Q3, 2017 from the 51.3-points obtained in the previous Q2, 2017. This indicates a drop in the satisfaction of Nigerians with their current standard of living.
Personal Health index – 75.2
The Personal Health Index also experienced a decrease of 2.3-points to stand at 75.2-points. This shows that Nigerians are not satisfied with their Personal Health in Q3, 2017.
Personal Achievement Index – 52.4
This index also declined from 52.8-points in Q2, 2017 to 52.4-points in Q3, 2017 representing a 0.4-point difference depicting that Nigerians are not satisfied with their personal achievement in life.
Personal Security Index – 65.7
A decline of 3.4-points (representing the highest decline in Q3, 2017) was experienced in the Personal Security Index result for Q3, 2017. Thus implying that there is a drop, to some extent, in the level of confidence Nigerians have in their personal security.
Personal Social Interaction Index – 77.5
This index experienced a decrease of 1-point from Q2, 2017 (78.5-points) to stand at 77.5-points in Q3, 2017. Although there is a decline, the 77.5-points attained signifies that Nigerians are still quite satisfied with the social interactions amongst them, regardless of the various challenges facing the country.
Personal Religion Index – 88.4
The Personal Religion Index has consistently been the highest ranked index on the PWBI. Regardless of the 2.1-points decrease, it experienced in Q3, 2017, it is currently the highest ranked index as it stands at 88.4-points from its peak of 90.4-points obtained in Q2, 2017. This has revealed that Nigerians are very satisfied with their religious beliefs.
Economic Index – 40.8
The Economic Index has consistently been the lowest ranked and although it is the only indicator that experienced an increase in Q3, 2017 PWBI, it still remains at the bottom. It increased marginally by 0.3-points to stand at 40.8-points from 40.5-points of Q2, 2017result. Despite this slight increase, this figure (40.8-points) depicts Nigerians are somewhat not satisfied with their economic situation when compared with other indicators.
TREND ANALYSIS
Trend analysis revealed that only the Economic Index, among the indicators that constitute the PWBI, experienced an increase in Q3, 2017 while the remaining six experienced a decline. Furthermore, a comparison of the quarter-on-quarter analysis results showed that the NOIPolls PWBI experienced a decrease of 1.3-points to stand at 64.1-points in Q3, 2017 from 65.4 points obtained in Q2, 2017.
In conclusion, the findings above have shown that the PWBI decreased by 1.3-points to stand at 64.1-points in Q3, 2017 meaning that the level of satisfaction of Nigerians about their well-being declined. Additionally, although the Economic Index improved marginally by 0,3points-, it is still very far below the halfway point as it still stands at 40.8-points which indicate Nigerians are somewhat not satisfied with their Economic situation. The fact that all other indicators that make-up the PWBI experienced a decline only drives home the point.
With the country’s recent emergence out of economic recession after five consecutive quarters. It is imperative for government to continue to improve on creating and implementing favourable economic management policies to ensure that the current growth rates continue to soar, and translates to food on the table, job creation and steadily improving social welfare for more Nigerians especially those in the grassroots, which would in turn transform to an increase in individual personal well-being.
