The Personal Well-Being Index report released by NOIPolls for Q3, 2017 has revealed a 1.3-points contraction to stand at 64.1-points from 65.4-points obtained in Q2, 2017. This supposes that the level of satisfaction that Nigerians have with their well-being has dropped. Also, it is interesting to note that a comprehensive analysis of the seven components that made up the PWBI experienced a decrease except the Economic Index that experienced a negligible increase of 0.3-point when compared to Q2, 2017. These are the key highlights from the Q3, 2017 Personal Well-Being Index 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’ expectation 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 behaviour, 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 reclined by 1.3-points to stand at 64.1-points; signifying a slight decline in the satisfaction of Nigerians with their Personal Well-Being when compared with the results witnessed in Q2, 2017.
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-point in Q3, 2017, it has consistently remained the lowest ranked indicator which suggests that Nigerians are yet to be satisfied with their personal economic situation.
There are 7 variables that comprise of the PWBI and these indicators are highlighted below;
Personal Standard of Living Index – 50.1
The Personal Standard of Living Index revealed a decrease of 1.2-points in Q3, 2017 from 51.3-points in Q2, 2017 to stand at 50.1-points. This indicates a drop in the satisfaction of Nigerians with their current standard of living.
Personal Health index – 75.2
Although this index experienced a 2.3-points decrease, it still stands 75.2-points signifying that Nigerians perceive their personal health to be satisfactory.
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.
Personal Security Index – 65.7
There was a decline of 3.4-points (representing the highest decline in Q3, 2017) in the Personal Security Index for Q3, 2017 and this decrease implies that there was a drop, to some extent, in the level of confidence that Nigerians have in their personal security.
Personal Social Interaction Index – 77.5
This index experienced a decrease of 1-point from the Q2, 2017 (78.5-points) to stand at 77.5-points in Q3, 2017. Although, there was a decline, the 77.5-points it attained signifies that Nigerians are still much satisfied with their social interactions 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. Despite the 2.1-points decrease it experienced in Q3, 2017, it is currently the highest ranked index at 88.4-points from the 90.4-points it reached in Q2, 2017. This has revealed that Nigerians are very satisfied with their religious beliefs.
Economic Index – 40.8
The Economic Index has been the lowest ranked index however, it was the only indicator that experienced an increase in Q3, 2017 PWBI. It increased marginally by 0.3-point to stand at 40.8-points from 40.5-points in Q2, 2017. Despite this slight increase, this figure illustrates a decline in the economic situation when compared to 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 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 PWBI provide a true reflection on the current state of mind of Nigerians on their personal issues and the recent findings have shown that the NOIPolls PWBI decreased by 1.3-points to stand at 64.1-points in Q3, 2017 meaning that the level of satisfaction of Nigerians on their wellbeing had decreased. Also, the individual indicators that make-up the PWBI revealed an increase in only one of the indicators (Economic index) while the remaining six indices experienced a decline.
Since the country has emerged out of recession after five consecutive quarters[1], it is imperative for the government to sustain the tempo of its economic management policies so that such growth rates should translate to food on the table and more jobs, with steadily improving social welfare, for more Nigerians in the grassroots, which would in turn transform to an increase in individual personal well-being.
Survey Methods
The Personal Well Being Index Poll was conducted in Quarter 3, 2017. The PWBI involved telephone interviews of a random nationwide sample. 3,000 randomly selected phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, were interviewed. With a sample of this size, we can say with 95% confidence that the results obtained are statistically precise – within a range of plus or minus 3%. NOIPolls Limited, No1 for country specific polling services in West Africa. We conduct periodic opinion polls and studies on various socio-economic and political issues in Nigeria. More information is available at www.noi-polls.com and you can download our mobile appm NOIPolls on your smartphone.
Disclaimer
This press release has been produced by NOIPolls Limited to provide information on all issues which form the subject matter of the document. Kindly note that while we are willing to share results from our polls with the general public, we only request that NOIPolls be acknowledged as author whenever and wherever our poll results are used, cited or published.
NOIPolls hereby certifies that all the views expressed in this document accurately reflect its views of respondents surveyed for the poll, and background information is based on information from various sources that it believes are reliable; however, no representation is made that it is accurate or complete. Whilst reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors or fact or for any views expressed herein by NOIPolls for actions taken as a result of information provided in this report. Any ratings, forecasts, estimates, opinions or views herein constitute a judgment as at the date of this document. If the date of this document is not current, the views and content may not reflect NOIPolls’ current findings or thinking.
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[1] https://www.thisdaylive.com/index.php/2017/09/05/finally-nigeria-exits-recession-reports-0-55-gdp-growth-in-q2/