Social Value
; Social Return on Investment
; Social Services
Publication Year
2023-08-01
Publisher
Korea Institute for Health and Social Affairs
Citation
Health and Welfare Policy Forum 2023.8 No.322, pp.69-81
Abstract
Korea’s social welfare spending is growing due to the rapid aging of the population. Now is a critical time to evaluate the effect of social policies as proactive social investments. As Korea has until now lacked ways to measure the value of social investment in public services in the fields of health and welfare, the value of public goods or public services has tended to be underestimated. Therefore, there is a need to develop a policy evaluation method with a view to achieving both higher efficiency in public expenditures and an improvement in the quality of public services. As a pilot attempt to analyze the effectiveness of social policy investments, this study used the social return on investment, the model most often used in social value measurement, as a method to evaluate the effect of personalized eldercare services. Our analysis found personalized elder care services to have a high social value for investment, with a SROI ratio of 1.621:1.
