A systematic review of the international literature by Casiday et al (2008) assessed 43 longitudinal, cross-sectional and qualitative studies of the impact of volunteering on mental health. It found that volunteering reduced the incidence of depression, stress, hospitalization, pain and psychological distress. It is difficult to put precise numbers on those benefits. But Fujiwara et al (2014) find that, on average, the well-being benefit from relief from depression or anxiety is worth around £ per year. And New Economy Manchester (2014) estimate that the average cost of treating those suffering from depression or anxiety is around £ per year. 19 Even a small effect from volunteering on mental health could deliver large benefits. (c)  Increased skills and employability  The evidence on the impact of volunteering on employability is more mixed. Ellis Paine et al (2013) find a significant, but weak, effect of volunteering on the probability of finding a job. Not all types of volunteering will lead necessarily to better employment outcomes. And it is important not to overlook the potential benefits from volunteering felt by employers, as well as their employees. A recent poll by YouGov found that nearly all managers believe that workplace skills can be gained from volunteering. 20 And recent research suggests a link between the emotions induced by volunteering (like confidence and self-esteem) and factors important in the workplace (like performance ratings and efficient problem solving). 21 Oswald et al (2014) provide evidence that happiness makes people more productive.

This might sound fluffier than a GDP-equivalent measure. Yet even the hardest-nosed economist would recognise the existence of those private benefits. Why else would anyone volunteer in the first place! Volunteering is a prime example of revealed preference theory in practice. Surveys of individuals overwhelmingly support this conjecture. The 2006/07 Helping Out survey of volunteers found a range of benefits including enjoyment, satisfaction and achievement, meeting people and making friends, broadening life experience, boosting confidence, reducing stress, improving physical health and learning new skills (Figure 11). The balance of benefits differs across individuals. For example, younger people are most likely to highlight the importance of acquiring new skills and enhancing employment prospects, while older volunteers see the benefits from increased social interaction and improved health. But enjoyment and satisfaction rank high across all volunteer types. This survey evidence is consistent with PBE’s experience. Our economist volunteers are often young. PBE offers the chance to apply existing skills to different sets of problem in very different environments. I think without exception, PBE volunteers have found projects enjoyable and satisfying – and, especially among government economists, liberating too. Digging a little deeper, these self-reported benefits appear to fall roughly into three categories: enhanced well-being, health benefits and increased skills and employability. It is worth considering the evidence on each in turn. (a)  Enhanced well-being  There are various ways of assessing the impact of volunteering on individual well-being. These include “stated preference” surveys, where people are asked directly about how factors affect their well-being.