Initial findings of a major experiment into the concept of a 'basic income' in Finland found that participants felt happier - but it didn't have any impact on employment levels of those involved.

The experiment saw 2,000 randomly selected unemployed people in Finland paid a guaranteed monthly, tax-exempt basic income of €560.

It was paid regardless of any other income the participants may have had or whether they were actively looking for work.

It begun on 1st January 2017 and ended on 31st December 2018.

Those behind the experiment - which was introduced by the government and run through the country's Social Insurance Institution - have published initial findings.

They stress that it's not yet possible to draw any firm conclusions regarding the effects of the experiment - and details of the second year's findings won't be published until next year.

However, the preliminary findings suggest that the basic income didn't increase the employment level of those involved in the first year of the experiment when compared with a control group.

Those involved did, whoever, 'perceive their wellbeing as being better' compared to those in the control group.

"More confident in their future"

Lead Researcher Minna Ylikännö explained: "The recipients of a basic income had less stress symptoms as well as less difficulties to concentrate and less health problems than the control group. They were also more confident in their future and in their ability to influence societal issues.

"The basic income may have a positive effect on the wellbeing of the recipient even though it does not in the short term improve the person’s employment prospects."

The Finnish experiment was an effort to test the concept of a universal basic income - a proposed major overhaul of existing social welfare practices that would see everyone receive a guaranteed monthly income.

There have been a range of arguments for and against the idea.

Proponents argue it will help people out of poverty and give them the time to seek work.

They also suggest the new approach will be essential as the world moves towards further automation.

Those against the concept, meanwhile, have raised concerns about the potential cost, as well as expressing doubt over whether it would actually encourage people to find jobs.