Study finds Brits are happiest during their teens and retirement
Happiness is a wonderful thing. Most people seek it for their entire lives, taking steps to ensure their happiness above many other facets of life. It’s beautiful to see those you care about happy and full of joy. However, even though individuals will find happiness at different stages of their lives, a study of the UK national statistics has claimed that there are actually certain times in life when a person is happiest.
The Resolution Foundation’s “Happy now?” report analysed seven years’ worth of data from the Office for National Statistics, which first began to collect data surrounding well-being during the premiership of David Cameron in 2011.
Teenagers scored quite highly on the happiness test, scoring much more than young adults in their 20s on every level of subjective well-being, the think-tank concluded. Further to this, many retirees reported higher rates of happiness and self-worth than those in their 20s. Influencing factors were employment, physical health, home ownership, having a partner and being female.
Location can potentially affect your happiness too. Residents of Northern Ireland scored the highest levels for UK happiness, satisfaction and life worth, whilst those who live in built up areas, especially London, reported significantly lower levels when compared with the rest of the UK.
Does money buy you happiness?
Higher-income houses did report higher levels of happiness, though it was found to be not as much of a simple equation as previously thought. Money does not necessarily equal happiness, as the satisfaction premium over a lower income household does not relate to the difference of their income, it relates to the proportional size of their income, meaning that an increase of £1,000 to lower-income households would have an exponential effect on happiness, whereas it would have a diminished return when applied to higher-income households.
Another important influencing factor on happiness is financial well-being; the blessing of monetary security for your living expenses whilst also having disposable income to spend on hobbies and adventures. With an individual heading towards potentially the happiest time of their life since early adolescence, it is worth making sure that no financial setbacks occur along the way.
Preparing for a carefree retirement
There are a number of ways to live a happy retirement and there are many factors that can affect an individual’s happiness during retirement. One method that can help to solidify your well-being during potentially the happiest time of your life is good planning. Choosing the right pension fund, avoiding scams and coming up with a spending strategy are all relevant factors that need to be considered when planning retirement, amongst a plethora of others.
A financial adviser can also help retirees avoid unwise investment and offer guidance on how to effectively utilise your assets. Strategies such as putting your savings into an ISA can help you make tax free withdrawals during your retirement and maintain your financial well-being. The little tips and tricks that a financial adviser can provide for you will save a lot of stress during your retirement by consolidating all of your finances into a well thought out plan.
A plan built responsibly and realistically will stand the test of time and allow for retirees to spend their hard-earned time in peace and prosperity. For more information, feel free to get in contact.