HomeEquitybankCanada’s leading reverse mortgage lender, recently conducted a survey and found that the country’s retirees aged 75 and older are generally happier with their lives than workers in their 50s who are nearing retirement.
“According to the findings, 95% of Canadians aged 75 and older said they are very or somewhat satisfied with their lives, compared to only 79% of Canadians in their 50s,” the report said.
Although the study did not focus on older people in the US, the vast majority of Canadians live there within 100 miles of the US borderaccording to 2009 data. This is mainly due to the more severe cold found further north, but the proximity could indicate some degree of overlap with these study results.
“Our latest research reveals several happiness traits for Canadians and how they change as they age,” said Katherine Dudtschak, president and CEO of HomeEquity Bank, in a statement. “We discovered a sharp distinction between those nearing retirement and those well into it.”
Using key attributes like financial stability, quality connections and a sense of purpose as indicators in the data, there appears to be greater financial well-being and emotional satisfaction for Canadians as they age.
“While only 48% of Canadians in their 50s feel very good or excellent about their finances, this figure rises to 68% for those aged 75 and older,” the survey found. “In addition, 75% of over-75s said they could handle an unexpected major expense, compared to just 55% of over-50s.”
Older Canadians also reported that they have stronger social connections than their younger counterparts, and that a sense of purpose appears to become more prominent as they get older.
“The survey found that 48% of Canadians over 75 remain active in their communities, compared to just 30% of Canadians over 50. Charity involvement also increases with age: 51% of 75- over-50s contribute to charities, compared to 34% of over-50s.
In the US, evidence has recently emerged that the portrayal of older Americans has steadily improved over the past five years, according to findings from AARP.
There is also evidence to support the idea that older Americans are more likely to be satisfied with their financial position. Data shows that baby boomers are more financially stable than members of Generation X, although the younger generation is making strides in retirement savings.
