There's an expression about age that I love. It's timely too, with the Masters starting this week (Happy Masters week to those who celebrate). The saying is "I'm now on the back 9 of life."
It's a gentle way of saying you're past middle age, without actually saying how old you are.
For those reading this on the back 9 themselves, or approaching it, I have some good news.
And for the most part it doesn't have an awful lot to do with money.
Academic research finds that, generally speaking, as we age we attain what we've been pursuing: happiness.
There is a whole host of research on the topic, but if you'd like an article that sums it up well, you can read this one from the Economist: https://medium.economist.com/why-people-get-happier-as-they-get-older-b5e412e471ed
The results that we get happier as we get older are certainly cheering.
So what can this be attributed to?
There are many factors, and I've outlined the six below that I think are most important having read lots of research on the topic. Broadly speaking they can all be put under the broad banner of 'emotional intelligence', or EQ (rather than IQ), as it is sometimes referred.
Increased Emotional Regulation: With age comes experience, and many people learn how to regulate their emotions better over time. They become more adept at managing stress and negative emotions, leading to an overall increase in happiness.
Prioritising What Matters: As people age, they often prioritise relationships, experiences, and activities that bring them joy and fulfillment. This shift in focus away from materialistic or superficial pursuits can lead to greater happiness. This has always been a key message from financial planners to clients - focus on experiences with loved ones and friends and not 'things'.
Greater Acceptance: With age comes acceptance of oneself and others. People become more comfortable with who they are, their strengths, and their limitations. This self-acceptance can lead to increased happiness and contentment. Greater acceptance is usually the case with our inevitable end - death, which paradoxically, many older people are much more accepting of than they were when younger.
Reduced Stress: As people retire from work or enter a less demanding phase of life, they may experience reduced stress levels. Having more time to do the things you want and fewer responsibilities can contribute to a greater sense of well-being.
Embracing the Present: Older adults often have a heightened appreciation for the present moment. They may savor simple pleasures, such as spending time with loved ones or enjoying nature, leading to increased happiness.
Wisdom and Perspective: With age comes wisdom and perspective gained from life experiences. Older adults may have a more balanced view of life's ups and downs, allowing them to navigate challenges with greater resilience and optimism.
Of course, individual experiences vary, and not everyone becomes happier as they age.
Factors such as health issues, financial concerns, and social isolation can impact well-being at any age. However, for many people, ageing brings a sense of fulfillment, contentment, and overall happiness.
The news is even better still for those in retirement, who are the happiest demographic in the UK, according to research from the Office for National Statistics (ONS), published in the Guardian in 2019:
The reasons given for retirees being the happiest were:
Being freed from the daily grind of work, particularly the cost and inconvenience of commuting.
More time for recreation.
More money to refresh their homes.
More money to visit their favourite hotels and restaurants.
The report, 'Personal and economic well-being: what matters most to our life satisfaction', found money made little difference to well-being when every extra penny was spent on food and travel and children and other essential items.
Extra income, even small amounts, only make a difference to satisfaction levels when it is spent on goods and services people have chosen to buy, rather than those things they feel they must buy.
To sum up, there are three key ingredients for true happiness as we age:
Freedom of our time.
Being able to spend on experiences which we enjoy.
Increased Emotional Intelligence
In theory, there is nothing stopping you increasing happiness earlier, by fast-tracking the first of those two things by design.
And know that the last one will steadily increase on its own!
In any case, fear not as you advance inevitably onwards to the 18th hole.
Know that your looks, fitness and mind may all be slowly disappearing, but at least you'll be happy whilst it happens!
If you'd like to talk to us about your situation to see if Financial Planning can help, you can book in an initial consultation here:
Otherwise, see you next time.
The information contained within this blog post should not be taken as financial advice, as it does not take account of personal circumstances, which would affect advice given. Should you wish to talk to us about personalised advice for you, we'd be happy to do so.
