Sample summary

The U-bend of Life

Despite common expectations, it seems that older people are happier than the younger ones, while the unhappiest group includes people in their 40s and early 50s. The results of different studies converged on this finding in the context of a new branch of economics searching for alternatives to money in measuring human well-being. 

In general, data does not vary much across different countries, cultures and external circumstances that may affect people’s lives, such as relationships, education, income and health.  In addition to age and external circumstances, the other factors that have limited influence on people’s happiness are personality and gender. 

Increased happiness in advanced age might be the result of not only internal changes, but also different behaviours and attitudes towards external circumstances. 

As far as wealth is concerned, unlike the findings of the past researches, recent studies have uncovered the intricacies of the relevant correlations between income and well-being. On this basis, Stevenson and Wolfers have identified the “saddest” place in the world to be Bulgaria. 

Looking at the ageing but happy population from this modern economic point of view may have important consequences in the perception of the elderly: given that happier people are healthier and more productive, the elderly should be considered to be an asset instead of a burden in modern societies.