The Office for National Statistics has today (15th May) published analysis on what matters most to our life satisfaction.
You can read the full analysis here:
Key points
• Having money to spend, being healthy and getting married are listed as the keys to a happy life
• Middle-aged people tend to be less satisfied than their younger and older counterparts
• Retirees are most satisfied with their life
• Home ownership remains a key life ambition for most Brits – those who achieve it tend to be happier than those who don’t
Tom Selby, senior analyst at AJ Bell, comments:
“It turns out married people who are in good health and have cash to spend tend to be the most satisfied with their lives. Who’d have thought it?
“While it is probably no surprise that age has a big impact on life satisfaction, it is interesting to note retirees are the happiest with their lot. This is likely in part due to the fact they have stopped working, but also because the current crop of retirees – the so-called ‘Baby Boomers’ – are more likely to enjoy generous defined benefit pensions and have built up wealth through property.
“If future generations are to enjoy similar levels of happiness in their later years, they’ll need to take the bull by the horns today by saving in a pension, making the most of the generous incentives on offer.
“If they don’t they’ll either have to work longer or live on less, and probably be a bit less happy as a result.
“Property ownership is also viewed as integral to life satisfaction, which is undoubtedly one of the reasons the Government introduced the Lifetime ISA for first-time buyers. The annual bonus of up to £1,000 means younger would-be first-time buyers now have the chance to put rocket fuel into their savings plans.”
