HomeEquity Bank, the leading reverse mortgage lender in Canada, recently conducted a survey and found that the country’s retirees ages 75 and older were generally happier with their lives than workers in their 50s who are approaching retirement.
“According to the findings, 95% of Canadians 75 and older said they are very or somewhat satisfied with their lives, compared to just 79% of Canadians in their 50s,” according to the report.
While the survey did not target older people in the U.S., the vast majority of the Canadian population lives within 100 miles of the U.S. border, according to data from 2009. This is primarily due to the harsher cold found further north, but the proximity could suggest some level of crossover with these survey results.
“Our latest study unpacks different happiness markers for Canadians and how they shift as they age,” Katherine Dudtschak, president and CEO of HomeEquity Bank, said in a statement. “We found a sharp distinction between those approaching retirement and those well into it.”
Using key markers including financial stability, quality connections and sense of purpose as indicators for the data, there appears to be more financial wellness and emotional satisfaction for Canadians as they grow older.
“While just 48% of Canadians in their 50s feel very good or excellent about their finances, this figure rises to 68% for those aged 75 and above,” the survey found. “Additionally, 75% of those over 75 said they could handle an unexpected major expense, compared to only 55% of those in their 50s.”
Older Canadians also reported having stronger social connections than their younger counterparts, and that a sense of purpose appears to become more prominent as they age.
“The survey found that 48% of Canadians over 75 remain active in their communities, compared to just 30% of those in their 50s. Charitable involvement similarly increases with age, with 51% of those 75 and older contributing to causes, compared to 34% of those in their 50s.
In the U.S., evidence has recently emerged that the portrayal of older Americans has been steadily improving over the past five years, according to findings released by AARP.
There is also some evidence to support the idea that older Americans are more likely to be satisfied with their financial positions. Data suggests that baby boomers are more financially stable than members of Generation X, although the younger generation is making progress in its retirement savings journey.
