The latest Australian Unity Wellbeing Index survey shows people aged over 55 have notably higher wellbeing and lower mental distress and bouts of loneliness compared to younger people.
Satisfaction with life in Australia has reached its lowest level in the survey’s 24-year history, but there is a wellbeing ‘fault line’ is emerging in Australia, with those aged under 55 reporting significantly lower levels of life satisfaction and higher mental distress than older adults.
Why is this the case?
The Australian Unity Wellbeing Index survey – which gathered responses from 3,000 people – says concern about financial security was far more prevalent among younger adults.
Report lead author Kate Lycett, a research fellow at Deakin University School of Psychology, said recent surveys had shown a significant shift from decades of data that had seen wellbeing scores higher for young people than those in middle age, then rising again later in life.
Australian Unity chief executive wealth and capital markets Esther Kerr said: “the generational gap, when it comes to financial wellbeing, and consequently overall wellbeing, is accelerating”.
“On one hand, we have people over 55 owning real estate and with healthy savings, while younger generations are on a spinning hamster wheel as saving gets harder and harder, and asset ownership gets further and further out of their reach,” she said.
Older people living in retirement villages report particularly high levels of wellbeing.
The Retirement Living Council’s report ‘Better Housing for Better Health – the Care and Cost Effectiveness of Retirement Living’ stated residents are:
- 15% more physically active,
- 41% happier, and both physically and mentally healthier,
- Five times more socially active,
- Twice as likely to catch up with family or friends, and
- Have reduced levels of depression and loneliness
Yet, another reason to check out the retirement village options nearby you?