The Triangle of Happiness
Discover the recipe for a fulfilling life
New research from HomeEquity Bank reveals Canadian homeowners 75 and better are outshining their younger counterparts on key happiness markers – financial stability, quality connections, and a sense of purpose.
These three essential happiness factors, dubbed the “Triangle of Happiness,” were identified by Deakin University in Australia and offer an insightful guide for Canadians navigating life transitions, like aging.
Golden Triangle of Happiness
Standard of Living (Financial Control)
Managing finances and maintaining a comfortable lifestyle are key to reducing stress and improving quality of life.
Strong Personal
Relationships
Building and sustaining meaningful connections with family, friends, and loved ones is essential for emotional support and happiness.
Achieving in Life (Sense of Purpose)
Pursuing goals, finding personal fulfillment, and having a clear sense of purpose lead to a more rewarding and satisfying life.
2024 Market Study conducted by Dig Insights between July & August on behalf of HomeEquity Bank
Attaining Freedom
For aging Canadian homeowners, freedom is a central aspiration. Learn what over 2,000 Canadian homeowners 45+ have to say in our latest report!
Learn moreFireside Chat
The Keys to Positive Aging
At what age do you truly start living your best life? According to new research from HomeEquity Bank, it’s age 75 and older!
Tune in as Chief Financial Commentator, Pattie Lovett-Reid, moderates a fireside chat between HomeEquity Bank’s President and CEO, Katherine Dudtschak, the Canadian Association of Retired Persons’ Chief Operating Officer, Anthony Quinn, and Dr. Samir Sinha, named by Maclean’s as Canada’s most compelling voice for the elderly.
You won’t to miss this engaging discussion about what we can learn from Canada’s happiest demographic – the aging population!
Life Transitions Across the Decades
As we age, we undergo significant life transitions, including changes in our daily routines, relationships and attitudes toward time and money.
From 50 onwards, our focus usually shifts from work, financial and caregiving responsibilities to spending time with family, giving back to our communities, and leaving behind legacies we’re proud of.
In our 50s, financial and caregiving concerns remain prominent. Many Canadians are at the peak of their careers and starting to plan for retirement. Many are helping children fund higher education and watching them get married. A growing number of Canadians – the so-called “Sandwich Generation” – are also caring for parents.
Those in their 50s share concerns about a shifting retirement landscape, especially outliving their retirement savings given our increased longevity and healthcare needs. As a result, above all, Canadians in their 50s have a desire to achieve financial freedom.
Happiness scores:
- 48% of Canadians in their 50s feel “excellent” or “very good” about their financial health.
- 70% of Canadians in their 50s agreed they have friendships to prevent loneliness and isolation.
- 31% of Canadians in their 50s agreed that they could give back generously to their community and support charitable causes.
Much like our 50s, financial and caregiving concerns are top of mind in our 60s. Our 60s are a peak time for transitioning out of paid work and into retirement, part-time work or new pursuits. For many Canadians, new responsibilities at 60 includes welcoming grandchildren and caring for aging parents.
As Canadians in their 60s transition out of paid work, many – especially men – feel less active and relevant in their communities as work responsibilities decrease. As a result, Canadians in their 60s desire to build strong family relationships, to establish secure access to future healthcare, and to travel and explore!
Happiness Scores:
- 58% of Canadians in their 60s feel “excellent” or “very good” about their financial health.
- 73% of Canadians in their 60s agreed they had friendships to prevent loneliness and isolation.
- 37% of Canadians in their 60s agreed that they could give back generously to their community and support charitable causes.
Our 70s are marked by peak levels of financial stability and intellectual engagement, with more people feeling equipped to support their children and grandchildren through major life milestones. By now, most of us have ceased working, with only 15% of Canadians in their 70s in the paid workforce.
With Canadians 75+ reporting the highest happiness scores in HomeEquity Bank’s latest research, our 70s are some of our best years, marked by strong family relationships and increased travel and exploration. Despite this, Canadians in their 70s are concerned about secure access to future healthcare.
Happiness Scores:
- 67% of Canadians in their 70s feel “excellent” or “very good” about their financial health.
- 82% of Canadians in their 70s agreed they had friendships to prevent loneliness and isolation.
- 44% of Canadians in their 70s agreed that they could give back generously to their community and support charitable causes.
With only 4% of Canadians 80+ in the paid workforce and decreased caregiving responsibilities, the focus in our 80s shifts to friendships, community, and pursuing our passions. While most Canadians (over nine in ten) prefer to age in place, the 80s are when we finally consider moving on from family homes and downsize.
Much like their counterparts in their 70s, those in their 80s comprise one of Canada’s happiest cohorts! Above all, those 80 and older desire to build strong family relationships, maintain quality connections with their friends and community, and secure future healthcare.
Happiness Scores:
- 64% of Canadians in their 60s feel “excellent” or “very good” about their financial health.
- 82% of Canadians in their 80s agreed they had friendships to prevent loneliness and isolation.
- 60% of Canadians in their 80s agreed that they could give back generously to their community and support charitable causes.
Blog Resources: The Triangle of Happiness
Explore blogs covering each element of the Triangle of Happiness and unlock your keys to positive aging.
Additional Resources
When it comes to the Triangle of Happiness, financial control is the foundation. With financial control comes the confidence and resources to build strong personal relationships, maintain a strong sense of purpose, and the freedom to live life on your terms.
Not sure where to start?
Discover your level of financial wellness and get additional insights by taking HomeEquity Bank’s FREE Financial Wellbeing Quiz.
Take the QuizPlus, check out HomeEquity Bank’s series, Back to Basics: Financial Bootcamp with Pattie Lovett-Reid. In this engaging series, Pattie shares tips on how to strengthen your financial footing by doing the little things right.
With a blend of modern insights and age-old wisdom, Pattie’s bootcamp offers actionable advice to help you get ahead in today’s ever-evolving economic landscape.
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