The first World Happiness Report was published in 2012. Since then, governments worldwide have come to understand that a country’s success should, in large part, be measured by the happiness of its people.
This year’s World Happiness Report finds that based on life evaluations – a 1 to 10 scale for life happiness, and the answers to specific questions around laughter and enjoyment, sadness and anger – the UK ranks 19th in the world.
But what factors can influence our, and the country’s happiness, and what should we all focus on to become happier as a nation?
Keep reading to find out.
The report measures countries against the benchmark of a standardised dystopia
The World Happiness Report looks at six key areas as a mark of happiness:
- Sufficient income
- Good health
- Having someone to count on
- Freedom to make decisions
- Generosity
- Levels of corruption
It is assumed that a country with low incomes, health, social support, freedom, generosity and the highest corruption would have the unhappiest people. This “dystopia” then becomes the benchmark that countries are judged against.
While some of these factors are largely out of our hands, most are not. Generally, there is something we can all contribute societally or personally.
Your finances and the ability to make your own life decisions
Your financial wellbeing clearly plays a large part in your overall level of happiness.
Having sufficient income to live the life you want, while also being able to look after loved ones, is vitally important. It can help you to feel in control of your destiny.
Having a long-term plan in place, and financial stability, also gives you the confidence and freedom to make important life decisions.
Later in life, being financially stable might allow you to be generous too.
Generosity and the Aristotelian principle of “eudaimonia”
According to the World Happiness Report, a population can only be happy and satisfied with life if its people are sociable, healthy, and prosperous – what Aristotle saw as high levels of “eudaimonia”.
A country’s ethos, from the highest level of government to individual citizens, should be built on trustworthiness, generosity, and mutual support.
High eudaimonia, then, requires moderation, fortitude, a sense of justice, an ability to form and maintain friendships, and a desire to be a good citizen.
In your financial life, you might find that being a good citizen (within the political system of your family or local community) means using your sense of justice to pass on your wealth in a way that benefits others.
This might mean putting a will in place to ensure your family benefits in the event of your death, or that you give money to charity. Estate planning is a crucial way in which you can maintain control over your wealth, even when the worst happens.
Knowing that you have a trusted adviser – and fully regulated, non-corrupt systems – in place to ensure your wishes are carried out is also fundamental.
But you might not be generous with your money alone. You might be generous with your time too.
Good health, generosity, and someone to rely on
This year, 12 to 18 June 2023 marks Loneliness Awareness Week.
It’s an issue that affects 25% of UK adults according to recent reports from the Office for National Statistics (ONS) and is an issue the government is keen to tackle.
The “Know Your Neighbourhood Fund” is a £29 million package designed to tackle loneliness, but you might find there are some simple you can take to help yourself and others.
Being generous with your time might mean volunteering for a local charity or simply checking in with neighbours. If you’re feeling lonely yourself, you might consider taking up a hobby to meet new people. You might gain a wider social group while also getting exercise, helping you to stay physically as well as mentally healthy.
A recent study found that 93% of UK adults regularly indulge in hobbies that are responsible for around £46 billion of hobby-related equipment in our homes.
Saga looked at some of the hobbies undertaken by the over-50s and measured the mental health benefits of each.
Source: Saga
While some of these hobbies might be expensive, a financial plan – and a clear idea of what you want to do as your working life winds down in the approach to retirement – can lower the financial pressure, making your social life affordable.
Get in touch
While the UK’s 19th place in the World Happiness Report might be disappointing, there are plenty of ways we can all contribute to our levels of happiness, and that of those around us. If you have any financial worries that are affecting your emotional wellbeing, or you just need the reassurance of an expert ear, we can help.
Please get in touch via email at enquiries@hda-ifa.co.uk or call 01242 514563.
