Existing evidence suggests
a U-shaped relationship between age and happiness, when controlling for income
and other personal characteristics. On the other hand, there is no clear pattern
without the use of controls.
Thus, it is not ageing as
such, which results declining happiness, but rather the circumstances which
are associated with ageing. Which of these circumstances could be averted?
Are the preferences of the
elderly are similar to others? The paper aims to explore these issues, using
the European Social Survey. The results imply that the varying level of life
satisfaction during the life cycle may be explained partly by changing preferences
(by the decreasing importance of work, the increasing importance of religion,
and the declining disutility of being single), and partly by changing circumstances.
While changing preferences
seem to increase well-being, changing circumstances seem to decrease it. Old
days thus are happy above all due to changing priorities in life.
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