As we head toward the holiday season of 2024, I’ve been feeling ambivalent about reviewing the past year. It’s been a doozy with the wars in Ukraine and Gaza continuing, the election of Donald Trump as U.S. president, and the continued street protests in large Canadian cities.
Yet, these upheavals constitute a challenge, compelling us to count our blessings and take a peek back at the past year to see what worked for us, what did not, and where we wish to be heading in 2025.
I find it comforting to step back from the daily news to reconsider where I’m situated in my personal and financial life. It’s easy to be overcome with the gloominess of the breaking news stories from abroad while forgetting that our own lives can still be filled with worthwhile outcomes.
HomeEquity Banks’s Study: Key Insights into Freedom and Satisfaction
According to a recent study sponsored by HomeEquity Bank, when essential needs are met, “Canadians experience increased satisfaction, better financial health and more positive outlooks as we age”. The core aspiration for older Canadians is freedom. Freedom for us means more control over our lives and making choices that foster personal fulfillment. This freedom encompasses both emotional desires—such as living independently and enjoying a meaningful life—and practical goals like financial security and travel, while relying on a home environment that is secure, comfortable, and safe.
The ground-breaking study, “Attaining Freedom: Embracing Growth, Fulfillment, and Financial Health As We Age,” is an irreplaceable resource for measuring our own well-being, at least for a moment, allowing us to shut out the disturbing deluge of news and events we hear as soon as we turn on our computers, our phones or the television and radios in our homes.
Throughout the HomeEquity Bank study, overall life satisfaction is examined alongside three factors: strong personal relationships, financial control, and a sense of purpose, all of which have been identified as critical elements necessary to achieve “The Golden Triangle of Happiness.”
According to the study, ”Older Canadian homeowners should not feel alone in their fears about managing their finances. There are resources and strategies available that allow homeowners to embrace their homes as both sources of security and opportunity, helping them to enhance their day-to-day lives and offer peace of mind around aging in place.
Accessing home equity is a promising solution to provide older Canadians with the resources they need for a secure and fulfilling life. Given the substantial size and growth of the 55+ population and their significant home equity wealth, estimated at over $2.5 trillion, this approach could have a profound impact.”
Understanding The Golden Triangle of Happiness
While the broader world surrounding us might seem uncertain, after decades of hard work and solid decision-making, we’ve grown our home equity wealth to the point where we can enjoy our own personal golden triangle of happiness. We have created:
1. A standard of living or financial control: managing finances and maintaining a comfortable lifestyle that reduces stress and improves the quality of life.
2. Strong personal relationships: building and sustaining meaningful connections with family, friends and loved ones is essential for emotional support and happiness.
3. Achievements in life: pursuing goals, finding personal fulfillment, and having a clear sense of purpose, which lead to a more rewarding and satisfying life.
Evolving Goals and Desires with Age
What I found most interesting about the study: Our goals and desires change as we age. Between the ages of 45 and 49, careers are either pivoting or reaching a peak, while we attempt to achieve financial freedom and pay off debts.
In our fifties, as our careers peak, we might be transition planning, putting our children through college or university, or caring for or losing a parent. Again, we wish to achieve financial freedom, but the study also discovered that women experience a decline in independence and confidence in their personal legacy at this age.
In our sixties, most of us are transitioning to working less, with only 40 percent of our work being paid. Our focus shifts to maintaining strong family relationships, traveling, and securing future healthcare. During their sixties, men feel less active and relevant in their communities and less involved in fulfilling family obligations.
During our seventies, most of us have stopped working for pay, with many caring for or losing a partner. At the same time, the seventies are distinguished by peak financial stability and intellectual engagement. More of us feel equipped to support our children or grandchildren through life’s major milestones. During our eighties, many move from the family home, with 19 percent looking to downsize and 16 percent looking to move to a retirement community in the next five years. We still wish for strong family relationships and secure healthcare resources while maintaining our circle of friends. Women in their eighties feel confident volunteering and also strengthen their connection to religion or spirituality.
Embracing Homeownership and Achieving the Golden Triangle of Happiness
What I find most intriguing about this study: the insights show how shifting priorities as we age can enhance happiness and well-being, especially when essential needs are met. Older Canadians do not need to feel alone with their fears, as there are workable solutions to help navigate life’s changes. Homeownership continues to provide us with a solid foundation for stability and the freedom to enjoy a rewarding and independent life.
What I find most reassuring about this study: Canadians do not need to be incredibly wealthy to achieve our triangle of happiness. Over many years, homeownership can continue to provide us with a solution to navigate the challenges of aging and the opportunity to enjoy a rewarding, independent life.
Looking Ahead to 2025
As 2024 comes to a close, I hope this timely review of the study offers you a private opportunity to ask yourself where you are in the aging cycle and where your needs and desires lie. I asked myself if my own experiences were reflected in the results of this study, and my answer was a resounding YES. I invite you to download this ground-breaking report and ask yourself how you feel about life’s transitions and what solutions or changes are available for you to achieve your goals and desires.
As ever, thank you for your thoughtful and helpful words. Ann Kirkland