Forever young: Teresa Godlewska, 77, of Dubai believes that she is living proof that people are happier when they get older.
Forever young: Teresa Godlewska, 77, of Dubai believes that she is living proof that people are happier when they get older.
Forever young: Teresa Godlewska, 77, of Dubai believes that she is living proof that people are happier when they get older.
Forever young: Teresa Godlewska, 77, of Dubai believes that she is living proof that people are happier when they get older.

Older, wiser and happier too


  • English
  • Arabic

Teresa Godlewska says she's never been happier. The 77-year-old finally has the job she always wanted - working in an art gallery - and plenty of friends. After more than three decades in the UAE, the Polish resident of Dubai still loves the Gulf and the "respect" that older people receive here. "I'm extremely healthy. I love my job and I love the Emirates. When I look at younger people, they are miserable. They don't know how to be happy," she says.

"I think that maybe they see the richness of the world and they are not able to have it, and they cannot get over it. They cannot just be happy with what they have." Ms Godlewska's happiness supports recent finding by US researchers: older people may have more health problems, but they also worry less about relationships, are more secure financially and suffer less from crime. The results, published in the University of Chicago's General Social Survey, which has questioned more than 50,000 randomly selected adults on various subjects, including their happiness levels, since 1972.

It is just as well if being old is more enjoyable than being young, since people are living longer and life expectancies are expected to continue to rise. The UK's Office for National Statistics reports, for example, that from 1981 to 2005 the life expectancy at birth of boys increased by 6.1 years and of girls by 4.5 years. However, according to Sir John Grimley Evans, professor emeritus of clinical gerontology at Green College at the University of Oxford, how much someone enjoys old age is "a bit culture dependent and a bit class dependent".

The findings in the US, he suspects, would not be replicated throughout the world. However, since other countries have tended not to carry out research as comprehensive as the University of Chicago's study, comparisons are hard to make. "America is ageing in a particularly good pattern. For the last 20 years they've been living longer because they're healthier and people are richer, so there's less anxiety about poverty and old age," he says.

"It depends on anxieties about health and money and the US is on a winning streak for both. If however you live in a culture where pensions are inadequate and all you have is a pension, there's anxiety." An important factor in golden age happiness is education; those with more schooling tend to be more content. Partly, this is because the well-educated tend to be wealthier, but Sir John insists it goes beyond this.

Education, he says, means people "live more sensibly". "They know how to make the best of available resources and they know how to make their environment less challenging," he says. For example, they can move into a smaller house before they are forced to because of a crisis, or they can relocate to be closer to their children or to be within walking distance of shops. However, some of the good things about getting older are shared by nearly everyone, according to Sir John, who is himself 71.

"People are relieved of a lot of the stresses that make life difficult," he says. "Thirty or 40 years ago I had a hell of a demanding job. "There was a lot more stress in my life. Now I'm enjoying retirement, finishing off research and working at a much easier pace." Older people are more likely to be in stable relationships, with surveys showing that satisfaction with marriage increases in people in their late 50s.

People tend to be in settled relationships and so are less likely to experience the emotional roller coaster that characterises life with a series of partners. This "is a source of great contentment", Sir John says. On the other hand, the death of a spouse or partner is a common source of unhappiness and one much less likely to afflict the young. "There used to be a theory that older people were more likely to be depressed, but if you take out bereavement, I don't think that's the case," he says.

The ideal situation, according to Sir John, is to live longer and die faster - what is called the "compression of morbidity". Rather than spend years being kept alive through a debilitating chronic illness, people should try to remain in good health for longer through exercise, a good diet and not smoking. "It is achieved less through medical means. It works by delaying the onset of unpleasantness. It is possible to live longer and be happy and healthy," he says.

Some like to continue working, although Sir John says such individuals should consider something new, rather than cling to the same job. "Then you become a nuisance, blocking at the top of the tree. You need to think about moving sideways or starting something new," he says. "Quite a lot of people in Oxford finish their academic lives and take up continuing education - it is something where they have to think."

Nevertheless, some of the factors that determine the quality of our lives in old age are outside our control and the people who have to take the right decisions are politicians. With "good economic and social policies", Sir John says, the happiness levels found in the US could be replicated worldwide. Countries such as the Netherlands and those in Scandinavia seem to be on the right track, he says, but others, including the UK, could be hitting the buffers.

"We haven't got our pension system sorted out. I am seriously worried about what people who retire in 20 years' time are going to live on." Not all clinicians believe that happiness is an age or wealth-related phenomenon, though. Dr Naresh Dhar, a psychiatrist at the Prime Medical Centre in Dubai takes the view that "those who are happy, are happy from the beginning. Those who are the worrying kind keep on worrying", he says. "That is the personality you have. There are people who are happy-go-lucky - they just enjoy life whatever".

@Email:dbardsley@thenational.ae

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EPOPC%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2022%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAmna%20Aijaz%2C%20Haroon%20Tahir%20and%20Arafat%20Ali%20Khan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3Eart%20and%20e-commerce%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%20u%3C%2Fstrong%3Endisclosed%20amount%20raised%20through%20Waverider%20Entertainment%3C%2Fp%3E%0A
What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love". 

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

Changing visa rules

For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.

Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.

It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.

The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.

The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.

THE%20SWIMMERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESally%20El-Hosaini%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ENathalie%20Issa%2C%20Manal%20Issa%2C%20Ahmed%20Malek%20and%20Ali%20Suliman%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
LA LIGA FIXTURES

Friday (UAE kick-off times)

Levante v Real Mallorca (12am)

Leganes v Barcelona (4pm)

Real Betis v Valencia (7pm)

Granada v Atletico Madrid (9.30pm)

Sunday

Real Madrid v Real Sociedad (12am)

Espanyol v Getafe (3pm)

Osasuna v Athletic Bilbao (5pm)

Eibar v Alaves (7pm)

Villarreal v Celta Vigo (9.30pm)

Monday

Real Valladolid v Sevilla (12am)

 

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
%3Cp%3EAuthor%3A%20Alasdair%20Soussi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20300%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Scotland%20Street%20Press%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20December%201%3C%2Fp%3E%0A
The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

UAE currency: the story behind the money in your pockets
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

All%20The%20Light%20We%20Cannot%20See%20
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ESteven%20Knight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMark%20Ruffalo%2C%20Hugh%20Laurie%2C%20Aria%20Mia%20Loberti%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E1%2F5%C2%A0%3C%2Fp%3E%0A

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”