It used to be said that life begins at 40, but happiness now does not begin until 54, according to a new report.
Almost one million 45 to 54-year-olds are unhappy with their lives -- making their age group the most frustrated, the study in Britain found.
Researchers for online bank First Direct dubbed the age group the Baby Gloomers -- born between the mid-1950s and mid 1960s.
They found that 11.5pc of the 8.5 million people in that age group are discontented, while fewer than 40pc feel completely happy with life, compared to an average of 48pc.
However at 54, more describe themselves as "happy" and "content" than "stressed" and "self-conscious" for the first time, while 71pc of over 65s are content with their lot.
Money worries are the key concern of one in five (19pc) of Baby Gloomers -- making them the most financially discontented of any generation.
Along with the prospect of later retirement, gloom factors for this generation include having to work longer to save for retirement, closure of final salary pension schemes plus soaring costs of parental care and children's education.
The research suggests money has a less important role to play than many other factors.
The next generation up -- called "Golden Baby Boomers" -- place emphasis on travel.
Nearly one in 10 55 to 64-year-olds (8pc) plan to go on a trip for three or more months.
First direct head of marketing Paul Say said: "The first generation of Baby Boomers is known as the 'Golden Generation'; those who came a decade later appear less fortunate, facing work and financial pressures that seem to be weighing down on them particularly.
"Three-quarters are resigned to working far longer to fund their retirement, compared to just six in 10 of the general population.
"But looking to other generations, people are gaining satisfaction in their lives from much more than just money."