When it comes to the happiest countries in the world, Canada ranks fairly well compared to other nations, but the level of happiness amongst Canadians drastically changes when broken down by age, according to a new report.

The 2024 World Happiness Report, recently released by Gallup, ranked the happiness of 140 countries based on different categories.

The report first conducted a general ranking based on how countries responded to "self-assessed life evaluations."

The life evaluations comprised six criteria: GDP per capita, social support, healthy life expectancy, freedom, generosity and corruption.

According to the ranking, the Nordic countries report being the happiest in the world. Finland placed first, followed by Denmark, Iceland and Sweden.

How countries measure up in the latest World Happiness Report from Gallup.

Rounding out the top 10 was Israel in fifth place and the Netherlands in sixth, followed by Norway, Luxembourg, Switzerland and Australia.

While Canada didn't place in the top 10, it wasn't too far away, ranking 15th.

Despite Canada ranking fairly well based on the life evaluation criteria, the report revealed that it was part of a group of countries — which includes the U.S., New Zealand and Australia — where "happiness fell significantly."

Younger Canadians are unhappier

The country's decline in happiness can be seen when the rankings are broken down by age, which reveals that younger Canadians are having a harder time experiencing joy than their older counterparts.

Canada placed 58th on the ranking of happiness of younger ages (below 30), and our neighbours down south in the U.S. report being even unhappier, placing 62nd on the list.

Younger Canadians are becoming significantly unhappier than older Canadians. Chart from Gallup.

In comparison, older Canadians (60 and above) reported being quite happy, coming in eighth place in that age-specific ranking, highlighting a big difference in how content different age groups are in the country.

The U.S. also fared quite well, placing 10th for this demographic.

Canada wasn't the only country that showed this disparity in happiness based on age.

"Countries with very different rankings at different ages reflect something unusual, relative to the world average experience for each group," noted the report.

"For example, the four countries in the NANZ group — the U.S., Canada, Australia and New Zealand — all have rankings for the young that are much lower than for the old."

Older residents of many countries are happier than their younger counterparts. Chart from Gallup.

The report added that the biggest age discrepancies in happiness were seen in Canada and the U.S.

It's no secret that times are tough for a lot of Canadians right now. With sky-high grocery prices, mind-boggling housing costs and stressful jobs, it seems like there could be several factors contributing to the unhappiness of the younger generation in the country.