It's associated with buying a flash car, getting a tattoo or even infidelity.
The 'midlife crisis' is now an accepted phenomenon, fodder for sitcoms and adverts the world over.
But is the old cliché that we hit a point of dissatisfaction in middle age really true?
A new study claims there is no such thing - and we are actually happier in our mid 40s than we were at age 18.
The midlife crisis - often associated with buying a sports car or even infidelity - doesn't exist, according to a new study. Happiness increases gradually from our teenage years onwards (file photo)
Conventional wisdom for the past half a century has been that our happiness follows a U-shape curve, punctuated by a low point that we've come to know as the mid-life crisis.
Now, experts believe happiness does not stall in midlife, but instead increases gradually from our teens and early twenties and into middle age.
And the researcher claims his study is far more reliable than the studies that came before it.
This is because previously the research has been cross-sectional studies, where a group is asked about their happiness at one point in time, according to Harvey Krahn, of the University of Alberta.
The new study was a longitudinal study, where people's happiness was measured over time, meaning they were able to see how they change as they get older, he added.
The team followed two groups - one of Canadian high school seniors from ages 18 - 43 and the other a group of university seniors from ages 23 - 37.
Both showed happiness increased into the 30s, with a slight downturn by age 43 in the high school sample.
After accounting for variations in participants' lives, such as changes in their relationships and employment, there was still a rise in happiness after high school and university in both groups.
They found happiness rises fastest when people are between the age of 18 and well into their 30s.
Contrary to the view happiness dips in middle age, people are actually more satisfied in their mid 40s than they are at 18, researchers discovered
And, unsurprisingly, people are most satisfied in the years when they are married and in good physical health, and less happy when unemployed.
Therefore, the findings refute the idea that a mid-life crisis exists, with our happiness dipping in middle age.
The researchers said previous studies over the last half a century which led to people believing in the midlife crisis were 'fundamentally flawed'.
Professor Nancy Galambos, also of the University of Alberta says it is extremely important to measure and understand happiness, as it affects our lifespan, our health and our overall wellbeing.
She said: 'We want people to be happier so that they have an easier life trajectory,' she said.
'And also they cost less to the health system, and society.'
The study was published in the journal Developmental Psychology.
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