Mateship is what makes Australians happy and the over 65s are the happiest, according to a new national survey on the nation's emotional wellbeing.

The Australian Psychological Society's (APS) Compass for Life survey has found people who connect with family, socialise with colleagues and are actively involved in their local community are the happiest people in Australia.

Those who spend a lot of time on social media, which is designed to bring people closer together, feel higher levels of loneliness and negative emotions.

Out of the 1000 adults and more than 500 adolescents, aged 13 to 17, who took part in the survey, those aged 65 or older scored significantly higher levels of wellbeing and lower levels of loneliness and negative emotions than the rest of the population.

People aged 25-34 scored significantly higher on loneliness than adults 35 years and over.

Although money and wealth were rated in the top three things that come to mind when asked what makes a good life, household income was unrelated to wellbeing.

Overall, most reported a positive sense of wellbeing and 75 per cent reported human connections and social relationships as being key to happiness.

Other factors respondents linked to a more satisfied life included: getting a good night's sleep, keeping active, engaging in relaxation, eating well, having a hobby and 'living in the moment'.

APS executive director, Professor Lyn Littlefield says its encouraging to know many Australians know how to enjoy the moment rather than re-living bad things or worrying about the future.

"I think we've learnt to focus on what we're doing at the time and get what we can in terms of enjoyment and pleasure and achievement."

Prof Littlefield says the survey results highlight how important it is, even in our busy lives, to get a better balance to ensure we foster relationships.

"For human beings social connections are really important and for people who don't have them that's something we should help them foster and develop and you need to put effort and time into it."

Anyone wanting to measure and improve their happiness and wellbeing can visit website compassforlife.org.au.