It is an illusion that youth is happy, an illusion of those who have lost it
 W. Somerset Maugham, Of Human Bondage (1915). copy citation

Context

“He yearned above all things for experience and felt himself ridiculous because at his age he had not enjoyed that which all fiction taught him was the most important thing in life; but he had the unfortunate gift of seeing things as they were, and the reality which was offered him differed too terribly from the ideal of his dreams.
He did not know how wide a country, arid and precipitous, must be crossed before the traveller through life comes to an acceptance of reality. It is an illusion that youth is happy, an illusion of those who have lost it; but the young know they are wretched, for they are full of the truthless ideals which have been instilled into them, and each time they come in contact with the real they are bruised and wounded. It looks as if they were victims of a conspiracy; for the books they read, ideal by the necessity of selection, and the conversation of their elders, who look back upon the past through a rosy haze of forgetfulness, prepare them for an unreal life.” source

Meaning and analysis

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