The Canada Life has published its inaugural Life100+ report, the first in a series of in-depth research papers exploring the different aspects of our lives that will be affected by increasing longevitys
Brits are worried about running out of money as they get older, especially with forecasts showing a 40 percent increase in the number of people over retirement age by 2050. While living longer might sound good, many are concerned about their life quality and finances if they live into their 90s or past 100.
Canada Life’s new Life100+ report, which looks at how longer lives will change different parts of our lives, shows that while nearly half (47 percent) are happy about the chance to turn 100, a big majority (74 percent) would worry about their life quality if they did. The research says most people think they’ll live to 85 and see 90 as a good long life.
Canada Life commented: “Aside from our feelings towards living longer, it is certain that we’ll need to rethink how we plan for our lives to come, practically, financially, and emotionally. The Life100+ research shows that some are accepting of this but aren’t taking necessary steps in the here and now to prepare for living longer.”
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“Whilst more than two-thirds (69 percent) believe retiring in our sixties will become a thing of the past, a quarter (25 percent) disagree that living longer means that we should work longer.”
Younger people are more likely to disagree about what it means to live a long life, with 18- to 34 year olds being the most divided. Research by Canada Life also shows that people aren’t talking to their families about what living longer might mean for things like care and inheritance.
Only about half of people in the UK have had these conversations. Lindsey Rix-Broom, CEO of Canada Life, said: “The prospect of a longer life should fill us with a sense of optimism. We can easily imagine people pursuing life with a sense of purpose, guiding younger generations and nurturing fulfilling relationships with loved ones.”
“At the same time, we need to be realistic about how we approach improved longevity from both a financial and practical perspective, especially if it’s unexpected. We conducted this in-depth research to better understand the complexities that may arise and gain valuable insights into the very real aspirations and challenges of people across the UK as they plan for later life, as well as for the here and now.”
“We hope to play an active role in supporting families throughout their working years and into retirement, helping them make the most of life. We want people to feel more in control, optimistic and prepared to embrace the positives the additional years may offer. The solution begins with a conversation involving us all – our customers and clients, financial professionals, the wider industry, and even policymakers at the highest levels of government.”
