Brits fear running out of cash in old age amid predictions of a 40 percent rise in the number of people aged over retirement age between now and 2050.
While the idea of living longer would seem like a reason for celebration many people are worried about their quality of life and finances should they live into the 90s and even beyond 100.
Financial institution 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 longevity, and both the opportunities and challenges that this presents.
The research found that while almost half (47 percent) feel positive about the prospect of celebrating their centenary, almost three-quarters (74 percent) agreed that should they live to 100, they would worry about their quality of life.
The study found that most people expect to live to 85, while many viewed reaching 90 as the ideal “innings”.
The company said: “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.
“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.
“Disagreement levels are highest amongst 18- to 34-year-olds, the age group most likely to live to 100 years or more.”
Canada Life’s research also indicates that people are not discussing the potential implications of living longer with their family or loved ones, including what it might mean for care and inheritance plans. Just half (49%) of the UK population have discussed their intentions.
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.”
