Global life expectancy has risen from 46 to 73 years between 1950 and 2019, with the United Nations predicting it to reach 81 years by 2100.
A new report published by the World Economic Forum in collaboration with Mercer, a business of Marsh McLennan, highlights the impact of increasing life expectancies on work and retirement.
According to the report titled “Living Longer, Better: Understanding Longevity Literacy,” global life expectancy has risen from an average of 46 years in 1950 to 73 years in 2019. The United Nations forecasts further growth, estimating that the global average life expectancy will reach approximately 81 years by 2100.
The report explores how longer lifespans are reshaping individuals’ perspectives on their working lives and retirement. It emphasises the importance of considering purpose, quality of life, and financial health in retirement planning, alongside the traditional aspects. The aim is to provide individuals with options to approach work, learning, and retirement that align with their needs.
The findings of the report call for governments and employers to adapt their approaches to support individuals in various stages of work and retirement. By recognising the implications of longer lifespans, societies can ensure a better understanding of the challenges and opportunities associated with increased longevity.
World Economic Forum longevity lead Haleh Nazeri says: “When it comes to longevity and living longer, healthier lives, everyone has a role on this critical topic. How will business support an older workforce and one with growing caregiving needs, what will policymakers do to help all citizens reach retirement equity, and finally, what can individuals do at every life stage to ensure they are able to stay financially resilient in a longer life.”
Mercer executive director, investments & global chief investment strategist Rich Nuzum says: “Employers are thinking more about the current age distributions within the areas of talent needed to operate their organisations and how to influence the trajectory of these distributions.
“To leverage longevity and fight the war for talent effectively, moving from individual roles to team-based roles can help employers take full advantage of the diverse strengths of teams that comprise a combination of older and younger workers.”
