More than two-thirds of people in the UK believe retiring in their 60s will soon be outdated, while 74 per cent worry about their quality of life if they live past 100, according to Canada Life.
Canada Life’s first Life100+ report explores how increasing longevity will impact various aspects of life, and the challenges and opportunities that come with it.
According to UK data from the Office for National Statistics, the population aged 65+ is set to rise by nearly 40 per cent between 2023 and 2050, with a 90 per cent increase for those 80+ and a 200 per cent rise in centenarians.
The study finds that 47 per cent of UK individuals are optimistic about living beyond 100 years old, but 74 per cent are concerned about their quality of life if they do. Despite these worries, most people still hope to live long lives with 90 years being the ideal number.
The report highlights the necessity for individuals to make better financial and emotional plans for the future as life expectancies rise. However, many people aren’t yet taking the required action.
Among younger persons (18–34), in particular, 25 per cent disagree that living longer entails working longer, while 69 per cent believe that retiring in one’s sixties will become outdated.
Meanwhile, only 49 per cent of people in the UK reported discussing care and inheritance with loved ones.
Canada Life CEO Lindsey Rix-Broom says: “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.
“At Canada Life UK, 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.”
