Canada Life has released 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.
In the UK, based on Office for National Statistics (ONS) figures published in early 2024, the cohort of those aged 65 and above is expected to grow by just under 40% between 2023 and 2050. During the same period, this growth may increase to 90% for those aged 80 and above. Canada Life says we can also expect to see a 200% rise in the number of centenarians.
However according to Canada Life’s research, while 47% of UK adults feel positive about the prospect of celebrating their centenary, 74% agreed that should they live to 100, they would worry about their quality of life. Despite concerns about standards of living, people still want to live a long life; the median ideal age we want to live to is 90. However, there is a five-year gap between our ideal age and how long we expect to live to, which comes in at a more ‘modest’ 85 years.
The Life100+ research shows that some aren’t taking necessary steps in the here and now to prepare for living longer. While 69% believe retiring in our sixties will become a thing of the past, 25% 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.
“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.”
