- A quarter (25%) disagree with the notion that living longer means we will need to work longer
- New data from Canada Life shows that we expect to live to 85
- However, regardless of what living longer means practically, emotionally and financially, the ideal age we want to live to is 90
Today (15 October 2024), 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.
It is undeniable that we are living longer. 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. We can also expect to see a 200% rise in the number of centenarians.
Our sentiment towards living longer is mixed though. According to Canada Life’s research, whilst almost half (47%)1 of UK adults feel positive about the prospect of celebrating their centenary, almost three-quarters (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.
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%) believe retiring in our sixties will become a thing of the past, a quarter (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, comments:
“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.”
This research forms the foundation of Canada Life’s new Life100+ report. Based on in-depth research, the report uncovers the aspirations of people across the UK as they plan for later life, as well as for the here and now. Download the report here.
-ENDS-
Notes to editors
- The findings (commissioned by Canada Life and conducted by The Big Window) are based on online interviews with a representative sample of 3,400 UK adults aged 18 and over. Quotas were applied by age and gender and the data was weighted at the analysis stage to be representative of the UK adult population. Following the online survey, an all-day intergenerational forum comprising of twenty respondents, with eight in-depth interviews was conducted. Respondents represented people from different life stages, backgrounds and generations. All fieldwork was conducted during May, June and July 2024. Additional information is available on request.
Enquiries:
Press enquiries should be directed to:
Lizzie Murray, Vested, 07914 698 310, canadalife@fullyvested.com
Elle McAtamney, Canada Life, 07913 568213, elle.mcatamney@canadalife.co.uk
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Through its subsidiary companies, Great-West Lifeco operates in Canada, the United States, and Europe. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Canada Life Limited began operations in the United Kingdom (UK) in 1903 and provides UK individuals and businesses with a range of retirement, investment, insurance and wealth solutions. Canada Life offers individual annuities, pension de-risking solutions, home finance, estate planning and investment options, and workplace protection products.
Canada Life Limited (no.973271) is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Stonehaven UK Limited (no.05487702), trading as Canada Life, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority. Canada Life International Limited (no.033178C) and CLI Institutional Limited (no.108017C) are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance (Ireland) DAC (no. 440141) and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.
Canada Life Asset Management is the brand for investment management activities undertaken by Canada Life Asset Management Limited (no.3846821), Canada Life Limited and Canada Life European Real Estate Limited (no.03846823). Canada Life Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Please note that while Canada Life Limited and Canada Life Asset Management Limited are regulated as stated above, property management and the provision of commercial mortgages are not regulated activities.