Zarah ChoudharyAccording to a report published by Canada Life called Life100+, almost half (47%) of UK adults feel positive about the prospect of celebrating their centenary, but 74% agreed that should they live to 100, they would worry about their quality of life.
The report found that the median ideal age to live to was 90; however, there was a five-year gap between this ideal age and how long respondents expected to live to, at 85.
More than two-thirds (69%) said that retiring in their sixties would become a thing of the past, 25% disagreed that living longer meant that working longer.
Disagreement levels were highest amongst 18 to 34-year-olds, the age group most likely to live to 100 years or more.
Canada Life’s research also indicated that people were 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 had 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.”
