UK adults are expected to live to 85, according to a recent report, 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. We can also expect to see a 200% rise in the number of centenarians.
Despite concerns about standards of living, people still want to live a long life…
However, according to this 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 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.
The 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.
Ultimately, you would like your wealth to outlive you not for you to outlive your wealth – financial planning is key to this.