Nearly 70 per cent of UK adults believe retiring at the age of 60 will become a thing of the past as people expect to live longer.
Canada Life’s Life100+ report explores the different aspects of people’s lives that will be affected by increasing longevity, and both the opportunities and challenges that this presents.
The research revealed three key themes which comprised “the power of conversation, the power of advice, and the power of those close to us”.
Findings from the report found people expected to live to 85 but would like to live to 90.
While 47 per cent felt positive about living to 100, 26 per cent were more restrained in their outlook.
Life satisfaction
According to the report, life satisfaction changes across age groups, increasing in later life, following a ‘U-shape’ trajectory.
Younger people felt content but this dropped progressively reaching a low point at 50 but then began to increase as people got older.
The oldest age groups were the most satisfied of all, with 73 per cent of grandparents and 71 per cent of empty nesters reporting they felt satisfied with their lives.
Some 90 per cent of respondents who felt in control were satisfied with life, compared with just 65 per cent overall, highlighting the correlation between a sense of control and life satisfaction.
Reflecting the ‘U-shape’ trajectory of satisfaction, those in their 40s and 50s felt least in control, with 21 per cent of 52-year-olds saying they were ‘not at all in control’.
According to the report, a sense of control was highest amongst those in the retirement and older age groups.
Canada Life said a major finding of its research was that people in the UK were not discussing inheritances.
“It’s a sensitive subject that people don’t want to broach for a variety of reasons, and our data demonstrates that there’s a notable gap between expectations and reality,” the provider added.
While 53 per cent expected to receive an inheritance from their parents, 63 per cent expected to leave an inheritance.
In addition to this, children often underestimated the amount they would receive, with just 2 per cent expecting to inherit £750,000 or more, while 10 per cent of parents expected to
pass that amount on.
In the report, Canada Life discussed the importance of intergenerational support as it creates a strong sense of life control and satisfaction for both receivers and givers.
It said: “Our close family and friends are the foundation of much of the support needed through major life events and stages. For example, helping with deposits for purchasing a home, acquiring savings for future generations, or providing childcare or care for others.
“The main ways of providing financial support are through gifting, inheritance, making a will and putting power of attorney in place.”
Advice is ‘pivotal’
According to the research, professional advice would be “pivotal” in helping people to plan for later life.
Some 52 per cent of those under 35 could see the benefit of accessing professional financial advice but 42 per cent didn’t know where to turn.
