Research shows old age is seen as a problem, worries about healthcare and social services and people not prioritising or doing enough to prepare for their own retirement. Research conducted by Chase de Vere, the national firm of independent financial advisers, paints a depressing picture of increasing longevity in the UK.
This research looks at society’s attitude to longevity, people’s aspirations and concerns for living longer and the steps they’ve taken to address these. We then compared the results with similar research undertaken in Germany, France, Switzerland and Austria.
Research highlights:
— Increasing longevity is viewed more as a problem than a benefit to society. In the UK, 44% of people under age 65 and 50% of those over 65 classified it as a problem, compared with 31% and 28% respectively who said it was a benefit.
— There are huge concerns that the UK isn’t prepared to cope with increasing demands on healthcare systems, with 71% of those aged under 65 worried about this and 81% over 65. This compares with only 46% and 48% respectively in Europe.
— The need for a change in attitudes toward the elderly was given far greater significance in the UK than in Europe, with 54% of over 65s highlighting this issue compared with just 30% in Europe.
— Only 30% of those in the UK aged under 65 said having economic resources is important, compared with 58% in Europe.
— However, 39% of those in this category want to retire from work as soon as possible. Only 19% want to continue working full time in their current jobs past the State pension age. The reality is that far more may be forced to do so.
— Europeans focused more on undertaking activities, travelling and being financially independent in retirement. Worryingly only 19% of UK respondents under 65 were looking forward to being financial independent in retirement.
— Europeans also focused more on taking the steps needed to be better equipped to enjoy a longer life. This includes being healthy, investing savings and developing relationships and social connections.
To obtain a copy of the full research document – Longevity and Retirement Research: A European comparison – please contact Patrick Connolly at [email protected] or on +44(0)1225-368-176.