Resources

Canada Life - Life100+: Longevity and Financial Security

Canada Life, a company that has worked extensively with 55/Redefined, published Life100+, which looks at longevity and financial security, in October 2024. It is an in-depth examination of how the UK feels about ageing, finances, health and happiness, and how we can prepare financially and emotionally for a future where longer life is the norm. The report shows that, at the moment, many of us are not giving enough thought to our later years and how we will fund them.

Insurance and financial services company, Canada Life, published their 59-page report, Life100+, in October 2024. A long-standing partner of 55/Redefined, Canada Life is well-placed to offer a fascinating insight into what increased longevity means for over-50s' finances and at what point younger people should start thinking about saving for later years.

While focused on finances, the wide-ranging report also looks at happiness and contentment throughout life, identifies the periods we are most likely to feel stressed and unhappy, and notes that it is when we feel out of control – especially financially – that we feel most dissatisfied.

The report sections are:

Taking stock: life satisfaction and life control
Understanding the value of life goals
Funding the life ahead
Recognising the advantages of strong intergenerational relationships
Nurturing important conversations
Professional advice is a powerful tool for taking control.

The report is useful overview of longevity and financial implications for both older people and their younger dependents. It reveals, for example, that 19% of those aged 65 and over are still providing financial support to their children.

Life100+ is an enlightening examination of longevity and what it means for individuals' financial futures. By planning well and leveraging the power of conversation – most especially in the areas of close relationships and financial advice – the report concludes we will all be better placed to take full advantage of the opportunities that lie ahead.