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Cash warning as people live longer

Survey finds many under-estimate lifespan

Old couple sitting on bench

People in the UK are leaving themselves open to financial hardship in the future because they ‘massively’ under-estimate how long they will live, a new survey says.

A survey found nearly half the population of the UK were only expecting to live to the same age as their parents’ generation.

Around one in 10 actually expected to have shorter life spans, the email poll of 1,956 adults conducted earlier this month for Life Trust Insurance plc revealed.

Living to 90

The company said these findings contrasted with statistics showing a man aged 40 today has a higher than one in three chance of living to 90.

A woman aged 40 today has a one in two chance of living to 90, and a one in 10 chance of living to 100.

Andy Briscoe, chief executive officer of Life Trust, said ‘People are living longer than ever before, a trend which is set to continue.

‘With so many people in the UK under-estimating how long they will live, they are leaving themselves in danger of being short of cash in their later years just as they face declining income and increasing costs.’

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