The new research from Irish Life explores how increased longevity is impacting finances, working life and retirement planning.
Irish Life has published the results of the Life100+ ‘Exploring Ireland’s Longevity Opportunity’, report, which takes a closer look at how an increasing lifespan is transforming life patterns, financial planning and career paths.
In partnership with independent researcher Big Window Consulting, Irish Life collected data from 2,000 adults in Ireland and also carried out an employer round table, geared around the topic of challenges and opportunities that longevity presents to their organisations and their people.
What was noted in Irish Life’s report is that only one out of every five who participated in the research, expects to fully retire in what is seen as the traditional way. Nearly three in four said they will have to work longer to support themselves in their later years and this figure rose close to nine out of ten for those aged 65 and older.
Younger groups aged 18 to 24, said that they expect to extend their retirement age by making only minimal adjustments, adding around three years, while the older than 65 cohort said it would take at least four additional years. All other categories added around one year.
Comparable research carried out with a UK-based workforce found that harsher adjustments to future plans might be a wiser long-term goal, as the research found those in the UK were more open to substantial changes.
Young people aged 18-34 expect to increase their planned retirement age by five years on average. The report argued that in Ireland, those closest to retirement appear to be willing to make the smallest adjustments, reflecting the constraints of changing long-established plans.
Thinking ahead
For many of the participants who contributed their insights to the research, financial preparation and longevity go hand in hand. Roughly eight in 10 adults are aware of the financial planning that is needed, 77pc have regular retirement plan reviews and 70pc said they would save or invest more.
Two in three would seek to transition into part-time or flexible work later in life and a similar proportion would work for longer before retiring altogether (63pc).
Almost 60pc of young people under 34 expect to have to retrain or pursue multiple careers, thereby extending and diversifying their working lives. This group also expects to save and invest more. Comparatively, 72pc of 35 to 44 year olds are also considering future saving and investing.
Older groups were shown in the research to have a preference for a phased retirement plan that involves moving into part time and flexible roles (78pc).
There was also a clear gender gap as men (52pc) were found to be more likely to anticipate pursuing multiple careers compared to women (45pc), as well as starting a business (52pc versus 42pc), undertaking freelance work (55 versus 48pc), or participating in the gig economy (48pc versus 36pc).
Lack of knowledge
Despite the interest in working towards the future, Irish Life’s research also identified areas in which those looking to prepare for retirement should study further, as more than two in every three respondents said that they had little or no experience of investing.
A similar number of respondents said that they preferred bank deposits to riskier investments, particularly those aged 65 and older (75pc) and 58pc said they were uncomfortable with stock market swings. This discomfort was higher among those aged 65 and older and for women more than men (61pc versus 55pc).
The report said, “The findings point to a tension at the heart of the 100-year life. People know longer lives require greater financial resources, but few have plans in place or are confident in their ability to generate them.
“A savings gap exists between what people believe they will need and what they actually have. Most understand the need to save more, but relatively few feel confident about investing, despite the role that long-term investment growth can play in funding extended retirements.
“The challenge is about building confidence and financial capability. Professional advice, financial education and accessible investment solutions may be key to turning awareness of longevity into meaningful financial plans.”
Organisations will also have to commit to making the workplace a more suitable environment for an ageing workforce. The report said, “As expectations around work and retirement evolve, there is widespread recognition that workplaces will need to change. Almost all adults in Ireland believe organisations will need to adapt to a future in which people work later into life (95pc).
When asked how workplaces should respond, cultural change emerges as the most important priority. This includes a focus on a more age-friendly culture, increased flexibility in working arrangements, health and well-being support and support for phased retirement.
Declan Bolgere, the CEO of Irish Life said, “The 100-year life is a really positive prospect. A well lived later life means more years with the people we love, pursuing ambitions and new experiences. Preparing for longer lives goes beyond individual responsibility and extends to the State, policy makers, employers and providers.
“The importance of acting today holds true. Navigating what lies ahead is a shared undertaking to support people and workplaces across Ireland to unlock the benefits of longer, well lived lives.”
Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.











































You must be logged in to post a comment Login