Hitting a century a top aspiration for more Aussies: Survey

Australians increasingly want to live to over 100 years of age, according to a new lifespan survey by global financial services firm MetLife, with careers, education and retirement expected to be “reimagined” to account for this extended life expectancy.

More than half of Australians (53%) surveyed in the recent lifespan study by MetLife declared their hope of becoming centenarians. By 2035, according to respondents of the global survey of 18,000 individuals, it would be commonplace to reach this milestone.

“The impact of a 90–100-year lifespan will be felt across business, society and individuals,” wrote MetLife in response to the survey.

“From education, wealth, and career to leisure and health, old models will no longer be fit for purpose, and already, people are looking for longevity to be considered differently when it comes to policy-making and organisational practices as well as financial services and employment.”

The latest data from the Australian Bureau of Statistics (ABS), covering the 2020-22 period, shows an average life expectancy of 81.2 years for men and 85.3 years for women. Despite many Aussies’ aspirations to life longer, life expectancy has in fact decreased by 0.1 years for both sexes from the previous assessed years (2019-21).

MetLife Australia chief of staff, strategy and external affairs Wendy Tse, in response to the survey, called for a new approach to securing financial health as more Australians move into their twilight years, with a greater consideration of “longer-term horizons that support projected life expectancies”.

“Helping members plan ahead of retirement is vital to sustain comfortable lifestyles, coupled with financial advice to ensure the maximisation of retirement outcomes.”

Previous MetLife research revealed that around half of Australians do not have a retirement plan, while seven in 10 aged 40-60 years are concerned about outliving their savings.

MetLife noted a significant gap between the advice needs of Australians and the support currently provided, with many “needing guidance on how to build a sustainable retirement plan and strategies to manage long-term health and financial risks prior to retirement”.

Tse called on super funds to fill this advice gap.

“The time is right to deepen member engagement by offering personalised guidance, flexible retirement product solutions, and educational resources that empower members to take control of the financial health of their future,” she said.

Tse concluded: “This is where the Quality of Advice Review and the introduction of a new class of advisers is critical in helping members during this stage of life. Affordability and accessibility to financial advice is essential to ensuring informed decisions about specific retirement needs and removing the fear of running out of savings.”