On “pretend to be a time traveller day” - Aviva predicts what life could be like in 50 years

As life expectancy and working lives are set to reach unprecedented levels, Aviva predicts what live might be like in 50 years time in 2066

  • Life expectancy and working lives are set to reach unprecedented levels
  • Aviva’s online services are helping thousands of customers travel into the future

2016 marked the 50th anniversary of Star Trek. 8 December is international “pretend to be a time traveller day” (honest!)1. So, we thought we’d have some fun predicting how our lives may look in 50 years’ time, in 2066.

Living to 115: 50 years ago life expectancy at birth in the UK was about 69 for a boy and 75 for a girl2. Today, cohort life expectancy at birth is 90 for a boy and 93 for a girl. The Office for National Statistics (ONS) has projected that cohort life expectancy at birth could rise to 97 for a boy and 100 for a girl by 2066. The ONS recognises that predicting this far into the future is a challenge, and state that it could be as high as 115 for both men and women3. The oldest person in the UK today is reported to be 1124.

Joining 30,000 centenarians: The British monarchy began the tradition of sending telegrams to centenarians in 1917. In that year, King George V sent 24. In 1966 there were 910 centenarians5. The latest figures from the ONS tell us that there are 14,570 centenarians in the UK today. If recent trends were to continue6, Aviva estimate the number could rise to over 30,000 by 2066. 30,000 centenarians would seat 450 London buses.

Working to age 83: The traditional state pension retirement ages of 60 for women and 65 for men were set in the 1940s. These are now being equalised, and the government has stated a policy of people spending, on average, a third of their adult life (i.e. from age 20) in retirement7. If the ONS’s projections are correct, this suggests our state pension age could rise to about 74 by 2066 - or 83 if the higher life expectancy projections come to fruition. An independent review of the state pension age is set to give its recommendations for the future of the state pension age in May 20178.

 

1966

Today

2066 mid-estimate

Life expectancy at birth

Boy: 69

Girl: 75

Boy: 90

Girl: 93

Boy: 97

Girl: 100

Number of centenarians

910

14,570

30,000

State pension age

Men: 65

Women:60

Men: 65

Women: 60-65

Men & Women: 74

Costing the UK an additional £79 billion each year

A longer life is to be celebrated, but it brings challenges for the finances of the UK. The Office for Budget Responsibility’s most recent Fiscal Sustainability Report estimated that the UK’s ageing population would put upward pressure on public spending. By the mid-2060s this could potentially increase public spending by £79 billion each year9. To put £79 billion into context, this is more than the UK currently spends on transport and defence, combined10.

Aviva: Helping people to time travel                                                 

Aviva has recently launched its free online time traveller website:

https://www.avivatimetraveller.co.uk/

This fun site allows people to see how they may look in years to come. From there, the individual can then use Aviva’s new “Save Smarter” site to see if they are on track to meet their retirement ambitions:

https://www.retirementtools.aviva.co.uk/myfuture/ShapeMyFuture/LandingPage.

The Save Smarter service received over 300,000 visits in its first month.

Commenting, Alistair McQueen, Savings and Retirement Manager at Aviva said:

“Star Trek’s Spock encouraged us to “live long and prosper”. Evidence suggests we will rise to the “live long” challenge. Our ability to “prosper” is less certain.

“Our life expectancy is rising and working lives are lengthening, to unprecedented levels. By taking control of our finances we will be better placed to thrive, not just survive, in the years to come.

“Aviva is committed to helping its customer “to boldly go” where no generation has gone before.”

ENDS

If you are a journalist and would like further information, please contact:

Aviva Press Office: Fiona Whytock: 07800 692 299 or fiona.whytock@aviva.co.uk

Aviva’s retirement spokesperson, Alistair McQueen, is available for comment/interview                                                                                                                    

Notes to editors:

  • Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
  • In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.  
  • Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £319 billion in assets.
  • Aviva helps people save for the future and manage the risks of everyday life; we paid out £30.7 billion in benefits and claims in 2015.
  • By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
  • The Aviva media centre at http://www.aviva.com/media/ includes company information, images, and a news release archive.
  • For an introduction to what we do and how we do it, please click here http://www.aviva.com/about-us/
  • For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/
  • Follow us on twitter: www.twitter.com/avivaplc/
  • Follow us on LinkedIn: www.linkedin.com/company/aviva-plc
  • For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva
  • Aviva has a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking.

 Sources:

Related news