People across the UK underestimate how long they will live

As greater longevity is increasingly becoming a fact of life, people are leaving themselves vulnerable to financial hardship at a time when they are most in need, according to research by Life Trust Insurance plc.

Nearly half the population of the UK said they were only expecting to live to the same age as their parents' generation. With 49% of North Easterners, 45% of North Westerners, 44% of those living in the East Midlands, 51% of those living in the West Midlands, 50% of South Easterners, 48% of South Westerners, , 50% of those living in Yorkshire and The Humber, 48% of Scotland and 47% of Wales. While approximately one in ten questioned in each region even expecting to have shorter life-spans.

Life Trust is concerned that people are not aware that they are likely to live far longer than their parents' generation and should be preparing to finance this increased chance of living longer. A man aged 40 today has a higher than 1 in 3 (39.2%) chance of living to 90, and a 4% chance of living to 100, whilst a woman aged 40 today has a 1 in 2 (53.1%) chance of living to 90, and a 1 in 10 (11.2%) chance of living to 100. There are currently 42, 900 people in UK aged 90 or above, and this figure is set to increase as people are living healthier lives into advanced ages.

Andy Briscoe, CEO 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 underestimating 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."

Interestingly, whilst people do not realise the possibility of themselves living longer than their parents, they do recognise that their children will live longer lives than they will. However, 18-24year olds grossly underestimate this, with only 25% of them thinking that their children will live longer, whilst 44% 55 year olds thought this.

Andy Briscoe continued "People acknowledge increased longevity for younger generations but do not realise that this is a very real issue for them today."

Life Trust is a new company specifically dedicated to offer financial services products to help protect people against the increasing likelihood of a longer lifespan. For more information about Life Trust and the company's first product, the Longevity Income Plan, which pays out more the longer you live, visit lifetrust.com.