One in every six 40-year-olds is worried that they don’t save enough for retirement and every third is concerned that their savings are not on track, a poll done by the insurance company MetLife says.
The survey taken by more than 1000 people is highlighting another tendency for the future – nowadays children will have the burden of supporting their fathers and mothers financially. “Parents will have worked hard to support their children so perhaps they should feel entitled to rely on them if they need financial support in retirement,” Simon Massey, wealth management director at MetLife UK, said. He continued: “However, it is a bit of a role reversal when it’s retired parents banking on their children for money. It will also have an impact on how much the children can save for their own retirement which in turn can cause problems.”
Another issue for future generations might be the increasing life longevity. In a recent research concluded in 35 countries by Lancet medical journal the results show that people born in 2030 will live with 7 to 10 years longer than generations of the early 2000s. “As recently as the turn of the century, many researchers believed that life expectancy would never surpass 90 years,” one of the leaders in the survey, Prof Majid Ezzati, said. According to him, longer life is good news but it also creates a lot of questions for the future of our health and social care. “In particular, we will need to both strengthen our health and social care systems and to establish alternative models of care, such as technology assisted home care,” Prof Ezzati said.