UK Money News
30th April 2008
Brits underestimate lifespan, pensions firm warns
Britons who underestimate how long they live could be left facing severe financial hardship in later life, it has been claimed.
In a study conducted by pensions provider Life Trust it was found that nearly half of the sample perceived that they would live only as long as their parents.
This notion is, however, ill-founded given medical evidence showing that men and women who are currently aged 40 now have a one in three and one in five chance of reaching the landmark age of 90.
Failure to take lengthening lifespans into account when planning finances could leave millions strapped for cash in later life, according to Andy Briscoe of Life Trust.
He 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."
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