Overview
The world is changing, with people living longer than ever before. The traditional life stages model of education, work, and retirement is being reshaped.
For employers, this presents both challenges and opportunities in how to support employees navigating a longer working life and, ultimately, a longer retirement.
Our latest research, The Longevity Revolution: Preparing for a New Reality, highlights the pressing need to prepare for this new reality.
Employers are uniquely positioned to provide trusted guidance and tools for their employees, who need to make informed decisions about their financial futures.
Helping employees plan for a 100-year life
The research reveals that two in five employees want support in understanding how much they should contribute to their pensions to maintain a comfortable standard of living during retirement. For those aged over 55, this increases to half of employees.
At the same time retirement horizons are changing with one in five people over 55 expecting to work longer than planned due to a shortfall in savings or unexpected changes to their financial situation.
This isn’t just a personal challenge for employees; it’s also a business issue for employers. Prolonged working lives impact talent retention, succession planning, and overall workforce dynamics.
Practical steps for employers to consider
To help your workforce prepare for longer lives, consider these actionable steps:
- Support employee financial wellness with tools and calculators that help your employees understand and engage with their finances and help them plan for their futures. Explore our tools and calculators.
- Utilise educational resources, webinars and support materials to engage employees in taking control of their financial futures. Explore our content hub.
- Consider flexible working options to support those nearing retirement. Phased retirement, flexible or part-time work may provide a valuable opportunity for individuals to extend their careers and help to boost their retirement savings.
- Raise awareness of longevity risks to help employees understand the potential financial challenges of living longer.
A shared responsibility
The longevity revolution is not just a demographic shift; it’s a cultural and societal one and it’s global. Governments, companies and individuals all have a role to play in ensuring that longer lives are met with security, opportunity, and purpose.
At Fidelity International, we’re committed to helping you support your employees in preparing for their future. Reach out to your Relationship Director or usual Fidelity contact to find out how we can support you to make the 100-year life a prospect that your workforce can embrace.