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Consumers leave themselves open to financial vulnerability
30/04/2008 10:15:00
Consumers are underestimating how long they will live for and leaving themselves open to debt later in life, new research has shown.
Findings from a study by insurers Life Trust revealed that nearly half the population believe they will live to the same age as their parents.
However the financial services provider warned that people should be aware that it is likely they will live longer with a man aged 40 now having a 39 per cent chance of living to be 90 years-old and a four per cent chance of reaching 100.
Andy Briscoe, chief executive officer of Life Trust, said that this trend of living for longer than previous generations 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," he added.
Previously, the company said it was setting up a Life Trust Foundation to increase awareness of issue surrounding elderly peoples' finances.
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