What's Happening?
A new study by John Hancock and the MIT AgeLab reveals that Americans are largely unprepared for increased longevity, scoring an average of 60 out of 100 in the Longevity Preparedness Index. The index
evaluates readiness across eight domains, including social connection, finance, daily activities, care, home, community, health, and life transitions. While there is progress in social and community engagement, significant gaps remain in planning for long-term care, housing, and health. The study highlights the need for a holistic approach to longevity planning that goes beyond financial readiness.
Why It's Important?
The findings underscore the challenges Americans face in preparing for longer lifespans, with implications for financial services, healthcare, and social support systems. The lack of preparedness in areas like care and housing could lead to increased demand for public services and support, straining existing systems. The study calls for a shift in focus from financial planning to a more comprehensive approach that includes social and emotional dimensions, potentially influencing how financial services and policymakers address longevity.
What's Next?
John Hancock plans to use the insights from the study to enhance its Vitality Program, which rewards healthy behaviors. The company aims to encourage conversations about longevity preparedness and inspire action among individuals and organizations. As the U.S. population over 65 is projected to grow significantly, there is a pressing need for concrete plans and intentional steps to ensure readiness for the future.
Beyond the Headlines
The study highlights the ethical and social dimensions of longevity planning, emphasizing the importance of addressing care and social connection. The findings suggest a need for cultural shifts in how society views aging and prepares for later life, potentially influencing public policy and societal attitudes towards aging.
