Renewed concerns around the state pension’s future
Switching people on to the opportunities that longer lives present can be a daunting task. To help people to reimagine the ways in which we can live better, longer lives the Standard Life Centre for the Future of Retirement commissioned a qualitative, deliberative research study. Conducted by NatCen Social Research and The Policy Institute at King's College London this research identifies key challenges for engaging the general public alongside potential enablers to make a positive impact.
The research reveals that when introduced to the idea of living longer lives people often automatically focus on the challenges of later life. Under the surface lie concerns about the unknowns post 70 about health and wealth. This framing, coupled with strongly-held stereotypes can, if we aren't careful, act as a barrier to making the most of the opportunities that longer lives present.
Five key interventions emerged as important areas for focus and investment, if we are to succeed in engaging the public on this mission. These were:
- Funded higher education or vocational training for all ages
- Free independent career advice at any age
- Financial advice to help you plan
- Paid leave to help balance life commitments at key points in life
- Greater equality and support within the workplace
This strengthens our view that to capitalize on the opportunities of longer lives the Government, business and all of us across society need to rethink what we do and when we do it.
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Overall there was a sense that increasing an individual's employment choices would have positive implications for earning potential and financial stability. Funded higher or vocational training and, or new types of opportunity for learning throughout life was seen by participants as holding the greatest possibility for impact on our capacity to live better, longer lives. Participants acknowledged that regardless of how or by whom support in this area is provided, it will require a change of mindset, commitment and planning at the individual level to be successful.
The report provides detailed observations and learnings from the research and provides recommendations on how to approach public engagement in this area. The findings are informing the Standard Life Centre for the Future of Retirement strategy for public engagement. If you are interested to learn more about this, download the full report or please get in touch with catherine.sermon@thephoenixgroup.com
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