Funding longer lives
When Swiss Re was founded in 1863, a person born in the USA could expect to live for 43 years. Today US life expectancy is 79 years — almost twice as long.
With more people enjoying longer lives, the means of providing healthcare and a secure retirement must also change. In 2013 we asked more than 22 000 people in 19 countries who they thought should bear the inevitable costs.
Results were illuminating. When asked to imagine a longer retirement, the greatest share of respondents (29.3%) said they would choose to rely on private savings and private pensions to ensure their financial security.
With more people enjoying longer lives, itʼs time to consider the implications for healthcare and secure retirements.
Yet when it came to healthcare, an even greater share saw this as the governments’ responsibility — 43.4% thought all healthcare should be publicly funded and available to all.
So while both rising healthcare and retirement costs are consequences of longer lives, many people see them as separate concerns.
For full results of the Risk Perception Survey go to riskwindow.swissre.com