The Financial Planning Association says the Federal Government’s Intergenerational Report has confirmed the need for more Australians to seek advice.

The ageing population will need help to manage their savings, to fund longer retirement periods, CEO Mark Rantall said.

“Those who do receive financial advice are more likely to only rely on a part-pension rather than a full pension.

“They are more financially secure, have a greater… standard of living and are able to better manage any longevity risk. And the role financial advisers play is pivotal.”

The report predicts life expectancy at birth will be 95.1 years for men and 96.6 for women by 2055. This compares with 91.5 and 93.6 today.

The number of people living beyond 100 will increase to 40,000, compared with 122 people in 1975.

By 2055 there will be only 2.7 working Australians to support every person older than 65, compared with 4.5 today and 7.3 in 1975.

Mr Rantall says advisers can help consumers in “accumulating larger and more adequate retirement savings balances and [can] implement appropriate strategies of drawing down income and managing longevity risks”.