MetLife says approaches to financially managing longevity must be reimagined after research revealed more people expect to live to advanced ages.

Survey data from the insurer shows 53% of Australians hope to live to be centenarians, while 58% of global respondents expect this to be common by 2035.

MetLife says people’s views on life after retirement are changing and professionals must adapt.

“A different approach to securing financial health is needed and must consider longer-term horizons that support projected life expectancies,” MetLife Australia chief of staff, strategy and external affairs Wendy Tse said. “Helping members plan ahead of retirement is vital to sustain comfortable lifestyles, coupled with financial advice to ensure the maximisation of retirement outcomes.” 

Half of the survey respondents do not have a retirement plan, while 70% of those aged between 40 and 60 are concerned about outliving their savings, the insurer says.

Ms Tse says financial advisers and other professionals should be setting out flexible approaches to managing multi-decade retirements and avoiding long-term financial risks.

“The time is right to deepen member engagement by offering personalised guidance, flexible retirement product solutions and educational resources that empower members to take control of the financial health of their future,” she said.

“This is where the Quality of Advice Review and the introduction of a new class of advisers is critical in helping members during this stage of life.”