The world is rapidly evolving, and by 2040, nearly one in four people will be aged 65 or older, with the aged 85+ population reaching 2.8 million. As technology advances and demographic and climate pressures grow, how we experience later life will transform.
Here’s what life might look like in 2044...
Advances in healthcare are reshaping how we age as we live longer.
Proactive healthcare:
Shift from reactive to preventive care.
Generative AI:
Improved diagnostics, faster cancer detection, and personalised treatments.
Home-based care:
Increased use of virtual wards and home testing kits.
Financial trends for older adults are evolving.
Pension income:
Over 70% of aged 65+ will rely on pensions as their main income source.
Wealth gap:
Median wealth of aged 65-74 is £570,444, nearly three times higher than people aged 35-44.
Digital payments:
Cash will be replaced.
AI apps:
Democratise financial advice but increase risk of financial scams.
The way older adults live is shifting.
Renting in old age:
Aged 65+ renting to double to 13% by 2040.
Smart homes:
Tech will enable independent living through energy efficiency and health monitoring systems.
Communal 15-minute neighbourhoods:
Will provide access to all key amenities by foot or bike.
Living alone:
The number of aged 65+ who live alone is projected to increase by 41% by 2040.
Technology is changing the way to we spend our free time.
Home technology:
Enables us to work and enjoy leisure but risks social isolation.
Virtual reality and social networks:
Will help bridge the loneliness gap.
More time for hobbies:
Aged 65+ will have more time to enjoy fulfilling activities.
Lack of real-life interactions:
Can be as harmful as smoking 15 cigarettes a day!
The future of work continues to adapt after a big shift in the last 5 years.
Working longer:
More people aged 50+ are economically active, especially women.
Flexible work:
Growth in remote work and hybrid models.
Lifelong learning:
1 in 4 adults aged 65-74 have engaged in learning in the last 3 years.
The way we travel will be very different.
Active travel growth:
50% of urban trips to be walked or cycled by 2030.
Autonomous vehicles:
Self-driving vehicles expected in the UK by 2026.
Planning trips:
We will be able to plan, book and pay for all travel using a single online platform.
In the face of these trends, how will pension funds and service providers need to adapt to future-proof the design of their offer for older adults?
Service providers:
Government:
References: Brightwell, The Future of Ageing in an Uncertain World report.