Why longevity literacy is the secret to a prosperous longer life

As 2023 begins, there are many global issues that remain uncertain: climate change, geopolitical tensions, and an unpredictable economy, just to name a few. However, there is one phenomena that is occurring with statistical certainty, and most individuals are not preparing for it – living longer.

The world’s population is living longer than ever before. Global life expectancy has risen from 34 years in 1913 to 72 years in 2022 and is expected to continue along that trajectory, according to the International Monetary Fund (IMF).

On average, people have gained an additional 20 years of life expectancy since 1960. To put it another way, society is almost gaining an additional day every week.

However, instead of celebrating this remarkable achievement, many describe it as a ‘silver tsunami’ or ‘demographic time bomb’. But this unfortunate word play is a dangerous and counterproductive way to frame this significant advancement.

Living longer is not only an achievement to be celebrated, but an opportunity to improve and make advances to the way society has lived, worked, studied and saved for the past 100 years.

The World Economic Forum, in collaboration with Mercer, has been bringing key stakeholders together to advance new thinking in the retirement and longevity ecosystem through an initiative called the Longevity Economy.

This initiative has been focused on helping all individuals navigate this longer life: young and old, in the Global North and South, those with pension plans and especially those who have not begun to think about what saving for a longer life looks like – through the concept of longevity literacy.

Longevity literacy empowers individuals to live a healthy and sustainable life with dignity and purpose, while building resilience to address the challenges of an evolving world.

Individuals need to focus on three core principles: quality of life, financial resilience and purpose.

These three principles of longevity literacy work together to create a framework to help individuals navigate the path to a financially resilient and sustainable longer life. However, a major shift in how people live, study, work and save is needed to implement these ideas.

Longevity literacy requires a fundamental rethinking of how past generations have lived their lives. Many people expected their early 20s to be the last time they sat in a classroom, while others think a retirement plan is something one does when they are older or when they have more money to invest. Society must let go of this antiquated way of thinking and consider what a 100-year life could look like.

Looking ahead, workers in their 20s should be thinking about longevity literacy as they consider different tactics and methods to save money. Employees in their 40s should be considering how lifelong learning can help them excel at their profession.

While individuals in their 60s could focus on reverse mentoring to guide younger employees in their professional careers while gaining new skills and expanding their network to include an intergenerational component.

Accepting the pillars of longevity literacy and making it a cornerstone of a longer life can improve financial and social outcomes. The tenets are simple: prioritize a healthy lifestyle, save money through a variety of sources, and engage in lifelong learning opportunities and community outreach.

As 2023 begins with many of the same uncertainties from the past year, there is one thing that is certain: humanity is living decades longer than ever before, what would you do with your extra years?