ILC’s futures report, commissioned by Brightwell, a provider of services to defined benefit pension schemes, highlights how the world is changing rapidly, and technological, economic, societal and environmental changes are reshaping our experience of longer lives.

Over the next 20 years, Artificial Intelligence (AI) is set to democratise access to financial information and advice, changing how we save and manage our finances. Cash will become increasingly obsolete, and our decisions about how to spend and save will be driven more and more by environmental and ethical concerns. More of our health and care will be provided at home or in the community, and technological advances will support faster and cheaper diagnostic testing, and more personalised treatments.  

We will be using driverless cars. We will work for longer, but how, when and where we work will change. And the boundaries between work and learning will become more fluid, as we continue to learn throughout our lives. More of us will be renting into later life, and we’ll all have access to the key amenities we need by travelling no more than 15 minutes on foot or by bike. We will be able to work, live, and play from our homes, and smarter homes will enable us to live independently for longer.  

But we are vastly unprepared for these changes. The report sets out how pension funds and service providers will need to adapt and future-proof the design of their offer for older adults by:  

• Designing products and services with accessibility in mind  

• Building a culture of trust  

• Innovating to support financial resilience  

• Supporting flexibility and personalised experiences  

• Balancing online access with in-person services  

Government will also need to play its part in helping business and society adapt to make the most of this potential longevity dividend in an uncertain world by:  

• Implementing a flexible regulatory framework  

• Investing in health and prevention  

• Supporting financial security in later life  

• Investing in education and skills development  

• Government leadership and public policy  

The future is impossible to predict, but we can identify trends or broad directions of travel. This is important because it allows us to anticipate and respond, but above all to shape the world we want to live in. Through this futures-focused thought leadership project we look forward to highlight how our experience of longer lives is likely to change over the next 20 years, focusing on six key areas: health and care; how we manage our money; how we work and learn; how we get around; where we live; and leisure and social connectedness.  

This report paints a picture of what later life looks like today and how our experience of longer lives is likely to change over the next 20 years. The report draws on the insights of a panel of multidisciplinary experts at our Futures Workshop, underpinned by an analysis of data from multiple sources. In it, we identify 24 key trends that will shape our experience of longer lives over the next 20 years and envision how government and service providers can best respond to them. By grasping these opportunities, they can contribute to healthier, more financially secure and more fulfilling longer lives, and make the most of this longevity dividend in our uncertain world.