There were 14,910 people aged 100 or over living in the UK in 2016 – almost double the figure recorded in 2002 (Source: ONS)
Number of people aged 90 or over hits new record (571,245)
Rapid growth in over 90s population driven by post-war ‘Baby Boomer’ generation
Tom Selby, senior analyst at AJ Bell, comments: “These latest figures present a stark reminder of one of the biggest social challenges of our generation - the ageing population. The fact record numbers of people are now living into their 90s should of course be celebrated, but it must also act as a wake-up call to savers and investors.
“Rapid improvements in longevity since the Second World War have pushed policymakers to take some limited action by proposing an increase to the state pension age to 68. Reforms to the strained social care system will also likely come back on the table ahead of this year’s Budget as politicians grapple with the challenge of people living longer.
“As the state pension age edges further away, the responsibility for retirement saving shifts firmly into the hands of individuals.
“Automatic enrolment provides the beginnings of an answer, but anyone planning for retirement needs to understand this will unlikely be sufficient. Even if life expectancy improvements continue to flatten out, anyone wanting to retire at 65 could well need their pension pot to stretch out for 35 years plus. The only way to ensure this is to save as much as you can as early as you can, harnessing the power of compound growth to boost the value of your retirement savings.
“Improving engagement and understanding of these issues must now be a priority for policymakers. Educating people about the benefits of saving is absolutely critical if we are to build financial resilience in the UK.”
Source: Office for National Statistics