The UK population is five times more likely to prioritize its physical longevity compared to its financial longevity (51% vs 9%). This is despite the UK population tending to worry about both in almost equal measure (financial health 42%, physical health 48%).

Research from JP Morgan owned digital wealth manager Nutmeg shows people are pursuing a range of measures to boost wellness and physical longevity, with 44% striving to hit 10,000 steps a day. Additionally, 30% are investing weekly in premium dietary supplements such as protein shakes and 16% consume a specialist diet. However, the research reveals the same amount of attention is not paid to financial longevity. Only 16% use financial apps on a weekly basis to help with budgeting and 20% do not know how much of their income they are contributing to their pension each month. Furthermore, 61% said they have never consulted a financial adviser.

The disconnect between physical and financial longevity

The research also found that UK adults are more than twice as likely to track their steps (37%) as their investments and pensions (18%). This disconnect suggests a significant gap between people's aspirations for a long, healthy life and their preparedness for the financial realities of retirement.

Financial planning for a longer life

While the research indicates a lack of focus on financial planning, it's not entirely accurate to say that the UK population is completely overlooking the importance of pensions. Over a third (37%) said the advice they would give to their younger selves is to think about their future wealth in the same way as their future health. This suggests that people are aware of the need for financial planning but may not be actively pursuing it.

The need for financial guidance

Nutmeg's head of financial advice and guidance, Claire Exley, highlights the need for better financial planning and guidance. She emphasizes that the growing focus on physical longevity requires a corresponding focus on financial preparedness for a longer life. Exley points out that many people struggle with retirement planning due to factors such as poor online access to pension pots, complex paperwork, and limited transparency on fees and performance. Additionally, she acknowledges that other pressing financial commitments can make retirement saving seem like a distant concern.

Living longer, healthier lives requires financial planning

Exley further stresses the importance of adapting spending patterns to accommodate longer, healthier lives. Traditionally, people tend to spend more at the beginning of retirement and less as they age. However, with increasing life expectancy and a desire to remain active longer, spending patterns are likely to shift. This emphasizes the need for financial planning to ensure people have the resources to enjoy a fulfilling retirement for an extended period.

The future of financial health

The research from Nutmeg highlights the importance of a holistic approach to well-being, encompassing both physical and financial health. Financial guidance and planning play a critical role in ensuring people are prepared for a long and fulfilling life. By prioritizing both physical and financial well-being, individuals can maximize their long-term benefits and achieve a more balanced and fulfilling life.

A call to action

The research from Nutmeg presents a clear call to action for individuals and financial institutions alike. People need to be more proactive in their financial planning and seek guidance to ensure they are financially prepared for a longer life. Financial institutions have a responsibility to provide accessible, transparent, and user-friendly tools and resources to support retirement planning. By working together, we can bridge the gap between aspirations for a long, healthy life and the financial realities of retirement.

The road to financial wellness

The journey to financial wellness requires a proactive approach that includes setting clear financial goals, seeking professional guidance, and making informed decisions about investments and retirement planning. By embracing these steps, individuals can pave the way for a more secure and fulfilling future.