FANews
FANews
RELATED CATEGORIES
Category Life Insurance

Education around longer life spans still necessary in SA society

28 January 2014 Kate Brown, Fiscal Private Client Services

Individuals are living much longer compared to 50 years ago. While this milestone is widely celebrated, the personal, societal and economic effects of living longer are often ignored.

This is according to Kate Brown, Certified Financial Planner with Fiscal Private Client Services, who says that it is key for people to educate themselves about the financial, social and psychological implications of living longer. She says that 50 years ago it was almost unthinkable that someone would live to be a 100, but today, birthday cards can be bought for centenarians. "If there are so many more centenarians, there must also be a lot more 90 year olds – this highlights the need for people to educate themselves on the topic lest they or a family member lives to be very old.”

She adds that the lack of awareness within society is a challenge. "Many individuals are unaware of how to, or are reluctant to consider important issues associated with an ageing population. These include the specific needs and requirements of those who live to be very old, the implications for you or your family, and the level of care that the family are able to provide.”

Brown, who is speaking at the upcoming Living longer – Living well course at UCT Summer School in Cape Town, explains that individuals and families can benefit from working with a planner who takes a broad view of the subject thereby helping those affected. "A skilled planner can help you make a coherent connection between the way you seek to live, and all your resources, not just your financial resources. Your attitude, in combination with careful planning, can have a significant effect on your quality of life as you get older.”

She says that the course aims to educate individuals on the effects of ageing and to alert people to what they could or should be doing to prepare themselves for their later years – whether for themselves or for a loved one. "Many people find it difficult to think about these issues. The course is designed to help you get started in a constructive, positive way.

"Professor Sarah Harper of the Oxford Institute of Population Ageing will be discussing the topic of ageing and extreme ageing. Her sessions will provide information on the demographics of the aging population and the impact of the shift in population ages from predominantly young to predominantly older societies, as well as the effects on the family.”

Two occupational therapists in an interactive session will explore the fact that living longer has various implications for individuals on how they live their lives. "Individuals need to make a coherent connection between how they seek to live and what resources they have available, including financial resources, as choices are constrained by what the individual can or cannot afford.

"Those contemplating their golden years, those with elderly relatives, or those that deal with the ageing population – architects, planners, social workers and geriatric specialists, as well as you and I, need to be aware and informed of the trends around global ageing and what can be done or changed today, in order to sustain the best quality of life in the future,” concludes Brown.

For further information on the course, please visit: http://www.summerschool.uct.ac.za/ (2014 Course tab)

Quick Polls

QUESTION

What do you think the high volume of inquiries and withdrawal requests means for the future of the two-pot system?

ANSWER

It suggests high demand and potential success of the system
It indicates possible problems with the system’s implementation or communication
It points to financial stress among individuals that could affect long-term retirement planning
It could be detrimental to the economy and people's retirement security
It’s too early to determine the impact on the system’s future
fanews magazine
FAnews August 2024 Get the latest issue of FAnews

This month's headlines

Women’s Month spotlight: emphasising people and growth in the workplace
The power of skills transfer and effective mentorship
Advisers and investors hold thumbs the GNU will restore bond and equity valuations
What are the primary concerns of insurers and brokers?
The Two-Pot System: regulatory challenges ahead
How comprehensive is your clients' critical illness cover?
Subscribe now