Living to 100 –
Financial Literacy Matters More
Interestingly, financial literacy enters into the discussion. The real challenge of living to 100 will be to systematically weave financial literacy into elementary, middle, and high school programs, according to Olivia Mitchell, Professor of Insurance and Risk Management at Wharton.
The article contemplates worklife will extend well into age 70 and 80 for many and, if that is indeed so, the many changes that are required to plan for an older generation of employees are interesting. Will there be more outsourcing? Less physical work? More part-time work? More or less supervision? More or less empowerment ? How will younger generations adapt?
The phenomenon could, in fact, make for a much better work life balance – even for the younger members of the workforce.
“We need to get people thinking differently about investing in themselves, in their human capital. . . (and to). . .assemble a tool kit that will get them not only a first job. . .but to fashion several different 20 year careers over a lifetime,” says Ms. Mitchell. Her biggest concern is the scant knowledge the average worker has about basic economics and the importance of readiness for longevity risk with a proper retirement plan. That requires knowledge about saving and investing throughout one’s lifetime.
It’s Your Money. Your Life. What would you do differently to plan your finances to live to be 100?