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Need been full adult responsibilities , by which I mean a job a house a family etc has been pushed right back. So in the early ’60s by the age of 21-50% of Americans were married . Now it’s 28 is the age at which 50% of Americans are married and you know I look at pictures of my father when he’s 14 he looks incredibly old he’s wearing a suit and tie as a job is paying he’s paying rent and then I I do know , pick up those responsibilities to my early ’20s , and I look at my children who I love dearly , but I think I can say Mbeki not with his responsibilities to the late ’20s .
You know that , I mean I have to say it’s really true , I mean my my grandmother got married when she was 20 which seems terribly young to me now. But I don’t think in her world that was , you know that she was getting married in a different time than I you know it , it seemed magical .
Well there if we follow social row models and I think I mean there’s 2 reasons why we’re seeing this sort of lengthening Glenn thing at the time. Before you take on adult responsibilities , some of them are negative . You know , houses are expensive moved about student debt , it’s hard to get on the job market . So there’s some negative endorses at work . I think there also are some positive ones and the way we look at it is as follows : which is that over a longer life options become more valuable it in financial markets . You can buy an option to buy share share and that becomes more valuable . The longer over which the period it’s held and I were longer life options , and more importantly , don’t want to cash in so early . So where is my father might say this is a generation that commitment , I would say they’re probably investing and options but finding out what they like , what they’re good at and they’re saying , I’ve got this very long life ahead of me . This used to be a 10-mile race . It’s a 50-mile race . I’m not gonna go flat out from an early stage , I’m gonna meander around a little bit , so can a new age of entrepreneurship which interestingly I think you’re also seeing in people age 60 plus a lot of people are saying well , I’m still fit and healthy , I haven’t got enough money to sort of in my pension to last me through to 90 or 100 so I don’t touch my pension , yet I don’t work full time but I’m quite interested in doing something that is a bit about me and a bit more interesting bit more entrepreneurial so seen the same sort of behavior actually in people in their ’60s which I think is interesting .
You know , that’s a really salient point I think because them. You know the meaning of what it means to be quote unquote old I think has to change because they held uncle used to retire at 65 you know and and here in the States where when Social Security was passed people that’s a scary for a couple years . And then on average they died , and now it’s the beginning of a whole , you know very , very often multi-decade period of your life . So you know , are you all at 65 I’m not sure .
And it’s a pretty exciting we see there’s all sorts of things need to change and we’re so wedded to certain numbers having a significance that you’re old. Now you know worry that’s a get out of this is just me try , but I’m not young but I’m nothing . So you know , you know what , what people do so given even example a divorce rates are falling in general but the rising for those in their ’60s , ’70s and the fastest growth rates happening from people in their ’80s .
The high sort rate is the highest growth. It is most going on there you go .
It raises in the ’80s now that starting from a very , very low base. Hence the growth is very , very high . But you know , clearly , you know what people associate with certain numbers changes when you get to 100 and not 70 . The other thing we think is important is that over a longer life . We don’t think a 3-stage life of education , work and retirement can work . We think we talk , a multi-stage life and a multi-stage life probably involve different career paths sometimes just working for money sometimes a bit more of a work-life balance , other times maybe doing something more for society but , you know for a lot more transitions and we we like this I do what we could do you Vanessa since so adolescence are very good at change adults typically aren’t but over a longer life . You gonna have to go through more change . So we think people are being more do you Vanessa so for a whole host of reasons we think that you’re gonna see a lot more flexible career paths . And with that comes the end of the stigma because in a 3-stage life measure over 70 years , you have what we call lockstep you know you tell your 20 I kinda know we’re doing in life , you , me , a 40 I know what you’re doing in life and everyone does it . At the same time and if you fall out of lockstep people treat it very suspiciously . But we think that because you can have a multi-stage life and you can sequence that life in many different ways . You know you could do your moneymaking career from 20 to 30 or from 40 to 50 and so because you’re gonna sequence things in different ways will begin to see the end of lockstep . I think it’s a great some very interesting crew issues both for individuals and for firms because people have different priorities at different points in life , you could be an undergraduate at 2040 or 60 you could be a senior manager at 30-50 or 70 so there’s an awful lot of change to lock step coming we think .
How our government’s thinking about this. Dealing with this , it seems like for sure a terrible strain on governments and second of all , they have to think about everybody , the people who are putting away 10 or 20% a year and the people who are putting away nothing year maybe because they’re not thinking about retirement . But maybe they are and they just , they can’t , you know the pay and everything to live in the houses there in and to eat and you know transportation all that and at the end of the week . There’s just nothing left .
Well , I think to we try and doing in the book is to be most irritating the positive if we try and say this is a massive opportunity and because if we do redesign life. We think this is just a fact . You know , most people want more time , we are on average living longer and we’re healthier for longer . This should be a massive positive for us . So the fact that many people when we tell them , this sort of grown so my God . We just can’t have something you know that can’t be right . Would not be very positive thing about what the options are , and I do think governments need to create a more positive atmosphere around this because at the moment , most of the debate is about . You can’t afford a pension and you gonna get out Simon’s none of which people want to engage with , it’s all about a bad end of life , whereas we think this is about all of life the inequality issues I think terribly , terribly worrying the natural thing to do would be to raise retirement age because we can’t afford to pay state or private pensions 60 if people are living to 100 don’t . Trouble is , if those with lower income are our have life expectancy of 75 or 80 you can run the danger of actually removing retirement a group which we terrible . You can’t need to do 2 things : one is how do we increase life expectancy for everyone . And certainly , how do we make sure the retirement just doesn’t come a preserve of better off . So that is a massive challenge because you can however unpopular it is politically . You can always take money from the rich and give it to the poor , but you can’t 8 years of life and the rich and give it to the pawn . So this is about public education . It’s about nutrition and health availability of food , fitness and medical resources and that’s a really challenging agenda . But I think we’ll get more more up the agenda right now people are focusing on income inequality but when income inequality leads to 20 years differences in life expectancy , we start to see much more grounded .
And you Scottish professor of economics at London Business School. He’s also the co-author of the book the 100 year life living and working in each of longevity , Andrew . Thank you so much .
My pleasure. Has been great from the .
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