Nearly half of the UK population only expect to live to the same age as their parents’ generation, according to Life Trust.

According to Life Trust, such people run the financial risk of being unprepared to live far longer than their parents. For example, a man aged 40 today has more than a 1 in 3 chance of living to 90 and a 4% chance of living to 100, while a woman aged 40 today has a 1 in 2 chance of living to 90 and a 1 in 10 chance of living to 100.

Andy Briscoe, chief executive officer of Life Trust, said: “With so many people in the UK underestimating how long they will live they are leaving themselves in danger of being short of cash in their later years just as they face declining income and increasing costs.

“People acknowledge increased longevity for younger generations i.e. their children, but do not realise that this is a very real issue for them today.”