Longevity? 84% of Italians fear non-self-sufficiency

Longevity is a novelty that Italians like, but the flip side of the coin of living long - precarious health and lack of economic resources - is also starting to worry. More than 6 out of 10 Italians say they relish the prospect of a longer life. Among the main perceived benefits are the desire to spend more time with loved ones and the opportunity to pursue one's passions, as well as to see one's family grow and evolve. However, this positive outlook is accompanied by widespread uncertainty. The main fear for the older generation, in particular for 70% of Baby Boomers and 61% of GenX (those born between 1965 and 1980), is that they will be in poor health for a prolonged period of time, while more than one in four young people have concerns about a longer working life. This is what emerges from a survey commissioned by Zurich to Swg on a representative sample of over 2000 people between the ages of 18 and 64. The results outline a country that looks to the future with hope, but not without concern, and that feels the need for protection is growing, although it is struggling to translate it into concrete choices.

"Longevity goes beyond demographics and takes the form of a structural transformation with significant impacts on the economy, work and welfare. The data tell of a country that looks favourably on a longer life, but which at the same time clearly perceives the fragilities that this scenario brings with it: from the sustainability of savings to the capacity of the public system to hold up over time, and the crucial issue of non-self-sufficiency. The challenge today is to bridge the gap between awareness and decision, helping people to plan their future in a continuous and farsighted manner,' explains Renato Antonini, CEO of Zurich Investments Life. In this context, the contribution of insurers is becoming increasingly central in building solutions and models capable of working alongside the public system and responding to the needs of different generations'. Alongside health, the economic dimension is becoming increasingly important: more than 1 Italian in 3 fears that they will not have sufficient resources to live a longer life serenely, while more than 72% believe that the public system will not be able to sustain an increasingly elderly population over time.

Among the frailties linked to ageing, non-self-sufficiency is the one that most deeply touches the sensitivity of Italians. Eighty-four per cent declare themselves concerned at the idea that themselves or a member of their family might be in this condition. "We are beginning to see the fruits of the work we have done to promote a greater culture of protection, but cultural barriers still persist that curb the propensity of Italians to consider solutions for non-self-sufficiency," explains Claudio Raimondi, CEO of Zurich 4Care, which proposes a model based on sharing and mutuality. With our tailor-made solutions for families and companies we are contributing to the spread of the concept that protection is not a privilege, but a possibility for everyone'. In this context, one Italian out of two indicates assistance services for non-self-sufficiency as a priority (especially 62% of Baby Boomers and 57% of Gen X), but it emerges strongly that the fight against loneliness and support for socialising are an increasingly important necessity to face the most critical phases of life with serenity (a need noted by 49% of Baby Boomers). This awareness is strongly expressed among the younger generations, who show a greater sensitivity towards psychological support, indicated as a priority by 29% of Gen Z, a sign of a growing attention also to the emotional dimension of fragility.

Today, in the event of loss of self-sufficiency, it is still prevalent for Italians to resort to personal savings and seek help from public support. At the same time, the research reveals an important fact: more than one Italian in four looks to insurance solutions as a possible means of protection to face the future. In fact, interest is growing among those who have not yet subscribed to an insurance product, driven in particular by younger people: today GenZ declares itself open to evaluating life insurance policies, supplementary pension funds and temporary mortality policies (Tcm). Of particular note is the focus on Long-Term-Care (Ltc) solutions, designed to provide ongoing financial support and concrete emotional support in the event of loss of self-sufficiency. Although today only one in four Italians say they are fully aware of this, 47% of those who do not have an Ltc could consider signing up for one, with a particularly marked interest in GenX.