5-year, multimillion greenback collaboration will develop cutting-edge longevity preparedness index to drive higher well being and wealth outcomes.
John Hancock, in partnership with its mother or father firm Manulife, has introduced a big collaboration with the Massachusetts Institute of Technology (MIT) AgeLab. Over the subsequent 5 years, this multimillion-dollar enterprise goals to redefine the panorama of longevity innovation and create a long life preparedness index.
Via innovation, analysis and thought management, the collaboration hopes to drive actionable insights for the enterprise group, policymakers, and people and their households.
Longevity.Expertise: The significance of proactive measures that deal with the challenges of an growing older inhabitants shouldn’t be understated. We’ve got mentioned the probabilities of longevity firms main by instance, and partnering with monetary establishments to supply modern financial savings and retirement plans that cowl this new demographic, and growing older professional Andrew Scott has instructed hybrid life and retirement insurance coverage could possibly be a doable answer. We’re presently going through a preparedness vacuum – an growing older inhabitants, diminishing pension belongings and growing healthcare burden. Serving to folks to know be proactive about their futures and take preventive steps to make sure longer healthspans shall be to everybody’s profit.
Based on the World Financial Discussion board (WEF), the worldwide inhabitants aged over 60 is anticipated to double by 2050 to a staggering 6.1 billion [1]; this highlights the urgency of addressing the challenges related to growing older, and with developments in healthcare resulting in longer lifespans, there’s a urgent want to know and put together for the intersection of well being and wealth.
“The fastest-growing age cohort on this planet is folks over 85. As we proceed to see folks dwell longer lives, it’s essential that we achieve new perception into how we are able to make longer lives synonymous with higher and more healthy lives,” stated Brooks Tingle, president and CEO, John Hancock.
“We basically imagine in serving to make this a actuality and know that this ambition doesn’t begin and finish throughout the partitions of our enterprise. That’s why we’re dedicated to partnering with leaders within the area, just like the MIT AgeLab, to assist present others – from policymakers to trade leaders to healthcare advocates – with vital learnings that may scale our shared mission to drive higher well being and wealth outcomes for our prospects and communities.”
The collaboration between Manulife/John Hancock and the MIT AgeLab seeks to deal with the silver tsunami by growing methods for maximizing monetary planning, well being and wellness, work and retirement transitions, housing selections, end-of-life planning and technological developments tailor-made to assist people at each stage of the growing older course of.
A key end result of this collaboration is the event of a first-of-its-kind longevity preparedness index. This index, to be produced yearly over 5 years, will gauge the readiness of Individuals to dwell longer, more healthy lives. By offering data-driven insights, the index goals to tell higher monetary planning, well being behaviors and societal constructions crucial for supporting an growing older inhabitants. The analysis will begin in spring 2024 and is anticipated to broaden to incorporate Canada because the collaboration progresses.
Dr Joseph Coughlin, founder and director of the MIT AgeLab, will lead this bold initiative alongside a group of social and knowledge scientists. The group won’t solely deal with growing the index however may also host workshops all year long to facilitate discussions on longevity, generational dynamics, new applied sciences and behavioral insurance coverage. Moreover, Manulife/John Hancock has joined the MIT AgeLab PLAN, an trade consortium devoted to enhancing monetary recommendation to arrange people for longer, more healthy lives.
“My analysis group is happy to embark on this analysis collaboration with Manulife/John Hancock,” stated Coughlin, who can also be creator of the bestselling 2017 ebook, The Longevity Economic system.
“The spirit of MIT is to suppose and do. We wish not solely to determine the numerous totally different dimensions of what it takes to dwell longer, higher; but additionally to measure the preparedness of a nation to dwell 100 good years. It’s our shared goal that our work will educate and encourage folks to do what it takes for themselves, their households, and their communities – to show an extended life into a greater life for all.”
This collaboration aligns with Manulife’s Impression Agenda, which goals to advertise sustained well being and well-being. It builds upon John Hancock’s dedication to longevity, as demonstrated by its inaugural Longer. More healthy. Higher. Symposium held in 2023, the place world leaders convened to debate the way forward for growing older. Furthermore, Manulife has endorsed the World Economic Forum’s Longevity Economy Principles, advocating for a strategic strategy to addressing the worldwide longevity disaster.
The collaboration between Manulife/John Hancock and the MIT AgeLab represents a big step ahead in addressing the advanced demographic and societal points surrounding longevity. By leveraging analysis, innovation and collaboration, it’s hoped this initiative can pave the way in which for a future the place people are inspired to take accountability for his or her longevity and are supported by their employers, communities and healthcare methods to take action, with a deal with maximizing healthspan forming a part of coverage and training.
[1] https://www.weforum.org/agenda/2024/02/longevity-economy-principles-ageing-population/
