Global research conducted by MetLife Inc., -- exploring how people are feeling about the future -- across 12 countries, including Australia, has found that Australians are particularly concerned about financial inequity and climate, and that more Australians compared to the global average feel that things are going to get worse before they get better.
The research was conducted to support MetLife’s focus on helping people to build more confident futures, as it explores what can be done as needs and attitudes evolve in a world dominated by uncertainty.
Lina Saliba, MetLife Australia Chief Customer & Marketing Officer, said: “Deeply understanding customers is what’s driven this research. We know that customers are affected by what’s happening around them and we’re here to help them build a happier, healthier and more secure financial future. By understanding what people say they will be concerned about in the future, we’re able to design products and services that are valuable and enhance the lives of our customers.
“Our research tells us people are seeking out organisations that offer products and services that address their needs now and in the future. They are also looking for visionary leaders who are looking ahead to address the issues society is facing to help provide a sense of security and certainty.”
Future Insights: Highlights
Looking 10 years into to the future
- 82% of Australians (73% globally) feel things are going to get worse before they get better, and are particularly concerned about financial inequity (70%) and climate (65%) over the next two years.
- 91% (85% globally) think leaders with long-term vision are needed to address the issues facing society.
- 68% believe our society is not well equipped the handle the crises we’re facing
- 73% of people can’t imagine how the world will look in 2035 and 66% say they don’t feel they can prepare for it
With the majority of people feeling uncertain about the future, driven by factors such as financial inequity, climate change and global conflicts, there is an opportunity for organisations and their leaders to take positive actions. MetLife’s commitment to Net Zero, is one such example of the vision that customers are seeking.
Longevity and retirement
- 56% believe it will be commonplace to live to 100 by 2035
- 85% think it’s time to redefine traditional education and careers paths
- 90% think we should redefine what retirement looks like
An aging population means expectations about a person’s lifespan and how they spend their retirement are changing. MetLife Australia research supplements the global findings, showing that 1 in 2 Australians don’t have a retirement plan, while 7 in 10 aged 40-60 years are concerned about outliving their savings, showing clearly, there is an unmet need for better retirement planning and ways to manage long-term health prior to retirement. MetLife’s award-winning 360Health program is designed to help customers get and stay healthier for longer and it recently announced a retirement income product that specifically addresses the risk of outliving retirement savings.
Wellbeing as business imperative
- 87% want society to be set up to promote wellbeing
- 86% believe we will be wealthier as a society if we can start properly prioritising the wellbeing of our communities
- 86% believe that if employers prioritise wellbeing, their businesses will grow
- 80% want organisations to make 10-year commitments to people, communities and the planet
With wellbeing intrinsically connected with productivity, performance and growth for individuals, businesses, communities and societies, the research clearly shows that wellbeing must be part of an organisation’s business strategy. Organisations who take a holistic approach to wellbeing for their people and customers are going to be rewarded.
Download the MetLife’s Future Insights Report.
Research methodology: The research surveyed 18k+ people globally including 1,522 people in Australia.
The MetLife Australia Corporate Affairs team can assist with media enquiries including organising interviews with MetLife spokespeople. To contact the team please email media@metlife.com.
About MetLife
MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing direct insurance programs for partners’ customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since 2005. For more information, visit metlife.com.au.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates, is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit metlife.com.