If, like me, you are at that stage in life when the next generation are looking to spread their wings I’m sure you will be tempted to ‘pass on’ some pearls of wisdom – before you do remember that old bumper sticker that reads ‘Ask a teenager – while they still know it all’ – you’re in for an uphill battle! Another thing you should do is quietly listen in to the advice given by their grandparents – in doing so you quickly realise just how much the world has changed in the last 50 years.
EML researches the impact of longevity. While we offer major insights into this changing landscape on continents and countries as well as businesses of every size the key insight for individuals is that we must all navigate our rapidly changing world in our own way. The advice given to you as you left home was probably seen as outdated then and has not improved with age. What worked for you at their age is now outdated and of little relevance. What is important is first understanding the change that is happening now and then working out how best to respond.
As I left home my parents stressed the importance of finding a good employer and ‘sticking with it’. I tried that for a while only to discover that new employers valued experience of multiple organisations. The drivers behind the advice given to me (you need to build up a good pension) disappeared as pension schemes closed while in parallel the prospect of retirement receded into the distance with increasing longevity (up 50% in 50 years).
Today advice offered two years ago is out of date as the pandemic bring above even greater change. At the moment the best thing you can do is to look carefully at how their world is changing and try to spot the opportunities.