Over 65’s contribution to the economy

Age UK recently revealed that in the UK last year, people aged 65 and over contributed an estimated £61 billion to the economy through employment, informal caring and volunteering. This works out at 6 times more than the money spent in social care by local authorities in England.

Age UK’s report found that £37bn came from employment, £11.4bn from informal care, child care contributed £6.6bn and £6bn came from volunteering.

Caroline Abrahams, Charity Director of Age UK said: “These figures demonstrate the huge contribution that older people are making to our economy. It’s time we appreciated that they are playing a more and more important part in creating our prosperity. Older people bring a great deal of knowledge, skill and energy, as volunteers and paid employees, and in doing so they are redefining what it means to be an older person.”

Older people contribute £61 billion to the economy