Study finds billions contributed by older people

May 24, 2007

The largest study of ageing and retirement ever undertaken, conducted for HSBC by the University’s Institute of Ageing, has found that far from being a drain on society, older people are huge contributors to their nation’s economies and families and have little interest in retiring early.

The third annual HSBC Future of Retirement study surveyed 21,000 people in 21 countries and territories. In the UK alone, the study calculates that people aged between 60 and 79 contribute £5.5 billion each year in tax payments, £4.2 billion in voluntary work and over £50 billion in family care. Older people in transitional economies were also found to make significant voluntary work contributions.

The research also suggests that the trend of taking early retirement is declining. In mature economies, between a fifth and a half of people are still in work in their 60s. Worldwide, seven out of 10 people currently in work say they expect, and want, to continue working. Only in Russia, the Philippines, and South Korea, is there a strong feeling that individuals have to work longer than they would like.

Professor Sarah Harper, Director of the Institute of Ageing, said: ‘This research revealed that older people make a substantial contribution to the family in financial, practical and personal care and support. The value of this social care and support within the family is enormous at over £50 billion, or around three per cent of GDP, in the UK alone.’

According to the researchers, people in their 60s and 70s also reported feeling in good health: 76 per cent in Canada, 73 per cent in the UK, and 72 per cent in the United States. The global picture was generally positive, with the exception of South Africa, Turkey, and most notably Russia where only 8 per cent of people in their 70s said they felt healthy.

Source: University of Oxford

Explore further: Nimoy inspired generations of sci-fi fans

add to favorites email to friend print save as pdf

Related Stories

Federal govt seeks national conversation on transportation

Feb 02, 2015

Hoping to start a national conversation about future transportation needs, the Obama administration released a report Monday that identifies key population, environmental, cultural and technology trends expected to shape ...

Recommended for you

Bribery 'hits 1.6 billion people a year'

Feb 27, 2015

A total of 1.6 billion people worldwide – nearly a quarter of the global population – are forced to pay bribes to gain access to everyday public services, according to a new book by academics at the Universities of Birmingham ...

How music listening programmes can be easily fooled

Feb 26, 2015

For well over two decades, researchers have sought to build music listening software that can address the deluge of music growing faster than our Spotify-spoilt appetites. From software that can tell you ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.