Older people 'contribute £40bn to economy'

Posted on 04 March 2011

Over-65s made a net contribution of £40 billion to the UK economy last year, a new report has revealed, which may be welcome news to older people considering ways to pay for care.

Research carried out for volunteer charity WRVS found that this figure is set to almost double by 2030 as people remain healthier later in life.

Meanwhile, the provision of social care by older people was valued at £34 billion per year, and are estimated to carry out around £10 billion of charity work.

"Our society is still hopelessly stuck with the mistaken view that older people are a burden," said professor Tom Kirkwood, director of Newcastle University's Institute for Ageing and Health.

"This factual analysis by WRVS shows the opposite to be the case. Older people more than pay their way on current reckoning."

In December, WRVS said local authority cuts to social care will only serve to push up costs for those paying for care in the long term.

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