Londoners over 50 contribute an impressive £53 billion to the economy a new report commissioned by the Mayor has revealed, dispelling stereotypes that older people are a burden on their families and the public purse.
There are currently just over two million people aged 50 and over in the capital, 25 per cent of all Londoners. 905,000 are aged 65 and over. The findings in the GLA Economics report – The Economic Contribution of Older Londoners - suggest that older people contribute just as much to society, or even more, than they receive.
In addition to a £47 billion contribution to the economy through paid work, they also provide £4.7 billion, as a result of caring for other adults and £600 million providing childcare for their grandchildren. Older Londoners contribute a further £800 million through volunteering activities.
In the biggest challenge to public perception, the report found that older Londoners' contributions do not drop off around retirement age – Londoners aged 65 and over add a value of £6.3 billion to the economy in these areas, equating to around £7,000 per person. London’s employment rate of those aged 65 and above is the second highest of all regions in the country, and more 65 to 74 year olds in London partake in regular formal volunteering than 25 to 34 year olds (around 25 and 15 per cent respectively).
Deputy Mayor of London Victoria Borwick will formally launch the new report at the Positive Ageing in London conference 'Supporting Older People's Contributions to London', later today.
The Deputy Mayor said: 'Older Londoners are not slowing down and enjoying leisurely retirements. This timely report shows they are at the coalface of our economy, contributing through paid as well as unpaid work. Nearly 42% of Team London Ambassadors who volunteered during the Olympic and Paralympic Games were aged over 50 and 12% were over 65. Proving that whatever our age, we all have a positive contribution to make London's success as a city."
Sam Mauger, Chief Executive of Age UK London, which is a member of Positive Ageing in London, said: 'We are delighted that older people's contribution to London is being recognised and that the figures released today show everyone that older people are essential to our city. There are older workers, carers, those providing childcare, and countless volunteers across London that should be celebrated and thanked for all they do.'
Gordon Meenn, 77, volunteered as a Team London Ambassador for the 2012 Olympic and Paralympic Games. He said: 'I love to meet people and help in the community to broaden my outlook about what London is about. Volunteering makes me feel active and young and I would say to any older people considering it, give it a go, you won’t regret it!'
To read the full report please visit:
www.london.gov.uk/the-economic-contribution-of-older-londoners
Notes to editors
Economic Contribution of Older Londoners report:
This report has aimed to identify, quantify and value the contributions older Londoners make through their paid work, caring for adults, childcare and volunteering. The report has found that older Londoners make a sizeable contribution to the city across each of these domains:
- The paid work of older Londoners contributes some £47bn per year, equivalent to around £23,000 per older Londoner or £57,000 per older Londoner in work.
- The caring for adults done by older Londoners contributes roughly £4.7bn per year which equates to approximately £2,300 per older Londoner or £14,600 per older care giver in London.
- Childcare provided by older Londoners contributes around £0.6bn per year, roughly £280 per older Londoner or between £3,200 and £6,300 per older grandparent providing childcare in London.
- Volunteering done by older Londoners contributes in the region of £0.8bn which works out as about £380 per older Londoner or £980 per older volunteer in London.
Whilst these estimates attempt to quantify the contribution older Londoners make through their paid and unpaid work and to show older Londoners themselves the significant value of their contributions to the capital, it should be noted that of course these contributions do not capture everything that older Londoners bring to the city and the people within it as there are many important roles that are difficult to measure and value.
Team London:
Team London, the Mayor of London’s volunteering programme, was launched in 2011 to help ensure that volunteering and volunteers were having the greatest possible impact on London’s highest areas of need. The project was inspired by Mayor Bloomberg's Cities of Service model. Since 2011, 68 per cent of Londoners have been involved in some form of volunteering, from mentoring a young reader through to planting vegetables. More than 30,000 volunteering opportunities are available from over 400 organisations on the Team London website.
People wanting to find out about Team London volunteering opportunities should visit http://volunteerteam.london.gov.uk/
Positive Ageing in London:
Positive Ageing in London brings together London-wide and local organisations from both the voluntary and statutory sectors to consider age issues in London and agree common solutions. For more information visit www.pailondon.org.uk
Age UK London:
Age UK London acts as the collective voice of Age UKs and Age Concerns in London. It works to improve the quality of life and enhance the status and influence of older people in the capital. As well as working with older people, it works with all Age UKs and Age Concerns in London and with London's regional and local governing bodies and local community groups. For more information visit www.ageuk.org.uk/london