17 October 2013
London is home to around two million Londoners aged 50 and above (older Londoners). This report aims to identify, quantify and value the economic contribution older Londoners make through their paid work, caring for adults, childcare and volunteering.
The paid work of older Londoners contributes an estimated £47bn per year to the capital, equivalent to around 18 per cent of the Capital’s Gross Value Added.
Outside ‘formal’ paid work, older Londoners contribute in a variety of additional ways including through providing care to other adults (with the average carer providing around 1,700 hours of care per year); through providing childcare (an estimated 85,000 London families receive childcare from grandparents aged 50 or over in London); and, through volunteering as well as a number of other ways which are difficult to measure and value.