Older people’s £27bn ‘gift to society’
THE vital contribution of older people to the nation is highlighted today in a report that shows they generated £27billion in the last year.
Their “gift to society” is made through on average 326 hours in free care for grandchildren, parents and family members, saving the economy £15.5bn a year.
They also give on average 75 hours to charitable work at a value of £5.7bn and 73 hours in free community work at £5.5bn.
Figures were based on average childcare charges and the minimum wage
The figures rose by £2bn over the previous year says the 2012 Retirement Nation report by MGM Advantage.
Yet most of the 2,000 people, aged over 55, who were asked felt they were undervalued by MPs, society and the media.
The report calls for a Retirement Minister to be appointed to represent them.
Figures were based on average childcare charges and the minimum wage.