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Older People’s Economic Contribution: Two Studies Gordon Deuchars, Age UK London 5 September 2017

Older People’s Economic Contribution: Two Studies Gordon Deuchars, Age UK London 5 September 2017. Age UK Chief Economist’s Report, spring 2014. National study of people aged 65+ Employment, informal care, childcare and volunteering Total contribution £61 billion, nearly 5% of GDP

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Older People’s Economic Contribution: Two Studies Gordon Deuchars, Age UK London 5 September 2017

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  1. Older People’s Economic Contribution: Two Studies Gordon Deuchars, Age UK London 5 September 2017

  2. Age UK Chief Economist’s Report, spring 2014 • National study of people aged 65+ • Employment, informal care, childcare and volunteering • Total contribution £61 billion, nearly 5% of GDP • Also looks at taxation, and income inequality affecting older people • Author is Prof José Iparraguirre, Chief Economist, Age UK • Link to the full report here

  3. Employment • The workforce aged 65 or over contributed £37bn to total Gross Value Added in 2012 (almost three per cent). • Based on aggregating regional figures from Labour Force Survey (tables and methodology in original) • No evidence that labour productivity declines with age • It is a fallacy that older workers take away job opportunities from younger people. In the UK, and across the EU, there is a positive relation between employment rates among older and younger workers

  4. Caring and Childcare • Informal care for adults by people aged 65+ valued at £11,431 million • Based on median hourly pay for care workers, home carers and senior care workers excluding overtime (2012) – regarded as conservative way of estimating • Childcare by grandparents (aged 50+) valued at £6.75 billion

  5. Volunteering (50+) • 28.5% of all aged 50+ involved in regular volunteering, the highest proportion in the 65-74 age group • 50+ volunteering valued at £5,787 million • Way of measuring chosen to reflect the wide variety of work done by volunteers

  6. The Economic Contribution of Older Londoners, July 2013 • Report on economic contribution of Londoners aged 50+, also with breakdowns for 65+ • Employment, volunteering, informal care, childcare • Author: Alasdair Barrett, GLA Economics • Link to full report here

  7. Paid Employment • People aged 50+ contribute £47 billion per year to Gross Value Added (GVA) in London • £44 billion is from people aged 50-64 and £3 billion from those aged 65+ • Equates to £59,000 per employed person aged 50-64 and £38,000 per employed person aged 65+ • London has a comparatively high rate of employment among older people

  8. Informal Care for Adults • Older carers in London spent an average of 33 hours per week providing care • Valued at £4.7 billion (central estimate) • Roughly £2.6 billion from people aged 50-64 and roughly £2.2 billion from those aged 65+ • Half of London older carers reported relationships, social life or leisure affected by caring

  9. Childcare by grandparents • Lower rates reported than other English regions (ie fewer families using grandparents for childcare) • Childcare by London 50+ grandparents valued at £0.6 billion based on minimum wage • Also impact of higher employment rate of mothers who can access childcare

  10. Volunteering • Londoners aged 50-64 and 65-74 have the highest rates of regular volunteering in the capital • Overall, 39% of older Londoners volunteer regularly • Valued at £0.8 billion based on the minimum wage • Slightly more from people aged 50-64 • Information given on the types of volunteer work, motivations, benefits and barriers

  11. Thank you Any questions?

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