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Unlocking the Value: Older People in London's Economy

This presentation by Chris Walsh explores the significant but often underestimated contribution of older working-age individuals in London's economy. Despite facing discrimination and challenges, older Londoners play a crucial role in employment and economic development. The presentation highlights the benefits and challenges faced by the 50+ age group in the workforce, emphasizing the need for training opportunities, support for unemployed individuals, and promotion of age diversity in the workplace. By recognizing and utilizing the skills and experience of older workers, businesses can enhance profits, productivity, and staff retention, ultimately contributing to the growth of the silver economy in London and the UK.

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Unlocking the Value: Older People in London's Economy

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  1. Older People, Employment & Economic Development in London Presentation by Chris Walsh Chair - Positive Ageing in London & Chief Executive, Wise Age September 2017

  2. Contribution of Older Working Age in London • The contribution of older Londoners to the economy &their role in employment is far greater than understood • Yet they still face discrimination - largest group of claimants by age – 50+ are 2.7% registered unemployed • High turn over of labour 700000 in London each year • No stats on people in work by age let alone also other demographics • High proportion of self employed and business owners • Large number not in work 21% & overall inactive yet over 25% want a job • Yet largest contribution to economy of any age group

  3. The Situation and Benefit of Older People to the Economy in London and the UK • Older working age people ( 50- 65+) play a key role in the UK economy - 70% employed • 3.6% on JSA - 27% workless / inactive • More 65+ in work – 1.3 million / 10% • 25-49 year olds - 82% employed • Under 25s - 60% employed • BUT 3.5 million OWA (50-65+) economically inactive • Over 1 million single women pensioners in poverty

  4. Problems affecting OWA • More 50+ made redundant – esp.. Public sector since crisis • 3.5 million over 50s without employment • For every year over 50, employment gets more difficult • Less 50+ get f/t work again (8% 55+ men) • Long term U/E 50+ rising as actual and % • If you are facing discrimination as Black or Ethnic minority person, woman, have a disability the it gets worse with age • Poverty impacts on whole family in London + pensioner poverty

  5. Lack of training opportunities • 50+ workers - 50% less training opportunities than younger workers in the UK / EU • 50+Workers have less formal qualifications • less subsidies for 50+ trainees • Less apprenticeships for 50+ • EMPLOYEES who are trained / qualified more likely to be retained / recruited

  6. THE CONTEXT • Older workforce growing in numbers and length of time required to work , 60> 67+ • Older people growing in numbers, % and income / wealth • 50 - 65 aged carers are 50% of all carers - • 65- 75 aged - more in work, + are volunteers & carers • Brexit will mean more UK people need to be employed • Over 50s benefit from specific support, eg FSF • The silver economy is a key factor in econ. Dev & growth

  7. Moral and economic Reasons for 50+ support • older workers can and do contribute to economy • CPD needed for life/ productivity • silver economy motor for growth • age diversity > profits, productivity, morale • 50+ OWA finish & pass training more & more loyal • Ageism is wrong, unfair & illegal

  8. What do OWA people offer • OWA = experience, • Wisdom • knowledge, - ‘the memory’ of a company / sector • commitment • loyalty • less time off • better value than middle age • Younger workers benefit from OWA support / mentoring • Employers gain profits, productivity and staff retention

  9. The demographics of 50+ • 50 -65+ in work, heads of households, carers, high disposable income, active consumers BUT also unemployed / stressed / poor • 65- 75/ 80 – active pensioners - more in work, high % volunteers, carers, active consumers, fitter, happier, wealth providers, BUT pensioner poverty – 1 million single older women pensioners –60% under tax levels ( £11k p/a) • Elderly ( 80+) not all frail, see Queen, David Attenborough - need health, social care, support, danger of poverty • OWA similar disadvantages to younger workers ( under 25) exclusion from employment, less opportunities full time employment & less pay than majority employees ( 25- 49) ,affected by cuts - benefits, comp spending review • the older working age part of growth of the silver economy + can help understand & service it

  10. The Silver Economy in London & UK • 2.2 MILLION OVER 50S LIVE IN LONDON • £47 BILLION INCOME FROM 50+ LONDONERS • £6.4 BILLION CONTRIBUTION FROM OVER 65SIN LONDON ( EARNINGS, VOLUNTEERING) • GROWTH OF NUMBER OF OLDER LONDONERS IN WORK, VOLUNTEERING, RUNNING THEIR OWN BUSINESSES • GROWTH OF NUMBER AND WEALTH OF OLDER LONDONERS AS CONSUMERS • RISE IN DIVERSITY OF OLDER ( 65+) LONDONERS ( 22% BAME, 37% BORN ABROAD, 100,000LGBT) • SILVER ECON IS MOTOR FOR GROWTH. SECTORS INCLUDE TOURISM, HOSPITALITY, HEALTH & WELLBEING, RESTAURANTS, U3A, CLOTHES, MUSIC & EVENTS + HOME IMPROVEMENT, IT & LEAISURE GOODS, • PLUS HEALTH & SOCIAL CARE. S.E. IS LABOUR INTENSIVE • OLDER PEOPLE PREFER OPTION OF USING OLDER WORKERS

  11. WHAT NEEDS TO BE DONE ? • Mayors strategy has to recognise econ. contribution of older Londoners 2) We need stats on older & diverse Londoners + annual report on age & employment by GLA / TFL, Boroughs 3) More training & support for 50+ U/E 4) Promote benefits of OWA & Age Diversity to employers & media / public

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