Over-50s not an economic burden

People over 50 make an important contribution to the UK economy, RIAS claimed this week.

Janet Connor, managing director of the specialist insurance provider, said the stereotype of older people being a drain on the economy is unfounded.

“The over-50s are not only earning more than the under-50s, but they are spending more as well which enables them to give back to society,” she said.

Research by RIAS found the over-50s made a net fiscal contribution of £6.5 billion to the public purse last year.

Half of the income of the over-50s comes from paid work, as more people choose to work for longer.

Some 1.7 million over 50s own their own business, while 860,000 are planning to start a business venture in the near future.

“The public stereotype has long been that the over 50s are a drain on society with an expected life path, taking more out of the public purse than they put in,” Connor said.

“In reality, the complete opposite is true.”

Connor believes that Britain should celebrate the contribution of older people to society.

“From their entrepreneurial spirit, through to their record-breaking achievements, today’s over 50s are diverse, complex and aspirational – one size really doesn’t fit all,” she concluded.

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