Retired ‘make £27bn contribution’
Older people contributed almost £27 billion to society through unpaid care, charitable and voluntary work over the last year, a report has estimated.
The value of such work increased by almost £2 billion over the last 12 months, according to MGM Advantage’s 2012 Retirement Nation report.
The report calls for a Retirement Minister to be appointed to represent older people “at the highest level” after research found that two thirds of them feel badly-treated by politicians.
Its estimate of the total value of unpaid work performed by older people in 2012 includes £15.5 billion caring for family members, £5.7 billion carrying out charity work and £5.5 billion helping the community.
The findings were based on a survey of more than 2,000 people aged over 55 and used average childcare charges and the minimum wage.
Aston Goodey, spokesman for retirement income firm MGM Advantage, said: “The retired nation continues to contribute significantly to the UK economy, increasing their impact to the tune of almost £2 billion in the last 12 months.
“Yet it seems £27 billion’s worth of unpaid care, voluntary and charity appears to go unnoticed.”
Mr Goodey added: “We are calling for the needs of this diverse group of people to be represented at the highest level within Government.
“The creation of a Minister for Retirement would ensure the voice of the retirement nation is heard across Whitehall.”
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