Wise Age – Celebrating International Older People’s Day on 1st October
As we mark International Older People’s Day on 1st October, we would like to take this opportunity to acknowledge the tremendous value that older people (50+ and pensioners) bring to our economy and society.
Did you know that our Prime Minister, the Leader of the GLA, and Andy Burnham, the Mayor of Manchester, are all over 50? Additionally, 1.2 million pensioners remain part of the workforce—many in part-time roles and, unfortunately, often on zero-hours contracts or low pay. While some must work to make ends meet, many do so because they love their work.
71% of 50- 64 year olds are in employment, with others thriving in self-employment. Their experience, wisdom, and knowledge are vital assets to their workplaces. In fact, studies show that companies like McDonald’s, B&Q, and Waitrose benefit from hiring and retaining older workers, seeing improvements in profitability, productivity, and staff retention. Age diversity not only strengthens businesses, but older employees help younger colleagues become more productive and happier, thanks to their life experience and customer care skills.
It’s important to remember that over 50s also make up the majority of carers—whether for children, grandchildren, or older relatives—and pensioners form the backbone of the volunteer workforce.
The ‘silver economy’ – the consumer spending and investment of the over 60s is now the largest and fastest-growing consumer market and plays a crucial role in driving GDP growth.
However, despite these contributions, ageism remains prevalent, particularly in recruitment. Over 50s are the age group most affected by long-term unemployment, and many are left unsupported, classified by the DWP as ‘economically inactive’ despite their strong desire and capability to work. While over 20% of over 65s are worth over a £ million, there are alarming levels of poverty among older single women, ethnic minorities, and people with disabilities, with over 2 million pensioners below the poverty level. By the last year before reaching state pension age, fewer than half of individuals are in employment.
We at Wise Age call upon government, employers, and the voluntary sector to work together to provide targeted local support for older people and to promote age diversity in the workplace. Doing so would help alleviate labour shortages, reduce poverty, and combat the isolation and depression that often accompany long-term unemployment among older adults.
We also join older people’s organisations in urging the government to:
- Maintain the winter fuel allowance for those earning less than the average wage,
- Make pension credit an automatic entitlement for those on or below the poverty line,
- Bridge the digital divide that disproportionately affects older adults who lack access to the internet.
- Provide the same levels of in work and out of work training for older people as for younger.
Let us work together to overcome the challenges older people face, while recognising and celebrating the invaluable contributions they make. Together, we can make the UK a centre for age-friendly employment and support the thriving potential of older workers.
email: contact@wiseage.org.uk