Specialist Insurer RIAS has conducted research which proves that the over 50s make a positive contribution to the economy. The ‘Still Giving at 50’ report showed that 1.7 million over 50s own their own business, while 21m people in the age range had contributed ^6.5 billion to the economy last year.
The report was commissioned to specifically look at the financial effect of people in this age category. It showed that the average income for a person of 50 years or over is £294 per week which is more than their under 50 counterparts. While it may be suggested that this income primarily consists of pension payments, in actual fact the research showed that only one fifth is from state benefits, including pensions. Now that people are choosing to work for longer, more than half of the income actually comes from wages.
Janet Connor, Managing Director at RIAS, said: “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. In reality, the complete opposite is true. People over 50 make a positive contribution financially, and feel much more satisfied with their lives, because they feel more relaxed and have more time to do the things they want.
“Our latest research report shows that the over 50s should be celebrated for their outlook, life experience and the knowledge they can pass on to other generations. 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!”