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Older New Zealanders contribute billions to NZ economy

Contributor:
Fuseworks Media
Fuseworks Media

New data released today by the Office for Seniors has highlighted the significant contribution older people make to the New Zealand economy.

The Business of Ageing 2021 report update has found that by 2071 older New Zealanders are likely to be making an even more significant contribution to the economy than envisaged in the 2015 and 2017 update reports.

The Business of Ageing update projects that older people will:

spend about $149 billion in 2071- a rise from about $31 billion per year currentlypay tax totalling $46 billion in 2071, up from $9.7 billion in 2021contribute through unpaid work an estimated $69-77 billon per year by 2071, up from $14-$15 billion per year in 2021increase their earnings from $37 billion in 2021 to around $175 billion in 2071.

"Older New Zealanders contribute billions of dollars to our economy each year, and we need to recognise the real and important contribution they make," Office for Seniors Director, Diane Turner, said.

"Currently one-third of the New Zealand workforce is 50 and over and almost half of those aged 65 - 69 are in the labour force.

"The report update shows that older people are making an increasing contribution to the economy and should be recognised for this.

"Often the ageing population is seen as a burden, but we need to reframe this thinking and highlight that older people are crucial as workers, taxpayers, volunteers and consumers."

The report updates research that started in 2011 with the aim of highlighting the economic value and business opportunities that our ageing population creates.

You can read the full report on the Office for Seniors website https://officeforseniors.govt.nz/our-work/ageing-research/

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