You are here: Home - Retirement -

Retirees do £27bn worth of unpaid work

Written by:
Nearly £27bn worth of unpaid work is carried out by the ‘Retired Nation' despite the older generation feeling that they are unappreciated in society.

The value of older people’s contribution to society, via unpaid care, charitable and voluntary work has increased by almost £2bn over the last 12 months, to a total of £26.8bn, according to the 2012 Retirement Nation report by MGM Advantage.

The ‘Retired Nation’, those approaching retirement or in retirement, gives society each year on average 75 hours in charitable work at a value of £5.7bn and 73 hours in voluntary community work to the tune of £5.5bn.

They also provide a massive 326 hours in free care for grandchildren, parents and other family members, saving the family economy £15.5bn in the last year.

Aston Goodey, director, MGM Advantage, said: “The retired nation continues to contribute significantly to the UK economy, increasing their impact to the tune of almost £2bn in the last 12 months.

“Yet it seems £27bn’s worth of unpaid care, voluntary and charity appears to go unnoticed by society, politicians and the media, with millions of retirees experiencing a significant lack of respect.”

The majority of these older volunteers feel that they are undervalued by society.

Two-thirds (65%) feel they are treated badly by politicians, while four in ten (42%) feelthat society treats them badly. 

A further third (34%) feel they are poorly portrayed by the media.

Goodey continued: “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 and would begin to address the issue that society and politicians treat them badly.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Insurance Experts: Are you fully insured? Click here to get a quote.

For a free quote or to speak with an insurance expert call 0800 1218744

Why you shouldn’t buy travel currency in the UK with your credit card

If you’re heading abroad this summer, exchanging money in the UK ahead of your travels is a sensible idea. But...

Could this be the secret to early retirement?

Taking an active approach to where your pension is invested means money is deposited into funds that can drama...

Bank of England: base rate could stay under 2% for 30 years

The Bank of England (BoE) has admitted that current forecasts show its base rate could remain under 2% for the...

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week. Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Tax dodgers in firing line

Hundreds of suspected tax dodgers received letters from HM Revenue & Customs (HMRC) this weekend stating their financial affairs are...