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.”