From a Pensioner.
In 2024, Age UK’s Chief Economist’s report highlighted the significant economic contributions of older people, with a focus on employment, informal caring, childcare, and volunteering, totalling £61 billion. With addition contributions to offspring, Chancellor of the exchequer and charity contributions approx. £25 billion gives a total £86 billion.
There are now more than 10 million people in the UK aged 65 and over, with a growing number of them working.
Knowledge, Skill, and Energy: Older people bring a great deal of knowledge, skill, and energy to the workforce and as volunteers.
Government spending on the state pension in 2024-25 is forecast to total £220 billion.
In 2024, pensioners contributed significantly to the British economy through spending and investments, with the total value of taxable payments withdrawn flexibly from pensions exceeding £87.6 billion since 2015.
At the start of 2025, the market value of private sector defined benefit and hybrid (DBH) pension schemes was £1.178 trillion. (Yes, a thousand billion is a trillion). Two and half of this amount would take Britian with a National Debt estimated to be £2.79 trillion out of debt for the first time since 1890. All down to pensioners and their thrift and diligence in handling money.