Over 50s make vital fiscal contribution

The Still Giving at 50 report from specialist insurance provider RIAS has dispelled the myth that the over 50s are a drain on society and shows that the 21 million people over the age of 50 made a net fiscal contribution of £6.6 billion to the UK public finances in 2008. Each individual over 50 made a positive fiscal impact of £313 last year.

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.”

The report also reveals that over 6.3 million Britons over 50 are planning to grow old disgracefully. Four out of ten (38%) of over 50s say they are more adventurous now than in their youth, and one in five (18%) claim they have become more liberal as they’ve got older, according to the ‘Still Giving at 50′ report.

Furthermore, nearly two thirds (64%) say they’ve become more satisfied with life since they turned 50 years old, and many put this ‘joie de vivre’ down to having more time to do the things they want, feeling more relaxed and having paid off their mortgage.

In addition to a lust for life, 860,000 over 50s are planning on starting a new venture in the near future. With many people working well into their 70s, over one quarter (26%) have retrained over the age of 50 and explored a new career direction. In addition, 147,000 have broken either a Guinness, World or UK record since they turned 50.

Janet Connor added:

“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”