London – Senior citizens are important engines of society, not dependent burdens, according to an international study on aging released Tuesday that shows one in 10 people in their 70s still work.
People in their 60s and 70s continue to play a vital role in the economy as many report feeling healthier and choose to reject a quiet retirement, the study from Oxford University’s Institute of Aging shows.
“The future … is not penury or dependence,” said Clive Bannister, managing director of HSBC Insurance, which asked the institute to conduct the study on the elderly so it could learn about consumer behavior. “They have become turbos rather than the brakes of our community.”
Researchers interviewed more than 21,000 people between the ages of 40 and 79 in more than 20 countries for the largest study of its kind. The aim was to explore attitudes about retirement and the sunset years.
Contrary to the commonly held belief that older people are draining state resources, the study indicates they are more independent and active in social and economic life than previously thought.
“People in their 60s and 70s are very different now than they were before. They are making a tremendous contribution to society,” said Sarah Harper, director of the institute.
Elders volunteer more than 13 million hours a year, which in Britain alone amounts to $3.1 billion worth of unpaid work.
Seniors who postpone retirement also boost tax revenues. Nearly half of the individuals in their 40s and 50s surveyed said they would work for as long as possible, and more than a third of people in their 60s are still working now. Eleven percent of those in their 70s still work.
The places surveyed include the United Kingdom, the United States, Turkey, the Philippines, Mexico, South Africa, Russia, Germany, Saudi Arabia, Japan, Singapore, Malaysia, India, South Korea, Brazil, Canada, Denmark, China, Taiwan, France and Hong Kong.
Older Americans have reported being healthier than the global average, with 72 percent of 70- to 79-year-olds reporting feeling in good health. One-fifth of those in this age group continue to work.
