The Silver Pound: Over-50s Contribute More To The UK Economy!
Beware of antiquated cliché saying otherwise ...
POSTED BY JACQUI FROST ON 15/03/2018 @ 9:00AM
In recent research, it was found that the over-50s contributed more to the UK economy than those under-50 in many different sectors. It seems that the silver pound is quite a critical commodity ...
If you think the silver pound isn't important, think again!
copyright: dolgachov / 123rf stock photo (licensee)
Many younger people think the UK's ageing population as a burden on the economy. They wonder why they have to shoulder the burden of their elders. But, according to joint research by Hitachi Capital UK and the Centre for Economics and Business Research (Cebr), that is a complete misconception.
"The study clearly showed that SME owners over 50 employed more people and generated more revenue!"
Over-50s are a growing demographic in the United Kingdom. 50 to 64 year-olds in employment has risen from 6.8m in 2005 to 8.7m at the end of last year. 2.1m of those are actually self-employed!
Of the millions of self-employed, roughly 360,000 employs at least one other person in their business. In 2017 those over-50 owned businesses generated over £365 billion.
The research shows that small and medium-sized business owners, among the over-50s, are outperforming their younger competitors on both job creation and turnover. Indeed, the silver pound itself directly supports up to 1.9 million jobs of the under-50s, and that's on the rise.
"We need to rethink these antiquated attitudes to older workers!"
The next time you hear the common cliché of the younger generation looking after the baby boomers, remember that when it comes to small business, it’s actually the other way round.
Until next time ...
THE OFFICE GENIE
I had a successful 20-year career as an office manager and personal assistant; however, my job was no longer focused on the customers and became all about the numbers. My customer-focused background began when I was 12 in my father's independent carpet showroom. I had a spell with Marks & Spencer before I moved into office-based jobs. I have worked as a training administrator, a PA and PA/office manager in a variety of industries from manufacturing to the IT education sector.
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