New Zealanders over the age of 65 are contributing more than $34 billion a year to the economy, according to a new report, amid a call for more government support for those working past the age of retirement.
The latest findings from the New Zealand Institute of Economic Research's Business of Ageing report was revealed by Seniors Minister Casey Costello at a meeting for older workers in Christchurch.
The report found paid work by people aged 65 and over was valued at nearly $9 billion a year, with another $5 billion coming from self-employment.
That was eclipsed by the value of unpaid work – including caregiving, volunteering and household work – which exceeded $20 billion per year.
A report shows over 65s are increasing their contribution to the economy through paid work, running businesses, and unpaid care. (Source: 1News)
The survey also revealed that seniors paid more than $13 billion in tax annually and contributed around $55 billion to consumer spending.
"Our older population, as I've said, isn't this problem we need to solve," Costello told 1News. "There is so much opportunity and so much that older communities give back to us that we need to be valuing it."
Christchurch resident Helen Ross said older Kiwis' contributions was "something I've been aware of for a long time", adding that she was "very pleased to hear it being recognised".
"We focus a lot more on the decline, on the loss of independence, not recognising, as [Costello] said, all those community groups around the country where the older people – and particularly older women – are the glue."
But Age Concern Canterbury chief executive Greta Bond said more could be done to support older workers, as the number of older Kiwis working was expected to double over the next 50 years.
"I think the Government's really good at supporting people into work, but it's really, sometimes, a little bit amiss when it's supporting people to continue working."
Flexible hours and upskilling were key to help more people over 65 stay in the workforce if they want to, Bond said.
"We're gonna have $90 billion worth of contribution by older people – that's actually an asset.
"So, we have to stop viewing older people as this cost to the economy."
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