Over 50s 'helping to drive UK economy'

An insurer has published new figures which reveal the positive economic contribution made by over 50s.

An insurer has called for the over 50s to receive more recognition for the positive contribution they are making to the UK economy.

According to new figures from RIAS, over 50s are both earning and spending more on a weekly basis than younger people.

The average income among people in this age group is 294 per week, 5 more than those under 50, while average weekly expenditure is 179, exceeding that of younger people by 13 per cent.

In total, this means that the 21 million over 50s in the UK made a net contribution in excess of 6 billion to public finances in 2008.

Janet Connor, managing director at RIAS, stated that the research should put paid to the common misconception that older people are "a drain on society".

She said: "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."

This comes after the National Endowment for Science, Technology and the Arts earlier this month published research which shows that over 50s are responsible for a quarter of successful start-up firms in the UK.

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