The third annual HSBC Future of Retirement study finds that, far from being a drain on society, older people are huge contributors to the economic and cultural wellbeing of their nations. In fact, rather than being dependents whose care drains vital resources from nations struggling to cope with ageing populations, those in their 60s and 70s--through taxation, volunteer work and the provision of care for family members--are the foundations upon which their nations build.
With respect to employment, the report shows that globally, "large proportions of the over-60s remain in work. In mature economies, between a fifth and a half of people are still in work in their 60s. Even in transitional economies, there are large numbers active in the labour market in their 60s and 70s."
Future of Retirement: The new old age, written in conjunction with the Oxford Institute of Ageing, is available for download. In addition, country-by-country fact sheets are available at HSBC Global Forum on Ageing and Retirement website.
Source: HSBC Insurance Press Release (May 22, 2007)
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