The power of the Silver Pound
UK society has often failed to appreciate the needs of, and contributions from, Britain’s older generations.
But a shift in attitudes is emerging, moving away from this trend. As millennials struggle with ever-increasing housing costs and the burden of student debt, the spending powers of the older demographic are increasingly being recognised.
Businesses favour the young – 63% focus their campaigns and attention on the younger demographic, even though baby boomers currently outspend their younger counterparts across the spectrum. For example, those born after World War II spend £4.3 billion more on utilities each year than those who came of age around 2000, according to the Institute of Customer Service. This nods towards the fact that the former are owners of bigger family homes, rather than renting or sharing bills.
What’s more, many people, particularly younger generations, are still subject to effects from the 2007-2008 financial crisis. Since the financial crash, wages for younger generations have risen at a slower rate than their older counterparts. For instance, for those aged 30-49, wages have risen by 11% vs. a 30% rise for 50-64 year olds, according to the Government’s family spending report. This means older generations will, in general, have significantly less debt and more assets. This elder demographic, in economic terms, are clearly in a comparatively privileged position.
And it’s not just their spending power that is the story here; we are also seeing a rise in ‘encore careers’. This is when one is at or near retiring from their established career and opt to start afresh, entering an area that combines greater personal meaning with positive social impact. The Guardian recently cited the example of the former associate editor of the Financial Times, who gave up her high-flying career to train to become a maths teacher and devote more time towards her charitable endeavours.
Those individuals in the ‘later stages’ of their career but are looking to move can be supported by the organisation Encore.org, who connect the older generation with opportunities that embrace their skills and wisdom to the benefit of society.
It is clear that Britain’s older generations are making an important contribution and this should be neither forgotten nor ignored. Their spending power and life experience mean both the economy and society have the potential to benefit enormously from them.
This is a guest post from Stannah Stairlifts, for more information on the brand please read here
Latest posts by Silversurfer's Editor (see all)
- Bone Health Is Just For The Older Generation, Right? - January 18, 2018
- Do you feel lonely at times? - January 18, 2018
- Should teaching the National Anthem at school be compulsory? - January 17, 2018
- Best Coffee makers guide - January 15, 2018
- How some children perceive their grandparents - January 12, 2018
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!