Are over-50s the dominant entrepreneurial demographic in the UK economy?

May 18, 2017 · bdaily.co.uk

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A new report from Hitachi Capital UK and CEBR (Centre for Economic and Business Research) has found that over-50s are creating more jobs and contributing to the growth of the UK’s economy at a faster rate than any other age group.

Playing an increasingly important role in the economic growth of the UK the age group is reportedly outstripping its younger counterparts on a number of fronts - from spending, job creation and contribution to GDP - which is having a significant impact on our economic prosperity.

The research reveals that the older generation spent more than the under-50s for the first time in the year ending April 2016, with a total £376 billion of discretionary spending.

Analysis of the economic impact of this ‘silver pound’ showed that it translated to a contribution of £119 billion to the UK economy (over 6% of total UK GDP in 2016), supporting an estimated 1.9 million jobs.

Crucially, the over-50s’ contribution was found to be growing at a much faster rate than that of the younger age bracket. While spending by the under-50s has grown just 1.4% per year since 2003, spending by the over-50s over the same period has grown more than three times as fast at 4.6% per year.

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