The Business of Ageing: Realising the Economic Potential of Older People in New Zealand: 2011 - 2051
Realising the Economic Potential of Older New Zealanders
The Business of Ageing Project highlights the contribution older people will make to New Zealand’s economic competitiveness over the next 40 years. It outlines the growing value of their labour market participation, income, tax, spending, and voluntary/ unpaid work.
Three project reports have been produced.
- The Business of Ageing: Realising the Economic Potential of Older People in New Zealand: 2011 - 2051
- The Business of Ageing: 2013 Update
- The Business of Ageing: 2015 Update
The previous documents and summaries can be downloaded from the 'Documents' section on the right.
Key findings of the 2015 report
Our growing older population is staying in the workforce longer, giving more of their time to the community and is a growing consumer group; they are a force for positive change and should be recognised as such.
The 2015 report update finds that in future years:
- more older people will participate in the workforce
- the economic value of older people's paid and unpaid work will increase with their earnings growing, from $2.8 billion in 2011 to $18.2 billion in 2051
- Unpaid and voluntary work will grow from about $8.5 billon per year in 2011 to an estimated $35 billon in 2051
- older people's contribution to tax revenue will increase to a total of $2.5 billion in 2051, up from $0.4 billion in 2011
- the mature consumer market will become more important, with spending of about $65 billon in 2051– a rise from about $16 billon per year currently
Where to next?
The reports aim to inform and encourage discussion amongst business groups, employers, NGOs, individuals and government agencies. They focus on two opportunities the growing older demographic offers for future economic growth. These are to:
- increase the number of older people who choose to remain active in the workforce; and
- highlighting the economic value and business opportunities that our ageing population creates