Retired people in Ulster save the state and society almost half-a-billion pounds a year through unpaid care, community and voluntary work, a new report has revealed.

The report – Our Retirement Nation, which was commissioned by MGM Advantage, a retirement income specialist – found all retired people in the UK save the state and society £25billion.

But the report warned that the contribution made by retired people is not fully recognised and that the government – and society as a whole – needs to do more to understand their emotional, health and financial requirements.

The report found that 15 per cent of retired people in Northern Ireland feel undervalued and not respected by society.

Meanwhile, one in five UK-wide say they feel properly valued with the balance - 65 per cent - saying they are sometimes treated badly.

Older people in Northern Ireland say they do not want to be called Old Age Pensioners [OAPs], with the majority wanting to be called “senior citizen” or “retired person”.

The biggest worry identified in retirement across the UK is failing health.

The report highlights how Northern Ireland’s “Retirement Nation” is collectively saving the government and society £0.48 billion a year by taking on the unpaid care of grandchildren, parents and other family members, in addition to voluntary and charitable work.

Craig Fazzini-Jones, Executive Director of MGM Advantage, said: “This report paints a wonderfully colourful picture of the rich diversity of Northern Ireland’s 90,000 retired people and why they deserve our respect and attention for the contribution they make to the society.

“However, it also portrays a worrying picture about how these people prepare for and fund their retirement and sends a clear message about our responsibility to do more to support our Retirement Nation.”

With the number of retired people in the UK on the increase, MGM Advantage says that greater consideration has to be paid to their contribution as well as demands placed on society. It also believes there should be a fundamental change to the way that retired people are treated and that more should be done to challenge the pre-conceived notion of retirement.

Source: Newsletter