Tag: UK

Older households in the UK spend more

In new reports published by the International Longevity Centre UK (ILC), it’s found that longer lives could be crucial in European pandemic recovery and highlight the economic opportunities of longer lives across Europe.

According to the reports, older people’s contributions across the European region are significant, and growing:

  • In Germany, 77% of people aged between 50 and 64 are in employment
  • In France, nearly 1 in 3 workers are aged 50 and over.
  • By 2035, almost 3 in 5 (59%) of workers could be aged 50 and over in Italy
  • Over 6 out of every 10 euros in the Spanish economy were spent by households led by those aged 50+ in 2015
  • By 2040, 63p in every pound in the UK economy will be spent by older households.

According to the report, however, there is a key barrier to realising these opportunities and that is poor health which limits people’s ability to stay active as they get older.

Comparing countries across the G2o, the “Health equals wealth” reports highlight that:

In countries that spend more on health, older people work, spend and volunteer more.

Increasing preventative health spending by just 0.1 percentage can unlock a 9% increase in annual spending by older people and an additional 10 hours of volunteering each year.

In a recent story published by TALiNT International, it’s believed the key to unlocking the skills shortage crisis is to upskill the older workforce.

The reports reveal the need for countries to better support older people’s economic contributions, particularly through greater investment in preventative health measures that support healthy ageing. It’s proposed that governments invest at least 6% of their health budgets on interventions, such as vaccines, screenings, early detection and management of disease.

Earlier this year, the European Commission adopted its Green Paper on Ageing, which set out a vision for countries to adapt to their ageing populations, including how to support healthy ageing.

However, to date, there have been no announcements of an intended White Paper or binding commitments. An open letter sent last week by the ILC Europe Network, a pan-European network on longevity, called on the Commission to ensure this is followed up by concrete and meaningful action.

“It’s vital that this Green Paper should not be put on a shelf to gather dust, but instead be a step towards a concerted European response to ageing. [We are] calling for an EU White Paper on Ageing that commits to making European policy and practice work for all ages”, call the signatories.

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Workers across Britain are missing out as the UK lags the rest of the world when it comes to public holidays, with the lowest number in a comparison of more than 170 nations.

This was the finding of research by digital coaching firm Ezra, which cross-referenced the number of public holidays on offer with average daily net income to work out where workers received the most amount of money per year for not working on public holidays.

Taking both measures into account, the UK moved significantly up from the bottom of the table, but it still failed to make it into the top 30, with workers having an average income of £570 for bank holidays.

Switzerland, on the other hand, offers the biggest benefit to workers. With the average person in the country earning a net income of £130 per day and with 24 public holidays per year, the average public holiday pay check is an impressive £3,131.

Luxembourg came in second, with its 15 public holiday days per year and average earnings of £120 per day equating to £1,802, while in Israel, the 24 days of public holiday led to a total of £1,796 in earnings for time off.

Commenting on the findings, Nick Goldberg, Founder of Ezra, said: “Public holidays are a great way to boost national sentiment and offer an opportunity to come together and celebrate as a nation, whether it be in memory of a historic moment or simply a long weekend.

“It’s interesting to see that those nations offering some of the highest levels of income also offer a good level of public holidays and it goes to show that motivation and productivity aren’t solely dependent on working all hours of the day.”

Photo courtesy of Canva.com

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D&I network INvolve last week launched its inaugural Top 10 Black Role Models in the UK list, in partnership with Google.

The list aims to shine a spotlight on business leaders who have made a significant contribution to breaking down barriers within the workplace for black and ethnic minority individuals.

Included in the top 10 were executives whose brief covers diversity and inclusion, with Edleen John, International, Corporate Affairs and Co-Partner for Equality, Diversity and Inclusion Director at the Football Association among those featured.

Janet Onyia, Project and Programme Manager at Accenture and the Scotland Lead of the Accenture African Caribbean Network (AACN), was also included.

The rest of those featured came from a range of industries and included Toib Olomowewe, Organisational Development and Learning Manager at Royal Dutch Shell and Leila Thomas, CEO and Founder of Urban Synergy, who has been seconded from the talent team at London Stock Exchange Group.

Making up the remainder of the list were Belton Flournoy, Director of Digital Identity and Security at Protiviti UK, Celia Fraser, Insights and Analytics Lead at Capital Group, Christina Liciaga, Head of Customer and Products for Europe and CIIOM at HSBC, Dominic Carter, Group Chief Commercial Officer at News UK, Roni Savage, Founder and Managing Director of Jomas Associates, and Sengova Kailondo, Senior Associate at Hogan Lovells International LLP.

Alex Okosi, Managing Director of Emerging Markets at Google subsidiary YouTube EMEA, said: “As a company that aims to celebrate the diversity of our employees, customers and users we are delighted to present the first ever EMpower Top 10 UK Black Role Models List and shine a spotlight on some of the amazing black role models who are making an impact across UK business.

“These talented individuals are not just excelling in their own areas of expertise, but are inspiring us all by paving the way forward and leading by example when it comes to creating more inclusive workplaces.”

Suki Sandhu OBE, Founder and CEO of Audeliss and INvolve, added: “I’m delighted that EMpower are partnering with Google for the first time this year to share the Top 10 UK Black Role Models who are actively creating a workplace where black and other ethnic minority individuals have an equal opportunity to thrive.

“We must do more when it comes to driving black inclusion in business. Organisations must step up and hold themselves accountable when it comes to turning well-intentioned aspirations into clear, concrete actions for change.”

Each of the individuals included also appeared on the wider EMpower Ethnic Minority Role Model List, which was launched by INvolve in May.

Photo courtesy of Canva.com

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