We join pledge to tackle impact of ageing population

We join pledge to tackle impact of ageing population

We are one of a group of major national and international companies which have signed an open letter and pledged to "work over the next five years to help make our ageing society and economy more sustainable".

In the letter, the companies point out that "without action, our ageing society poses a risk to the UK economy and our business".  

The businesses highlight that demographic change today means that we are "already witnessing shortages in critical parts of our economy".

Whilst on the one hand, the business leaders recognise the potential of older consumers. They highlight that too few people are saving enough to have a good retirement. They also point out that having a healthy workforce will be key to addressing the UK productivity, yet point out that more investment in healthy ageing needs to be made.

The businesses signing the letter argue that "action by all of us over the next five years could make the UK a world leader".

They point out that "companies have a big part to play in tackling the challenges of demographic change.  We can create jobs for all ages. We can help our workforce age well. And we can ensure our products and services are relevant for all".

Next week, government, industry and voluntary sector experts will come together at the first national Future of Ageing Conference. The conference, organised by the International Longevity Centre – UK (ILC-UK) will seek to kick start a debate on the role companies have to play in helping us adapt to demographic change.

Bruce Moore, Chief Executive of Housing & Care 21, said: “As a specialist provider of housing and care services for older people, we can see clearly the challenges that an ageing population presents to society, and the different ways in which we can work together to meet these challenges and make sure people can continue to enjoy healthy and active lifestyles in later life. We must also not lose sight of the contribution older people can continue to make to our society, given the right opportunities and support.”

Baroness Sally Greengross OBE, ILC-UK Chief Executive said: “Businesses must play a significant role in helping us adapt to our ageing society. They need to create jobs for all ages, help UK plc improve its productivity and help people to plan better for their retirement. Businesses who grasp the demographic opportunity will reap significant financial rewards. Older consumers have significant purchasing power and reaping this potential will offer economic returns. It is in all of our interests that more businesses engage with the challenges and opportunities of demographic change”.

The pledge

We will work over the next five years to help make our ageing society and economy more sustainable.

The Open Letter

Our ageing society is of significant importance to UK plc. Without action, our ageing society poses a risk to the UK economy and our business. But action by all of us over the next five years could make the UK a world leader. Companies have a big part to play in tackling the challenges of demographic change. We can create jobs for all ages. We can help our workforce age well. And we can ensure our products and services are relevant for all.

As business leaders we have a vested interest. We need skilled workers yet are already witnessing shortages in critical parts of our economy.

We know that a healthy workforce will be a vital part of addressing the UK productivity puzzle as our society ages yet society invests too little in healthy ageing.

We want tomorrow’s older consumers active in the economy yet savings levels are not likely to be adequate to allow many to enjoy the active retirement they want.

Next week, government, industry and voluntary sector experts will come together at the first national Future of Ageing Conference. The conference will kick start a debate on the role companies have to play in helping us adapt to demographic change.

As a group of companies, we will work with policymakers and key stakeholders the over the next five years, to make our ageing society and economy more sustainable. We urge other companies to join with us.

 

Signatories to the letter and pledge are:

Jane Ashcroft, Chief Executive, Anchor

Andy Briggs, CEO, Aviva UK Life

Nick Sanderson, Chief Executive Officer, Audley Retirement

Rachael Saunders, Age at Work Director, Business in the Community

Shaun Crawford, Global Insurance Sector Leader, EY 

Jilly Forster, Chair, Forster Communications

Bruce Moore, Chief Executive, Housing and Care 21

Douglas Anderson, Partner at Hymans Robertson & Founder of Club Vita

Martin Jones, Chief Operating Officer, Home Instead Senior Care

Stephen Lowe, Group Director, Just Retirement

Colin Taylor, Chief Executive Officer, Key Retirement

Fiona Dunsire, Chief Executive Officer, Mercer

Gary Day, Land and Planning Director, McCarthy and Stone

Andrew Rear, Chairman, Munich Re UK Services

Steve Groves, Chief Executive Officer, Partnership

Phil Loney, Group Chief Executive, Royal London

Romana Abdin, Chief Executive for Simplyhealth

Gary Shaughnessy, UK Chief Executive Officer, Zurich Insurance plc

 

Tags: Ageing population Extra Care ILC

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