Baby-boomers lift UK out of recession

Research published last month by Saga - the financial services and leisure company for the over 50s - counters claims that the baby-boomer generation creates a drag on the UK economy. The survey reveals that Britain's baby-boomers have played a crucial part in lifting the UK out of recession.

The Centre for Economic and Business Research (CEBR) report for Saga, into the growing importance of the silver pound, shows that over 50s account for more than 47% of UK household expenditure in 2012, and this is on an upward trajectory - making them an increasingly important consumer group.
Further, the report finds that if the Saga generations spending had only grown at the same rate as under 50s between 2003 and 2013, UK GDP would have been depressed by 4.2% or £6.8 billion, and by 2018 would be depressed by some 6.8%.  

Saga's strategy director, Tim Pethick. commented: "People are living longer and have more active social and economic lives which is changing how we think about 'retirement'.  As a consequence the over 50s have become, through their hard work, big earners and even bigger spenders - today they account for some 76% of the UK's financial wealth.  Their confidence in the future has made them willing to lift their spending faster than other age groups and, in doing so they have helped drive the UK out of recession."