Some implications and opportunities
There are significant opportunities for businesses who adapt
to the growing older population
• Increase in demand for smaller, more accessible homes for older people
• Increase in home support or aged residential care facilities, mainly for
those aged 80+
• More demand for non-english services and information for older people
who do not have English as a first language
• Businesses will need to plan for an ageing workforce if they want to
avoid skill shortages
• Businesses will need to use multiple channels, including online, to
reach older people
Age Concern New Zealand
Valuing Age
The economic contribution
of older New Zealanders
• New modes of age-friendly planning, e.g. in transport, housing and
urban development
• Need for new financial products and ways to manage wealth
Some examples of how businesses have responded
to an ageing population
Companion driving services: www.drivingmissdaisy.co.nz
Workforce planning and management consultancy: www.partnersinchange.co.nz
Home and community health support: www.hcha.org.nz, www.mycare.co.nz
Tourism: www.accessiblenz.com, www.cruisenewzealand.org.nz,
www.forgottenworldadventures.co.nz
Housing: www.lifemark.co.nz
In a period of
40 years there will be
a 700% increase of the
population in the 95+ age
group, a 283% increase
in the 80+ and 108%
increase in the 65+
© 2016 Age Concern New Zealand, www.ageconcern.org.nz
Older people are earning more
New Zealand has an ageing population. New Zealanders are living longer, healthier and more active lives. The
ageing of our population is often portrayed in terms of increased costs; including costs of health care, residential
care and New Zealand Superannuation.
65+ income $ billion
20
The positive contribution that is made by older people to our public, families, employment, volunteering and
community, deserves much wider recognition and respect.
Every aspect of New Zealand life is greatly enriched by the active involvement of those over 65. Valuing Age
draws on existing research, including ‘The Business of Ageing’1 and shows the positive economic impact and
contribution made by older New Zealanders. Let’s value ageing!
$
The older market is growing
Percentage growth by age group 2015-2055
Percentage growth by 65+ age group 2015-2055
In a period of 40 years
there will be a 203%
increase in the Asian
population, a 115%
increase for Maori, 110%
increase for Pasifika and
a 50% increase for
NZ European.
700%
600%
500%
283%
400%
200%
100%
$11
203%
As earnings
from paid work
increases, as does
older people’s
contribution towards
tax, spending and
volunteering.
6
80+
Age group
6
$4
4
billion
billion
2
0
2031
2051
2011
2031
Maori
Asian
Annual value of unpaid and volunteering work
valued at $16.10 per hour.
65+ $ billion
70
$65
65
0%
billion
60
40
35
55
50
Older people are more active in the workforce
Including
volunteering and
unpaid work,
Grandparenting
and other care.
$35
billion
30
45
Percentage of total workforce over 65
12%
13%
$
40
35
$39
billion
Amount of money
spent by older
people on goods
and services.
Billion 30
25
$
Billion
25
20
$20
15
15
2031
2051
Source: CAF World
Giving Index 2015.
$14
10
billion
5
$9
10
billion
5
0
0
2011
Source: Technical report for business of ageing update 2015, using Stats NZ and NZ Treasury Long Term Fiscal Model data and projections
33.8% of those
over 50 gave money
to charitable causes
in 2015.
billion
20
2011
2051
Older people are volunteering
Source: Stats NZ/Office of Senior Citizens 2014 report on the Positive Ageing Strategy
5%
of total
workforce
over 65
This includes
income tax, tax on
investments
and GST.
8
Older people have influence
as consumers
100%
Pasifika
$10
billion
Source: Technical report for business of ageing update 2015, using Stats NZ and NZ Treasury Long Term Fiscal Model data and projections
150%
95+
NZ
European
10
Billion
$3
2011
50%
65+
$
0
200%
50%
108%
250%
billion
12
billion
2
110% 115%
0%
In a period of
40 years there will be
a 700% increase of the
population in the 95+ age
group, a 283% increase
in the 80+ and 108%
increase in the 65+.
14
4
700%
300%
14
8
800%
Growth from
2015-2055
16
10
$17
18
16
Billion
Older people are growing in diversity
20
billion
12
1The Business of Ageing Update 2015, Office for Senior Citizens
65+ $ billion
$18
18
Older people work, volunteer, provide care and participate widely in community and family life. Many families,
communities and organisations depend on older people for their skills, knowledge and experience; older people
provide care and support to thousands of others who benefit from their assistance. With one of the highest rates
of over 65’s workforce participation, older New Zealanders are significant economic contributors through taxation,
spending and saving. Older people form an important, growing market for the providers of goods and services.
Older people are paying more tax
2031
2051
2011
2031
Source: Technical report for business of ageing update 2015, using Stats NZ and NZ Treasury Long Term Fiscal Model data and projections
2051