Analysis by the English Longitudinal Study of Ageing revealed that as we get older we spend less.
The elderly are missing out on leisure and social activities resulting in an economic hit to local economies according to a report by the International Longevity Centre (ILC UK).
“The Missing Billions” by the InternatIonal Longevity Centre and supported by Anchor highlights how people aged over 75 are missing out on leisure and social activities.
The research reveals that between a third and a quarter of over 50’s would like to engage in more cultural activities such as going to the cinema, theatre and museums.
This comes after an analysis by the English Longitudinal Study of Ageing revealed that as we get older we spend less, with expenditure declining by approximately 1% per year.
Cesira Urzi Brancati, research fellow, at ILC UK, said: “Older people who suffer from arthritis or have walking difficulties are at risk of being more isolated, because they can’t go out as much as they would like to. We must ensure that leisure activities are as accessible as possible.”
Anchor is also calling on shops and retailers to reduce older people’s loneliness and subsequent health issues by providing adequate seating in store and on the high street.
This follows findings that the economy risks losing up to £3.8bn a year through lack of accessibility for many older people.
Jane Ashcroft CBE, chief executive at Anchor, said: “It’s unjust for older people not to have equal access to shops and leisure activities.
“This generation is often cut off from the online world, so it’s crucial we enable them to connect in other ways.”
