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 organised by the International Longevity Centre.
Colin Taylor, Chief Executive Officer, Key Retirement, said:
“As an organisation focussed on the financial wellbeing of our older population we wholeheartedly support this initiative by ILC-UK. As a company who specialises in financial advice and support for the over 55s we fully understand the importance of ensuring that as our society ages we must continue to innovate and provide financial solutions which give both genuine and tangible values to the wider ageing population.”
Steve Groves, Chief Executive Officer, Partnership, said:
"Partnership is pleased to add its support to the ILC-UK led pledge to work towards helping make our ageing society and economy more sustainable. The challenges associated with demographic change are significant and it is important that these are addressed as a priority. With an ever growing older population, with few saving enough for a good retirement, it is essential that more is done to encourage and stimulate a pensions savings culture and equip people with the skills and interest to engage more in the process."
Gary Shaughnessy, CEO of Zurich UK Life, said:
“Increasing life expectancy and chronic under-saving could leave many people facing a shortfall in retirement. The insurance industry is rising to the challenge by encouraging more people to save and developing new products that support them in later life. The Government also has a role to play by fostering a stable pensions system that incentivises long-term saving."
Gary Day from McCarthy & Stone, retirement housebuilder, said:
“The population is ageing rapidly but the UK’s housing stock is not suitable to cope with this change. There is a lack of choice when older people come to move to properties that are designed for them in later life. This impacts negatively on a range of areas – poorer well-being, higher public spending on health and care, and blocked housing chains. We need to raise our focus beyond starter homes and greatly encourage the building of more retirement properties and housing suitable for older people across all tenures.”
