USA senior citizens wield immense economic power, to the tune of 8.3 trillion dollars. Bet you’re shocked and didn’t know this. In fact, if USA seniors were counted as their own country, they would constitute the world’s third-largest economy! And, as a country, they would be just behind the United States and China — as measured by Gross Domestic product (GDP).
And economists predict that senor citizens financial impact will continue to grow and triple to 28 trillion dollars by 2050.
Specifically, a stat breakdown shows that seniors, age 50 and older also contributed $745 billion worth of unpaid activities in 2018, that benefit society. These activities include providing caregiving for loved ones, helping raise grandchildren, and volunteering their time and to charitable organizations.
USA Seniors: Key Report Findings
Senior citizens are a growing demographic that is transforming markets and is a key driver of economic growth, innovation and new value creation.
The dramatic increase in the number of people 50 and older in the United States now includes four generations: the “GI Generation,” the silent generation, boomers and some members of Generation X, while the first millennials will turn 50 in just over a decade.
What’s the reason for this amazing happening? Well, if you haven’t noticed, more people are living longer, healthier lives, which lets them continue to work and contribute to the economy. Right now, there are more than 117 million Americans 50 and older — and this age bracket will grow to 132 million people over the next 10 years. It will hit 157 million by 2050.
This growth means more collective spending power. Fifty-six cents of every dollar spent in the United States in 2018 came from someone 50 or older, the study finds. In 2050, that number is projected to be 61 cents of every dollar.
USA Seniors: Caregivers Are An Economic Force
As far as economic statistics are concerned, caregivers fly under the radar. Well, don’t overlook them. In fact, senior citizens acting as caregivers, provide valuable services, valuable to the amount of 604 billion dollars a year, as of 2018.
Older adults acting as caregivers are providing valuable services, worth an estimated $604 billion in 2018 alone. These caregivers are so valuable, that the country can not afford for them to walk away from these jobs.
Moreover, seniors aged 50 and older, perform 140 billion dollars worth of service through volunteer services as of 2019. In sum, this group contributes a total of 745 billion dollars of unpaid activities. Were it not for these contributions, the cost to society and city, state, federal government would skyrocket.
Seniors Support and Provide 88.6 million jobs
Certain fields stand out for employing experienced workers. The health care sector employed 7.3 million seniors in 2018. In education, 5.1 million people 50 or older, are employed.
Adults ages 55 to 64 comprise 25 percent of new entrepreneurs in 2018. the highest share of any age group. Starting businesses creates jobs for some while providing valuable products and services to others.