At a glance:

•  In Spain in 2014, the labour participation rate for over 55s was 55.4%, a nearly 10 percentage point rise from 2005.
• Over 6 out of every ten euros in the Spanish economy were spent by households led by those aged over 50 in 2015.
• If remunerated, the value of unpaid contributions by those aged 50 and over in Spain, such as volunteering and caring, would account for 2.4% of GDP.

We’ve become accustomed to ageing populations being presented as a bad thing. But far from being a cost or drain on public resources, older people’s social and economic impact is significant.

But it could be much higher if we remove avoidable barriers to working, spending, caring and volunteering, with the most important being poor health.

We know that countries that invest more in health see more people working, spending and volunteering and that investment in prevention drives a return. Spending just 0.1 percentage points more on preventative health can unlock an additional 9% in spending by older consumers and an average of 10 additional hours of volunteering across the G20.

In this report, we highlight the economic contributions of older people in Spain today and what more could be done to unlock a longevity dividend over the years to come, which could be instrumental in the post-COVID recovery.

To achieve this, we call on the Government of Spain to adopt an Ageing Society New Deal that sees spend on prevention raised to 6% of health budgets, alongside greater support for older people’s paid and unpaid contributions.