A new AARP report titled “The Economic Impact of Age Discrimination” estimates that the U.S. economy stands to lose as much $850 billion due to ageist hiring practices, workforce culture, and a lack of focus on retention of older workers, among other factors.As the report states, there are 117.4 million people age 50-plus in the U.S., many of whom now plan to work well past the age of 65. This growing pool of workers represents a significant asset for businesses—and for the economy—as they possess valuable skills and experience. But age discrimination, manifest in workplace behaviors, attitudes, policies and procedures, is prevalent, limiting potential gains.
The economic contribution of people age 50-plus was worth $8.3 trillion in 2018, and it is forecast to more than triple to $26.8 trillion by 2050.
For more data and insights, see the full report here.