Older people bring skills and experience to the workplace and are an asset to business, the government says.

Speaking at a Department for Business Innovation and Skills (BIS) seminar in London on Wednesday, business minister Pat McFadden said older people’s spending power could also boost the wider economy.

Describing older people as “the backbone of our economy” he went on to say employers needed to make the most of what older workers could offer.

“We need to make the most of all our talent: and that means harnessing the skills of the older generation as well as the young,” McFadden said. “This will put us in the strongest possible position going forward.”

By 2050 over a third of Europe’s population is expected to be over 60 years old. This means there will be different pressures on services than there are today, but also means the population will have different needs and skills.

The government says if businesses can adapt to the needs of this older age group, then the rewards could be significant.

The seminar, entitled Is business ready for an ageing nation – economic opportunities for an ageing population, brought together a cross-section of experts and senior managers from business sectors including IT, financial services and healthcare.

The conference focused among other things on the fact that a considerable proportion of older people want to carry on working and believe they have much to offer the modern workplace.

George Magnus, senior economic adviser at UBS bank, said: "The UK needs to re-boot its ideas about how it adapts to ageing. No one is suggesting people should be compelled to work in their seventies, but many do want to do just that and this could have many advantages - not least in their own financial and psychological well-being.”

The government says people from these groups are often also in a better position to advise on business ventures, as those over 50 are more likely to be self employed than younger people.

"We all need to think more flexibly, with a new approach to jobs, occupations and compensation structures for people over 50 that takes account of changing needs and priorities,” said Magnus.

“Whilst government is inevitably part of this, there should be a wide ranging and inclusive debate about how businesses and the public can play their part as well.”

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