By Colin Fernandez for the Daily Mail
Published: 00:49 GMT, 2 December 2019 | Updated: 00:50 GMT, 2 December 2019
While saving for a rainy day may seem the sensible option, older people should splash the cash to boost the economy and help the next generation, a think tank chief has suggested.
They should also worry less about having money to leave to their families when they die, it seems.
David Sinclair, director of the International Longevity Centre (ILC), said: 'Much of the baby-boomer population – and particularly those in their seventies – have significant financial and housing wealth, and if they are not encouraged to spend, it will be bad news for younger people.'
While saving for a rainy day may seem the sensible option, older people should splash the cash to boost the economy and help the next generation, a think tank chief has suggested (file photo)
The ILC, based in London, tracks the impact of longer life expectancy on society, and studies what changes can be made to better living standards for all.
Mr Sinclair also said ageism was preventing the over-50s from spending freely as they may not feel comfortable in public spaces which cater mainly for the young, including pubs and nightclubs blasting loud music.
While town and city centres want to boost the 'night time economy', less effort is going into making pubs quiet enough for people who are hard of hearing to have a conversation more easily.
Equally, the prevalence of typefaces which are hard for older people to read may deter them from spending.
It was also claimed that older people 'hoarding' their savings