A new report from financial heavyweight HSBC has suggested that, rather than representing a drain on the global economy, the over-60s are the source of billions of pounds of activity.

A worldwide survey by the bank, in coordination with the Oxford Institute of Ageing, revealed that through taxation, volunteer work and the care of family members, this sector of society provides "the foundations upon which their nations build", easier.com reports.

In the UK, people between the ages of 60 and 79 were found to contribute £5.5 billion in taxation annually, alongside volunteer work valued at £4.2 billion and £50 billion of family care services.

Clive Bannister, group managing director of HSBC Insurance, commented: "It is clear that we need to rethink our approach to later life and to understand and appreciate the value of the work our older people do every day.

"The ageing of the world's population over the next half-century will bring fundamental change to societies."

Previous research from the Future of Retirement initiative has revealed that 80 per cent of people want to scrap mandatory retirement, while only 14 per cent equate financial independence with later life.