The UK could boost its GDP by £80 billion if the employment rate of workers aged 55 and over matched the rate of Sweden, according to a study by professional services firm PwC. Furthermore, the research suggests that if these older workers were employed, it could bridge a looming skills gap.

The PwC study, ‘The Golden Age Index’, analysed the patterns of employment by age across 34 countries and found that the UK could boost its gross domestic product by about 4.2% if the employment rate of workers aged over 55 could match that of Sweden, the best-performing European Union country.

PWC found that 63.4% 55 to 64-year-olds were employed in Britain, compared with 75.5% in Sweden. Meanwhile, the participation rate for over 55’s is 12% lower than Sweden. The report calls for reverse mentoring, in which younger employees teach the older workforce digital skills and recommends the apprenticeship age limit be extended for older workers.

“As the number of people over 55 continues to grow steadily and life expectancy increases, the UK needs to make it as easy as possible for people to continue working for longer if they wish to do so,” John Hawksworth, chief economist at PWC UK. “This would boost both GDP and tax revenues, so helping to pay for the increased costs of an ageing population.”