Value of Senior Volunteers to U.S. Economy Estimated at $75 Billion

 

WASHINGTON, D.C. – The Corporation for National and Community Service (CNCS) will mark the impact that Senior Corps volunteers have in communities across the country during the fifth annual Senior Corps Week, taking place May 18-22, 2015, during Older Americans Month. 

 

For more than four decades, Senior Corps volunteers have used their lifetime of skills and experience to meet community needs. Today, more than 270,000 volunteers age 55+ are serving through Senior Corps’ three programs – Foster Grandparents, Senior Companions, and RSVP. As part of this year’s activities, a Senior Corps pledge will be introduced to volunteers for the first time ever which will be administered to volunteers when they enter service or at special moments throughout the year. 

 

“For generations, seniors have been making a powerful impact in their communities, and their service is more important now than ever,” said Wendy Spencer, CEO of the Corporation for National and Community Service. “With so many people in need, senior volunteers are making a difference in the lives of children, veterans, elderly, and disaster survivors. Leading the way are more than 270,000 Senior Corps volunteers – dedicated Americans using a lifetime of skills and experience to tackle pressing challenges in their communities.”

 

According to last year’s Volunteering and Civic Life in America report by CNCS, more than 20.7 million older adults –quarter of those 55 and older – contributed more than 3.3 billion hours of service in their communities. Based on the Independent Sector's estimate of the average value of a volunteer hour, the yearly economic benefit of this service to the nation is valued at $75 billion.  The top-ranked volunteer activities for 55-plus volunteers were collecting and distributing food, fundraising, and providing professional or management assistance to nonprofits – demonstrating that boomers and other older volunteers are using their lifetime of skills and experience to meet community needs.

 

In addition to helping others, older volunteers are also helping themselves by living active, healthy lives through volunteering. A growing body of research points to mental and physical health benefits associated with volunteering, including lower mortality rates, increased strength and energy, decreased rates of depression, and fewer physical limitations. With nearly one in every five Americans projected to be age 60 or older by 2030, a great opportunity exists to engage older Americans in service to meet critical community needs while contributing to longer, healthier lives.

 

“As the leading edge of the boomer generation reaches the traditional retirement age of 65, nonprofits and communities should be poised to take advantage of this extraordinary wave of human capital that has the potential to transform our nation,” said Dr. Erwin Tan, director of Senior Corps at the Corporation for National and Community Service. “America's baby boomers are the healthiest and best-educated generation in history, and they can leave an incredible legacy through service to others.”

 

Last year, 270,000 Senior Corps volunteers served nearly 74 million hours, making a difference in the lives of more than 840,000 elderly who received assistance to remain independent in their homes; and more than 267,100 young people who received tutoring and mentoring that improved their academic performance, self-esteem, and overall social behavior.  Here are several examples of Senior Corps project in action: