A group of major national and international companies have signed an open letter, pledging to work over the next five years to make the "aging society and economy" more sustainable.

Business leaders from companies including the International Longevity Centre UK (ILC-UK) - the organisation focused on demographic challenges faced by the government; independent pensions consultancy Hymans Robertson; and pensions and investments expert Zurich UK Life, all made the pledge.

In the letter, the companies state that without action, our ageing society poses a risk to the UK economy and our businesses.

It states: "Demographic change today means that we are already witnessing shortages in critical parts of our economy."

The letter goes on to recognise that although older consumers have potential, too few people are saving enough to have a good retirement.

It says having a "healthy workforce" will be the key to addressing productivity in the UK so more investment in "healthy aging" needs to be made.

It then goes on to argue that "action over the next five years could make the UK a world leader."

"Companies have a big part to play in tackling the challenges of demographic change and we can create jobs for all ages, help our workforce age well, and ensure our products and services are relevant for all," the letter says.

ILC-UK chief executive Baroness Sally Greengross, said: "Businesses must play a significant role in helping us adapt to our ageing society.

"They need to create jobs for all ages, help UK plc improve its productivity and help people to plan better for their retirement.

"Businesses who grasp the demographic opportunity will reap significant financial rewards because older consumers have significant purchasing power and reaping this potential will offer economic returns.

"It is in all of our interests that more businesses engage with the challenges and opportunities of demographic change."

Next week, government, industry and voluntary sector experts will come together at the first national Future of Ageing Conference.

The conference, organised by ILC-UK, will seek to kick start a debate on the role companies have to play in helping us adapt to demographic change.

Gary Shaughnessy, CEO of Zurich UK Life, said: "Increasing life expectancy and chronic under-saving could leave many people facing a shortfall in retirement and the government has a role to play by fostering a stable pensions system that incentivises long-term saving."

First published 19.11.2015

Lindsay.sharman@wilmingtonplc.com