Seventy is the new 50, according to the third annual HSBC future of retirement survey.
People in their 60s and 70s are living longer, experiencing a higher quality of life and are bucking the stereotype that they're a drain on society, the survey concluded.
The poll conducted by the Oxford Institute of Aging and Harris Interactive Inc., which surveyed 21,000 people in 21 countries, found that seniors contributed billions of hours worth of volunteer work and taxes in their respective countries.
Nearly 20% of respondents in their 60s and 70s volunteered, with 15% of respondents giving as much as half a day each week. In Canada, the survey found that seniors contributed more than 416 million voluntary hours, which, at a minimum hourly wage of $7.55, was worth $3.1 billion.
Worldwide, according to the survey, the trend towards early retirement appears to be declining, with 71% of people aged between 60 and 70 still working because they wanted to. About a million Canadians over 60 are still working, according to the study.
Globally, the survey found that 16% of people in their 60s and nearly a third of people in their 70s provide some financial support to their grandchildren.