People that run a care home business will be really happy to hear that the future of the industry is really great. Those that will live in the homes will be properly taken care of and you will appreciate what the future will offer. In the past 15 years we saw a decline in the number of people that were older than 65 and required such a service. This is now changing and the exact opposite is correct. Analysts did not expect this.
There are many different factors that will lead towards a demand rise in care homes. This is true in UK and in most civilized countries in the world. Those factors you want to always learn about are the following.
More Elderly People Will Exist In The Future
Statistics highlighted by Promedica24.co.uk highlight the fact that by the year 2050 we will see a really large part of the UK population being elderly. This goes up from the really low percentages that we see at the moment. People that are over 85 will show the largest growth in the last decades. That automatically increases the demand for care homes.
Poverty Rates Declining For The Elderly
It is quite clear that the economic position of those that are over 65 years old is continuously improving. A really important factor that led towards the decline of popularity for the care home services was the fact that poverty rate was really high among elderly people. That made it really hard to afford the necessary payments. We now see that people are becoming better in terms of financial education knowledge and individuals prepare better for the later point in their life. Instead of relying on family members or children, the elderly will be able to afford care home services on their own.
Authority Funded Home Care Increase
Close to 300,000 people received help from the authorities in the year 2007. That number has been continuously on the rise in the past years. By the year 2032 we can expect to see over 500,000 elderly citizens helped in the UK. This is quite a huge increase and it means that there will be much more profits for those that offer care services. The state of the industry is clearly better since the government is lending a strong helping hand.
Public Spending Funding Increases
According to analysts, until the year 2032 we will see more people that are elderly and that have assisted living funded with the use of public spending funds. The expected increase is close to 70%. As there are more funds that are dedicated towards helping elderly individuals, care home demand will be automatically increased.
Household Composition Changes
Living arrangement patterns have been changing for the elderly people in the past few years. Some time ago, these people wanted to spend the last moments of their life with the loved ones, at home. Nowadays, the trend changed and most want to go to care homes. This trend is expected to grow. The rise will be higher and there is no way to deny this when we look at the statistics.