According to the latest forecasts, approximately one in four people will be aged 65 or over by 2035.
However, Bridget Warr, chief executive of the UK Homecare Association, recently stated that, despite a growing need for elderly care, a number of providers are already facing the prospect of funding shortages.
She said: “There is no ducking the issue, there is a significant need for more money.”
Last year, approximately 500,000 people benefited from home care that was funded by their local authority, which enabled them to stay in their home while receiving the care they needed.
80 per cent of those who got home care help in the past 12 months were aged 65 or over.
The National Institute for Health and Care Excellence (NICE) has recently outlined plans for new care standards, which will be put in place to ensure all workers in the industry reach a standardised level.
NICE has highlighted that care visits need to be 30 minutes long, as a minimum, and that the same worker should deal with a patient in order to maintain a sense of familiarity and continuity.
The new national living wage will be introduced in April 2016, meaning that the minimum amount a carer is paid will rise from £15.74 to £16.27 per hour, once travel costs and other additions have been included, which is putting funding under pressure.
Furthermore, almost 70 per cent of home care is currently ordered by local authorities or clinical commissioning groups, but it is hoped that a solution to the funding crisis is found in the immediate future, which will then combine with the new care standards to give elderly people the care they deserve.