With more people living longer, and pension incomes falling, the home care sector is an area that will see considerable growth in 2012 and coming years. By 2030, over 15 million of the UK's population will be over 65's. The home care industry will continue to grow for two categories of pensioners and retirees.
The Newly Retired
Over 65's experience better health and quality of life today, than ever before. Many people who will retire at 65 are very active and healthy, and take on part-time work to boost their income.Within the home care industry, there are opportunities for these Newly Retired to work as a home carer, calling to the houses of the sick and elderly for a few hours every week. Calling in on the elderly can involve preparing meals, helping with light cleaning and assisting with hygiene. This allows Newly Retired people an extra income in a flexible and fulfilling environment.A survey conducted by Prudential Insurance entitled 'Class of 2012' has discovered that the income retirees of 2012 can expect has fallen by £3,100 since 2008 to a paltry £15,500 per year. One fifth of these people will live on £10,000 or less.At the same time, pensioner expenditure has increased, leaving a "perfect storm" brewing for retirees, according to Vince Smith Hughes, the Prudential Retirement Income Expert. "The impact of the credit crunch, banking crisis, recession and concerns over the eurozone, has been reflected in the fact that expected retirement income levels have hit a five year low", he said. The opportunity to work in the home care industry may be a possible incentive for those who want to continue some part-time work upon retirement. Over 65's don't have to pay tax or national insurance, and can keep all income along with their pension. If their state pension is under a comfortable level, they can defer their pension and pay 'Top Up' national insurance which will increase their pension when they decide to take it. This year alone there are 22% more retirees than in 2011.
The Golden Aged
The average life expectancy of British women is 82.6 years and 78.4 years for men. For those who are a almost a generation older than the Newly Retired (although unfortunately illness can strike at an age) care in the home is an option preferred to residential care homes, both personally and by families.
Emotionally, the bonds and ties the elderly have to their home and way of life have immense pull. The average cost of a single room in a residential care facility is £24,292 and in times of such economic hardship, many families cannot afford to pay for residential care for elderly relatives, even if they come to make this heart wrenching decision. Care at home allows the elderly to retain some independence in the comfort of their own homes. The home care industry offers a solution to concerns raised over Britain having and elderly population. For many Newly Retired, the realisation that they may not be able to give up work can be hard to face, but helping their older counterparts and working in their homes can provide a gentle transition and opportunity to keep earning. If you are approaching retirement,and would like to operate your own home care business, we have a selection of home care franchise businesses, which can offer the guidance and support of an established and profitable business model and staff. If you would like to start your own business, and want to invest in this growing industry, one that will continue growing within your own lifetime, a franchise can be the right model to get your business up and running.
Caremark
Minimum Investment: £36,000
Home Instead
Minimum Investment: £41,000
Bluebird Care
Minimum Investment: £35,000
Surecare
Minimum Investment: £36,000
Radfield Home Care
Minimum Investment: £24,000
Right at Home
Minimum Investment: £40,000