Newly released figures show that the number of pensioners will hit 15.8 million by 2031, according to the BBC. What that means is that one in five of the UK's population will be aged 65 or over by the year 2031.

According to a report by The Times, "the greying of the country will bring huge challenges for governments as they seek to provide a care system to support and care for the elderly.''

Age UK said the rapidly ageing population means that politicians must address social care for the elderly as a priority. A spokeswoman said: "We have an ageing population and their needs are not going to go away. The system we have cannot cope." She said that homes should be built to allow elderly residents to remain in them as long as possible. It's a demand that would boost the demand for professionals in domiciliary care jobs across the country.

Michelle Mitchell, charity director at Age UK, was quoted in The Daily Express saying the growing numbers of people in later life is "a cause for real celebration". She added: "We recognise the urgency of cutting the budget deficit and the likelihood of spending cuts across public services. However the axe must not fall on entitlements and services that people in later life rely on most."

Mitchell concluded: "There is no excuse for not planning ahead to ensure that health, care, pensions and other services are able to meet the needs of an ageing population."