Thursday, November 30, 2023

One in 3 adults fear they won’t be able to pay for their loved one’s funeral – due to rising living costs

A study of 2,000 adults found that 34% don’t know the cost of a funeral and 24% are putting it off.

While 35 per cent are fully aware of what their nearest and dearest wants but worry how they’d be able to pay for it in the current climate.

Further research revealed that 39 percent of adults who had arranged a burial in the last five year were required to pay for certain elements.

Of these, 19 per cent reported the deceased didn’t have any money set aside for their own funeral and for 34 per cent, the death was unexpected, so no plan was in place.

This resulted in 47% feeling stressed and 31% struggling to deal with the financial strain.

The article revealed the insight. British Seniors Funeral Report 2022, which found the average cost of a funeral has risen by more than £500 in just 12 months.

A spokesman from the brand, which provides funeral cover to ensure family members aren’t left with a large bill when the moment comes, said: “Huge uncertainty in the world from many contributing factors has meant just like everything else, funeral costs have inevitably had to rise.

“However, many are feeling like they couldn’t give a loved one the send-off they deserve because they’ll have to cut corners on the details due to money being particularly tight at the moment.”

Reduce initial payments if you can

The study also showed that funeral planners who had arranged a funeral within the last five year and had to pay certain elements themselves, had to pay an average of 40% of the total cost.

This adds up to average of £1,804 out of their own pocket per person, as well as from family contributions and loans.

However, 31% were able plan the send off they wanted thanks to a pay out from their insurance company.

Of all adults who haven’t yet started saving money to cover the cost of their own funerals, or taken out insurance for that purpose, 22 per cent feel they are ‘too young’ to think about it.

Another 18 per cent think the current cost-of-living crisis has impacted their finances, and 19 per cent believe it’s simply too hard to think about.

But 66 per cent believe funerals now are more expensive than they were five years ago – with 28 per cent even saying they are ‘much’ more costly.

78 percent of respondents believe that funeral costs add stress to families already dealing with the pain of bereavement.

According to OnePoll data, 30 percent could not afford to pay the associated costs if they suffered a family loss.

British Seniors’ spokesperson added: “Our research found that people are, understandably, worried about how much they’d have on their mind if a loved one passed.

“Having to find almost £2,000 on average to pay for costs you hadn’t expected, will leave a huge hole in many people’s finances.

“The more you can do to mitigate those initial payments, the better – to ensure you’re able to give someone the send-off they’d have wanted.”

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