Research carried out by OnePoll asked 1,000 people aged 50 and above whether the current cost of living crisis would affect their decision to buy a pre-paid funeral plan if they were considering purchasing one.
The survey revealed that a third of over 50s said that the cost of living would prevent them from purchasing a funeral plan whilst another third said it would not. The remaining third were unsure.
Interestingly, there was a variation across the different age groups. The survey revealed that the current cost of living crisis would not prevent 44% of 71-75 year olds from purchasing a pre-paid funeral plan, with 18% of the 50-55 year age group falling into the same category.
From a regional perspective the survey further disclosed that 52% of people in the North East of England would not be put off buying a pre-paid funeral plan in the current financial crisis, compared to 45% in Scotland, 32% in London and 13% in Northern Ireland. Furthermore the Northern Ireland region had the highest recorded number of people (61%) who would struggle to purchase a pre-paid funeral plan at this time.
With these statistics in mind it is clear that whilst salaries tend to vary across the United Kingdom, this may not be the main contributory factor when it comes to making the decision to purchase a pre-paid funeral plan. Indeed for many people the financial impact that their funeral will have on their loved ones is a real concern, hence they prefer to make provision for this themselves in advance which will secure certain services at today’s prices too. Terms and conditions apply - please ask us for details.
Source: OnePoll research of 1,000 UK residents aged 50 and above, on behalf of Ecclesiastical Planning Services, October 2022.