One in five have experienced financial difficulty due to funeral costs

12 September 2023

If trends continue, the cost of an average basic funeral could increase to £5,089 by 2026.

New research shows that one in five over 50s have either found themselves in financial difficulty due to the costs incurred by a funeral, or know someone else who has.

When someone dies, the cost of a funeral often falls to family and friends of the deceased, and this can be unexpected and unaffordable if there is no financial arrangement in place.

In a survey carried out by research agency OnePoll, 44% of over 50s said they expect their savings and investments to cover the cost of their funeral. But due to probate and other legal processes, the deceased’s funds are not always immediately available to those who are left to make the arrangements. Family and friends of the deceased may therefore find themselves having to use their own savings to cover the costs. Alternatively, at what may be an extremely difficult time emotionally, they may have to turn to credit, loans or contributions from friends and family.

The same survey revealed that 20% of over 50s have experienced financial difficulty due to the costs of a loved ones’ funeral, or knew someone who had.

Funeral costs have risen significantly in the UK over the last decade, with SunLife’s Cost of Dying Report (2022) showing that the average cost of a burial funeral now stands at £4,927 and a cremation at £3,765¹. If trends continue, the cost of an average basic funeral could increase to £5,089 by 2026¹.

Taking out a pre-paid funeral plan can be an effective way to make financial provision for the cost of a funeral in advance, allowing you to fix your funeral director’s costs and make a contribution towards third party costs. They can also help to protect those who are left behind from footing the entire bill and reduce stress for family and loved ones at an already emotional time.

For more information about pre-paid funeral plans and the benefits of planning ahead, please get in touch. Terms and conditions apply – please ask for details.

Sources
1. OnePoll research of 1,000 UK residents aged 50 and above, on behalf of Ecclesiastical Planning Services, October 2022.
2. SunLife (2022), Cost of Dying Report, sunlife.co.uk/funeral-costs.

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