A survey conducted by OnePoll of 1,000 people aged 50 and over, shows that one in ten 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.
Due to the legal processes, the deceased’s funds are not always immediately available to those who are left to make the arrangements. Family and friends may therefore find themselves having to use their own savings to cover the costs. Alternatively, at what may be an extremely emotional time, they may have to turn to credit, loans or contributions.
The research on behalf of pre-paid funeral plan provider, Ecclesiastical Planning Services, further revealed that 15% of respondents said the cost-of-living crisis has reduced their ability to buy a pre-paid funeral plan to reduce the financial burden for loved ones, but over half said it has not affected their ability to buy one. 19% said they were not sure. Interestingly, those respondents that were 76 years old and over were less impacted by the cost-of-living crisis.
If you’ve ever had to arrange a funeral for someone, you’ll know just how much there is to decide and how difficult it can be. Add to this the financial impact, this can cause worry and anxiety.
Emma Simpson, Marketing Manager at pre-paid funeral plan provider Ecclesiastical Planning Services comments, “We recognise that everyone will have their own specific financial considerations but taking some time now, to provide financial and practical help for loved ones in the future, can be comforting and reassuring. Funeral pre-planning can help protect those who are left behind from footing the entire bill, and also reduce worry for family and loved ones by making funeral wishes known in advance.”
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Source: OnePoll research of 1,000 UK residents aged 50 and above, on behalf of Ecclesiastical Planning Services, October 2023.