A survey reveals that rising funeral expenses, averaging £5,212, are leaving grieving families with unexpected financial burdens.
A recent survey of 2,000 adults has found that nearly half of Brits do not have a will, with 33% believing they are too young to need one and 19% unsure of how to start the process.
The study also revealed that 24% of respondents would struggle to cover the costs of a family bereavement, while an additional 21% are uncertain if they could manage the expenses.
Only 32% of those surveyed have enough savings to cover their own funeral costs, and just 19% have life insurance. Among those with savings, the average amount set aside is £4,358.
The Annual Funeral Report by British Seniors highlights the increasing cost of funerals, with the average now standing at £5,212 – a 15% increase. The cost of a burial can reach £11,348, while a cremation can cost up to £9,529.
A spokesperson for the insurance company commented: “Funerals are an expensive business, and too often, people don’t have plans in place to cover the costs.
“This can result in families being hit with unexpected bills, adding significant stress to an already difficult time. Our annual report examines all areas of spending involved in giving a loved one an appropriate send-off and it can be costly.”
The report, which included a survey of 1,500 adults who organised a funeral in the past five years, revealed that nearly half (44%) contributed to the costs of a loved one’s funeral, with an average personal expenditure of £2,732.
Many took on funeral expenses due to sudden deaths without financial plans, the wish to provide a better farewell, or insufficient savings by the deceased.
A third of those arranging funerals found the costs steeper than expected, causing 28% stress and 23% to feel overwhelmed by the financial load. With the cost-of-living crisis, affording a dignified send-off is increasingly tough for one in three people.
A British Seniors Life Insurance spokesperson commented: “This report highlights just how unprepared many people are for the worst whether it’s the death of someone they love or their own passing.
“Unfortunately, this often leaves families dealing with not just the grief of loss but also difficult financial decisions. It’s crucial for people to consider the bigger picture and take steps to ensure that those closest to them won’t be burdened with financial worries during an already heartbreaking time.”