1 in 3 adults fear they won’t be able to afford to pay for their loved one’s funeral – due to rising living costs
Research of 2,000 adults also revealed 34 per cent have no idea about the costs of a funeral, with 24 per cent putting off looking into it in more detail.
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.
And further research of 1,501 adults who have arranged a funeral in the last five years revealed 39 per cent had to pay for certain elements out of their own pocket.
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 led to 47 per cent feeling stressed, and 31 per cent struggling to cope with the added financial strain.
The insight was revealed in the 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.”
Many Brits are afraid to think ahead
The study also revealed of those who have arranged a funeral in the last five years, and had to pay for certain elements themselves, they had to cover an average of 40 per cent of the total costs.
This adds up to average of £1,804 out of their own pocket per person, as well as from family contributions and loans.
Though, 31 per cent were able to plan the send-off they wanted because of a pay out from an 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.
As many as 78 per cent believe the high costs of funerals adds significant stress to families already under the strain of bereavement.
And 30 per cent could not afford the associated costs if they were to suffer a family bereavement now, according to the OnePoll data.
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.”