A new report reveals families are left scrambling to cover rising costs, with a third unprepared for the financial strain of saying goodbye.
A recent survey of 2,000 British adults has revealed that almost half do not have a will, with 33% believing they are too young to think about it and 19% unsure of how to start the process.
The findings shed light on the lack of preparation for end-of-life arrangements among many in the UK. The study, conducted as part of the Annual Funeral Report by British Seniors, also uncovered significant financial concerns surrounding bereavement.
Nearly a quarter of respondents admitted they would struggle to cover the costs of a family member’s funeral, while an additional 21% were uncertain about how to manage those expenses.
The report paints a sobering picture of the financial realities facing many families. Just 32% of those surveyed reported having enough savings to fund their own funeral, and only 19% held life insurance to help cover such costs.
For individuals who do have savings, the average amount set aside was £4,358 — substantially short of today’s average funeral cost of £5,212, which has risen by 15% in just a year.
The cost of a burial now stands at £11,348, while cremation costs have reached as high as £9,529, according to the report.
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A spokesperson for British Seniors 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 study also included a survey of 1,500 adults who had arranged funerals in the past five years, revealing that 44% of them contributed personal funds to cover some or all of the expenses associated with a loved one’s farewell. On average, these individuals spent £2,732 out of their own pockets.
The primary reasons cited for using personal funds were the lack of financial planning following unexpected deaths, a desire to provide a more dignified farewell, and the deceased not having sufficient savings.
For many, the financial toll added to the emotional strain of bereavement. One-third of respondents admitted that funeral costs were higher than they anticipated, leaving 28% feeling stressed and 23% overwhelmed by the financial burden.
The study also highlighted how the ongoing cost-of-living crisis is exacerbating concerns, with one in three expressing greater anxiety over affording a decent funeral.
A spokesperson for British Seniors Life Insurance added: “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 not only with the grief of loss but also with difficult financial decisions. It’s crucial for people to consider the bigger picture and take steps to ensure that their loved ones are not burdened with financial worries during an already heartbreaking time.”