Many afraid they could never afford a loved one’s funeral

By Steve Richmond, 72Point via SWNS

One in three adults fear they could never pay for a loved one’s wishes for their funeral – due to the cost-of-living crisis.

Research of 2,000 adults also revealed 34 percent have no idea about the costs of a funeral, with 24 percent putting off looking into it in more detail.

While 35 percent are fully aware of what their nearest and dearest wants, they worry about 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 percent had to pay for certain elements out of their own pocket.

Of these, 19 percent reported the deceased didn’t have any money set aside for their own funeral and for 34 percent, the death was unexpected, so no plan was in place.

This led to 47 percent feeling stressed, and 31 percent 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 ($608 USD) in just 12 months.

A spokesman for 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.

“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.”

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 percent of the total costs.

This adds up to average of £1,804 ($2,194) out of their own pocket per person, as well as from family contributions and loans.

Though, 31 percent were able to plan the send-off they wanted because of a payout 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 percent feel they are ‘too young’ to think about it.

Another 18 percent think the current cost-of-living crisis has impacted their finances, and 19 percent believe it’s simply too hard to think about.

But 66 percent believe funerals now are more expensive than they were five years ago – with 28 percent even saying they are ‘much’ more costly.

As many as 78 percent believe the high costs of funerals add significant stress to families already under the strain of bereavement.

And 30 percent could not afford the associated costs if they were to suffer a family bereavement now, according to the OnePoll data.

A 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.”